All Forum Posts by: Ryan Clancy

Hi BiggerPockets,

I am exploring my options for financing a second property in New York and I'm looking for some advice on the best course of action.

The down payment will be financed with a home equity loan on our current property, and the two options that seem to be the best for us are either to put 20% down on a rental property (multi-family) or wait until we are in our current home a year (April 2021) to obtain another loan that requires primary residence with 5% down or even an FHA loan.

However we are planning to go travelling next year so I'm not sure how that affects the occupancy requirement, our furniture and belongings will be in the house and it will be our home but we will not be there for the majority of the time.

So ideally if financing allows would be to go for the 20% option (higher upfront cost and higher rental income) but if that is not possible is the primary residence route a viable option if we are not going to be in the house (but it is still our home)?

Any advice on my situation would be really helpful!

Thanks in advance!

Hi Peter! I am interested mostly in Queens and maybe Brooklyn if possible.

@Marlon Fong @Derek Powers Thanks guys!

Hello all, I am looking to invest in my first multifamily properly in NYC with the intention of house hacking. I am in the midst of contacting lenders and have received my first pre-approval. I have been in contact with a couple of real estate agents that really don't seem to understand what I am trying to achieve. For example: sending me (6) of 3 bedroom newly renovated single family homes when I am looking for a 4/5 bed multifamily that is a little rough around the edges/needs a bit of work.

I am new to this so any advice on this topic/information on where to find suitable real estate agents would be great! I am looking to buy in the Brooklyn/Queens area.

Thanks in advance!