All Forum Posts by: Selena Williams

@Marc Winter Marc, maybe you want to possible - oh I dunno - read the thread before jumping in?! Some people on here are so in their ego they can’t wait to tell someone they think is a “newbie” they don’t know what they’re doing.

Calm down, Marc. Read the thread, have a beer, and enjoy your Saturday.

@Inemesit C. I completely understand. I had to sell my mom’s home in North Carolina last year. It was painful. If I could have kept it in the family I would have.

@Remo F. Thanks! This is great news that FHA covers more loan for a multifamily. From the prices I've seen in the areas I'm looking at in Brooklyn this house hack isn't going to bring me a cash flow. My goal is to cover all the bills/mortgage myself and just put the rent money aside. In a couple years I'm hoping to have a down payment for another multifamily that will bring a cash flow.

@Michael Baker yes my house is already on market and I’ve even gotten a couple offers, lol. So I’m trying to get my act together quickly.

Thanks for the advice on New Jersey. I preferred Manhattan or Brooklyn only because I’m more familiar with these places but I’m completely priced out of Manhattan. Also the commute to my job would be easier in Brooklyn. However, I will definitely broaden my research.

@Inemesit C. Disclaimer: I am by no means at all an expert.

Do you think - since you have $170k in equity + however much you’ve paid on the house - it would be easier to just sell the house and buy a multifamily home that you don’t have to renovate?

That sucks. NYC is such a hard market but it’s also full of faster potential. I have $100k equity in my place in less than 3 years. That doesn’t happen anywhere else, lol.

I actually have $200k but I’m estimating I will have about $50k in closing costs which is how I came up with $150k. I know I can make this work I just have to find the right deal, lol. I’m looking for a turnkey property so I can immediately start renting and will most likely live in the rental until myself and rent out the owners unit to get a higher rent. That coupled with what I can save on my job should have me in really good shape to look for my next property in a few years, especially if NYC takes another real estate hit.

Good luck with your project! Closing costs really eat into your equity...

Thanks so much, Scott and Alex!! Both of you provided great advice. I know more about Brooklyn and Manhattan so my first instinct was to look for a multifamily in Brooklyn. But I’m definitely going to start researching the Bronx. If you have any recommendations of neighborhoods I should start researching that would be greatly appreciated.

Apologies for my lack of terminology but yes - it sounds like what I’m interested in is a house hack. In short, I’d like to be able to afford the mortgage myself, and use the rental income (along with also saving on my own) in order to purchase another multifamily property in a few years that I wouldn’t live in and would be an investment property. I’d like to put the whole $150k into the multifamily to lower any costs as much as possible so my mortgage is affordable for me.

I would be very interested in investing in Fayetteville and networking. I’m originally from NC and have two rental properties in Shelby and Cherryville.

@David Abbate wow, I’ve seen so many great responses to new people on the site: welcoming them, introducing themselves, explaining things, giving advice on resources they can read. Just my luck I would come back and the only answer to my thread is you....

Hello all. Newbie here, lol.

I currently own a co-op apartment in Manhattan and I’m looking to sell it and buy an investment property (multifamily home) in Brooklyn. I estimate after closing costs I will have about $150k. I put my place up for sell thinking with that type of down payment I could easily get at least a two family in this market but I really should have done my research.

I've seen people mention that investors are able to purchase with as little as 3% down but does that apply to a market like New York? The cheapest multifamilies I'm seeing that are turn key are $999k. Even if I put the whole $150k down I would still need a loan for more than $679k - what I researched the max is for an FHA loan.

Did I try this too soon? Should I wait until I have more equity in my place/paid off more of my loan so I have more to put down? I’d love to make the move now but if I end up paying a ton of fees that eat into my rental income or simply can’t do it that would suck. I already have two offers on my current place.🥺