All Forum Posts by: Suzanne Player

“The bottom line: investing in real estate is smart because property is tangible. People always have, and always will, need shelter.”    - Kathy Fettke
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This month we'll look at 2 family properties & how buying a duplex is different from a single family residence (SFR). We'll analyze a few sample properties currently for sale (or recently sold). If you like, bring properties you'd like to talk about (whether you are buying or just curious about a property).

As always, bring your investing questions, none are too basic, we've probably heard the question before. For any of our meetings, further topics may be added, as always, anyone who has an idea or something to share is always welcome to bring it up & talk about it with us.

Remember...
Even if you are not ready to invest just yet, you can start the process of educating yourself about real estate.
You don't get anywhere by just clicking the Join button on Meetup.
You make progress toward your goals by actually attending events, learning new information, & meeting new people.

PLEASE NOTE: This is not an advertising platform, a sales funnel, or a marketing ploy. We don't want to waste your time with useless drivel because we hate to waste ours. And, we will not put you on any marketing lists & start spamming your inbox - no matter how much you beg us to.

Twitter: @RealEstateRoxNY
SuzannePlayer_broker

These are great resources, but don't expect to feel like you know enough just from reading them, it takes time & experience to feel like you've mastered the basics (for most of us at least).  I would recommend the Bigger Pockets podcast as well.

Hi @Gerald Dagrin You can check the Events & Happenings Page on Bigger Pockets for the Long Island area at:

https://www.biggerpockets.com/...

There are a lot of good investor meetups, & people are generous in sharing their knowledge & expertise

There's quite a bit in Suffolk County on the MLS for under $300,000, 11 in the Ronkonkoma area. Why not buy something to start, then roll over you equity into a multi? Or you can stash away another downpayment, move out, rent it out, & buy something else that you would live in. Coops & condos are a great way to get started, and there are many nice garden apartments in the area.

Imran you should absolutely add an attorney and CPA to your team, especially if you are going to need a contract to do a joing project like the one you're describing.  You can get referrals on this site from other investors in the area if you need.

You'll want to talk to a mortgage broker or banker about what amount you can qualify for.  Have you considered purchasing outside of the NYC / LI area?

Also, what is your savings rate? How long before you accumulate another $50k?  Would your brother be involved as well?

How do you know if the proposed seller finance terms are your best option?  By getting a preapproval with a Pittsburgh area bank or mortgage broker, and shopping terms with at least 3.  

Be sure to thoroughly research market rents as well, look at the market as if you were a renter yourself.  A good real estate agent can run comps specific to the type of units in this property.  They will also know how to define the market (what areas are comparable for your property).  

Can you look up the taxes for the property yourself online in Pittsburgh?  You might also want to call the tax assessor to see what increases are planned.

There are some local investor groups that meet regularly, you can find them on this site in the Classifieds/Events & Happenings section.  You can learn more about investing whether you want to buy local or outside the area.  

There are several good real estate meetups on Long Island, feel free to message me (they don't let you do anything resembling advertising on this forum unless its in the Real Estate Classifieds / Events & Happenings page at:  https://www.biggerpockets.com/...    where you can also find a lot of them.  There is a wide range of ages, from recent high school graduate to people planning their retirement.  There are experienced investors willing to help with other people's questions because they were beginners once too.  A lot of info gets shared that you typically won't come accross in books or online resources (although schooling yourself with those is essential).

You're probably already listening to the Bigger Pockets podcast, they do an excellent job of explaining basic concepts in an entertaining way.  There are some pretty inspiring stories from the guests as well.

I also agree with @Nathan Gesner that it's absolutely necessary to practice financial self-discipline and save as much as possible.  If you can't control your spending, it's not feasible to be an investor.  But I suspect you are already of that mindset if you're on this forum at all.  

@Mohammed Rahman brings up a great point - check the flood zone situation, & steer clear of the water if you can for a rental

New York has first time homebuyer mortgage programs (below market rates & flexible terms that might allow you to buy with less cash), some programs are more generous in certain areas that are economically disadvantaged.

Check out New York's programs known as a SONYMA mortgage:

https://hcr.ny.gov/sonyma

There are several options available if you qualify.  Not every bank does them, if you need a reference of an experienced mortgage banker who does them, feel free to contact me. But whatever you do, I would recommend getting preapproved if you haven't already.