All Forum Posts by: Account Closed

@Saurabh Passi thanks! I'm looking to focus on the Bronx, Brooklyn or Harlem but in terms  of investing im focusing on Albany/Troy, NY

Hi All

I'm currently studying for my New York Real Estate License for a number of different reasons and have a question for those with their license who reside in NYC.  I plan on getting a job as an agent once  I get my license to gain some exposure to the real estate industry while  building capital to buy my first rental property. 

I would like to know just how competitive is the industry in the NYC? Are most of the companies commission only? If I want to earn an income of 40K or more is that doable part time (while I keep my day job) or is it better to go all in full time if I expect to make anything? How long did it take you to earn your first commission and what was that journey like? 

All other advice or comments are welcomed :)

I just signed up for a 75 hour course today.

@William M. thanks for the advice, I'm going to order that book once I pass the course exam. 

Welcome @Joshua Warden

I'm a newbie from NYC, I'm actually considering long term buy and hold multifamilies in Albany, NY(around the Albany Med region) or Downtown Troy since I heard about changes taking places, I'm still in the research stage

thanks @Andrew Syrios!

I currently reside in NYC and for some time I've had my eyes set on Albany, NY because I'm some what familiar with the area but I still would like to weigh my options  before settling on a location.

Any recommendations for areas not to far from NYC (2-3 hours) that could be great for a first time investor?

I'm looking to invest in multi-units and my budget is 200K Max

Thanks everyone for the advice!!! :)

@Tim Coppola I'm actually looking to purchase a triplex or quad, looks like I'll have to run some numbers again and figure out the best option. 

great information, thanks @Will Chamberlin !

As someone who has very little money to start with, there are a number of ways I can finance my first property and a FHA loan seemed pretty appealing due to the low down payment.

After completing further research the monthly payments seems to be pretty ridiculous with the monthly loan payment,  Interest rates, taxes and premiums. 

Can anyone tell me about their experience with an FHA loan. Is the low down payment worth it or would you have used a different method to finance your property?