All Forum Posts by: Steven Natera

x-post in Starting out forum.

Hi there!

I've finally determined that house hacking/FHA 203k in NYC is the best way to get my first deal. I'm looking for a real estate agent from the community that can help me find the right multi-family property in NYC. I just got pre-approved from a few banks for 500k (including repairs). Now I have about 3-4 months to find and purchase a property. (Creative financing ideas welcome as well!)

I want to work with someone who is link minded, owns property, and willing to do a bit of hand holding for a newbie like me throughout the process. I'm also looking for someone experienced in the Bronx (primary) and Brooklyn, Queens markets. I am primarily focused in the Bronx because my area is finally turning which means there is some good home appreciation coming in the new few years.

I love this community which is why I've come here to find the people I want to work with!

Best,
Steven 

Thank you everyone for the information! I recently found out I was pre-approved for an FHA 203k loan in NYC so I'm going to work the house hacking angle.

Thanks for the reply @Justin Brown!

We want to do buy and hold investing with multi-family (2-4) properties around the 80-150k price range. We want the properties generating cash flow from the start, therefore not interesting in gut renovation projects at this moment. Unless you believe there might be an opportunity there in which case we'd love to consider the idea. 

We want to jump into the REI game. My partner and I came across Lehigh Valley and Allentown as good entry markets. Our research says the area is on the rise but we're looking to jump in on the low end, under 130k.

What are your thoughts?

Is the 130k market experiencing the same growth?

I'm currently looking in the STL area. I know its not the sexiest place but I've lived there a couple of years and know that its more of a student housing type of market. Inventory is varied and housing is cheap. Lenders have good terms. If I strike my first deal I will let everyone know. Thanks everyone!

- Steven

Hi everyone, first time posting! I’ve listened to tons of the podcasts and I am itching to make my first deal and start my real estate investment journey. However I have a predicament I live in NYC, one of the most expensive real estate market in USA. Here’s my unique position: 

Pros:

- I’m employed

- working in tech affords me a high salary

- great credit

- young (for now haha)

Cons:

- less than 5k in working capital for deals

- young and inexperienced

- in NYC

The easiest solution to get started would be to house hack but I don’t have enough money for the down payment on a high priced home. Not to mention most of the locations are far idle. I’ve considered doing a house hack in NJ but the prices are just as high. Therefore I’ve decided to take the David Greene approach and invest out of state but again I’m not sure if that’s the right move while starting out. 

What advice do you have on getting started with small amounts of capital in a high priced market?