All Forum Posts by: Rebecca Peters

Hi @Libby Tucker I just went through the process of buying a duplex in the Bronx. Where in the Bronx is this property? I'm on 167th street just off of Webster Ave.

My experience with FHA was a fairly smooth one. As mentioned above, all of my income had to be sourced. Even my friend who paid me back $1k for a flight I bought for her. They asked for her bank statement. I had to ask my father for a gift fund towards my down payment and he had to sign a document stating that it was a gift. I tried to get creative and take out cash advances from my credit cards, but my mortgage broker advised against that saying that most likely would not fly. Luckily I was able to get some help from my dad so I did not have to go down that road.

I have a great mortgage broker that may be able to offer you another opinion. The one thing I can think of that may help is getting somebody to own the property with you that has the money for the down payment. I guess in that case, this person would sign a gift letter, but you both would be on the title. I would certainly double check this, but may be a way for you to get around this.

Please keep us updated on this deal.

hi BP. This is a question for my new Yorkers who know about NYC permits. I would like to put up walls in my unfinished basement. I know I could get away with it, but just wondering if just putting up walls would require a permit in NYC?

@Joshua Diaz I definitely got pre-approved for the FHA loan. I have a great mortgage broker, if you want his information, feel free to PM me. But I was more concerned with what my price range was so I knew what house to look for. When you buy a multi family, you can take into consideration part of the income that will be generated from the other unit(s). So I would definitely figure out how much you can spend then go shopping.

@Jermaine McIntosh I bought the property for $380k using FHA. Property was built in 2006, so very new for NY. It's a duplex, 2 over 3 with an unfinished basement in the 3 bedroom. Tremendous potential for me to add value to the property just by finishing the basement with walls and carpet. The day I saw that property, I saw 3 other duplexs in the Bronx, the next lowest price was 430. If you're interested in taking a look at some properties in the Bronx, please let me know and I'll pass you along to the sellers I worked with. They are investors and are great to work with.

I find it very interesting that people over skip over the bronx when looking for a place outside or brooklyn, manhattan and queens. The metro north runs through parts of the bronx which makes a commute very easy when you don't feel like taking the subway. I highly recommend taking a look in the bronx before going across the hudson. Again, let me know if you want the information of the investors I worked with.

i like the Bronx a lot. I just purchased a duplex on 167th St. Great opportunity there. NACA looks like a great program as well. I used FHA and was able to close in 30 days. If you need a mortgage broker, let me know.

Carlos! What a great story! Thank you for sharing. How did you come across this property? Also, how did you communicate with the tenants once you gained ownerhsip of the property? Knock on the door? Sent a letter?

I just bought a duplex and I'm feeding the current tenant in there carefully as she is currently paying below market rent. But I'm in NY, so I'm worried most about aggravating her and she stays and doesn't pay. So that's the basis of me asking the question above.

Again, congratulations!! We want to hear about another one!

Thank you for the post Angel!!!

i recently bought my first piece if real estate and it is located in NYC! I used FHA loan with seller concession, so only put 3.5% down. Im house hacking a duplex, total of 5 bedrooms and 3 full bathrooms. I'd also like to offer my two cents and that is da Bronx! I've lived in the Bronx since 2008 and I think it's a great land of opportunity. Area code is 10456 where I bought my property. Market rent for a 2 bedroom is about $1500 where I am, just one train stop north of Yankee stadium. So I think it would be a good place to buy or rent if you're looking for something reasonable. Also, the Bronx has the metro north that runs through, the Harlem line and Hudson line. An awesome and convienent way to get into manhattan.

Hi BP! Would anybody be able to recommend an inspector in the Bronx for a 2 family? Someone that could do an inspection today? Thank you!!

Hi Nathanial, I would reach out to @Deondra Carter.