All Forum Posts by: Phil Grady

Thank you guys for the insight. My dilemma right now is that I would love to just move into a house now for peace of mind sake and build from there, but the place I want to move to (upstate NY near Ossining) doesn't have a lot of multifamily houses for sale.  On the other hand, New Jersey has plenty of multifamily homes for sale, but I'm not exactly fond of living in New Jersey. I'm trying to find a multifamily in Brooklyn but that is becoming harder and harder to do. Thank you for the feedback on what is good to do. I go some decisions to make

Hello fellow real estate peoples! I'm just starting out and I'm about a year or 2 out from getting my first home but I got a dilemma. Is it better to buy a single family house first, and then get a multifamily (using the equity and savings from the first house to buy another)? OR is it better to get the multifamily first and then keep buying more houses from there using the equity and savings from the first house? What's y'all take on this? I can buy a house or co-op at the end of the year and save 300-400 a month in monthly housing costs (the house PITI is less then my current rent) plus save because I won't be paying NYC taxes either. Then use any equity and savings from the first house to get the second one.... OR I wait a year or 2 and get the multifamily?

Hello fellow real estate peoples! I'm just starting out and I'm about a year or 2 out from getting my first home but I got a dilemma. Is it better to buy a single family house first, and then get a multifamily (using the equity and savings from the first house to buy another)? OR is it better to get the multifamily first and then keep buying more houses from there using the equity and savings from the first house? What's y'all take on this? I can buy a house or co-op at the end of the year and save 300-400 a month in monthly housing costs (the house PITI is less then my current rent) plus save because I won't be paying NYC taxes either. Then use any equity and savings from the first house to get the second one.... OR I wait a year or 2 and get the multifamily?

Hello!

I have nothing to add to this post other than to say these are some great answers!

 One of the reasons why I want to become a property owner and have rental units is to help those in need with a great place to stay. Maybe even be one of the reasons why a life was turned around. I wanted to focus on homeless families one day with probably 1/4 to 1/3 of the units I will eventually have.

Believe it or not, if I am successful in this real estate thing, I was hoping to teach others in my family how to do it too and anyone else who would listen especially those with children coming from being homeless. 

Probably rambled a little too much there and went off topic, but I just wanted to give Thomas Gagnon and Patti Robertson for giving those good answers. I'm definitely saving this post.