All Forum Posts by: Marie Steward

@brian Gerlach

@Brian G.Yes, I definitely have some homework to do. I will keep you posted on my progress. I love this group. Thanks for your support and encouragement!

@Brian G. Excellent suggestions!! Thanks so much for your insight. I do know of folks in my town making a killing with STR, I just hadn't considered it for this purpose. I will definitely check with the city ordinances to explore my options. Thanks again!

@Brian G. Thanks! I appreciate your response.This confirms what I was thinking. A cash out refi after after one year will not work, unless as you suggest I can add value in other ways. Back to the drawing board!

Hi BP,

After a few years of searching for a single family home (and being priced out of our target neighborhood) my husband and I decided to instead purchase a 2-3 unit multi-family home in the Bronx, NY. We're considering using a low cost financing option like FHA to get into the property. Multi-family properties in our area are ranging from 500k-800k. We would only like to stay in the property for one year, then cash out refi and rent all units. I have two concerns with this strategy. First, unless we buy a fixer and renovate, I'm not sure we'll have enough equity in the property to cash out after one year, especially if the housing market takes a down turn. Second, as we are already in an expensive market, paying closing cost twice (once to get into the property and again to cash out after one year) seems insane. Am I missing something here? Anyone aware of how to best make this work? or is this too risky a strategy to engage in? Again we're newbies and appreciate any advice.

Thank you Jerry and Sue for your feedback. It really gives me something to think about. I'm not sure if the complex is FHA approved, I will certainly follow up with the link you provided. Also, Sue yes the maintenance fees are a real concern for me. I've heard the board just approved a 15% "temporary" hike increase to cover the cost of some major repairs (yikes!). Thanks again to you both!

Hello All,

I'm new to this forum and home buying/investing for that matter. I currently rent in a large condominium complex in a middle class neighborhood in NYC.  After nearly nine years of renting, I've finally decided to jump into the market. Let me first preface this by stating I'm married with two young children and eventually plan to buy a single family home in one of the suburbs of NYC.  However, in the interim I figured it would make more sense to purchase an investment property to add an additional stream of income to help facilitate that move to the 'burbs'.  I'm considering buying a condo in the complex I currently rent or a multifamily dwelling right outside of my complex (I don't want to change my kid's school). I understand that with maintenance fees, in most cases the multifamily home would be a better investment, however, the area outside of my complex is not that great of a neighborhood. Also, plans have been approved to bring a major railway and some commercial development to the complex in a few years. Some are suggesting this could really increase the value of the condos. Any feedback would be greatly appreciated!