All Forum Posts by: Suzanne Player

Defining your market is crucial, it is important to know the submarkets and what is a comp and what is not.  Even being off by 1 block in some places can give you a wrong number

It can be tough to advise on the forums because we don't have all your personal financials - income? savings rate? cash on hand right now?

I would make sure you're optimizing your resources by checking to see if you can structure your deal to qualify for a first time homebuyer mortgage (below market rates & flexible terms that might allow you to buy with less cash), check out New York's program known as a  SONYMA mortgage:

https://hcr.ny.gov/sonyma

If you can buy through one of their programs you'll be at an advantage over a conventional.  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.

Allow me to mention 2 other options if you're staying in the NYC area long term:

Live in fix & flips if you don't mind moving often, especially cosmetic flips.  Obviously not for everyone, especially if you have children.

Plain vanilla & boring on this forum & unoriginal, but why not just buy an apartment or SFR to live in? Perhaps an off market deal you renovate & design to your personal taste before moving in.
 

"Tell me and I forget. Teach me and I remember. Involve me and I learn."
Benjamin Franklin

This month we'll take apart at least 1 sample deal. If you like, bring your own properties you'd like to talk about, whether they are prospective purchases or properties that you've looked at recently.

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

Instagram:  https://www.instagram.com/suzanneplayer_broker/
Facebook:
https://www.facebook.com/SuzanneCPlayer/
Facebook" class="redactor-autoparser-object">https://twitter.com/RealEstate... Networking Group: By Invitation to meeting attendees

Can you recommend a flooring installer in Nassau County or Western Suffolk County Long Island NY?

Undecided on what type of flooring, could us a recommendation of what type to install as well

The first year's cashflow isn't the last word on whether it's a good investment.  You do need to have safety nets in place regardless.

New York City area properties are known for being unique, which makes comparisons difficult. Also, unlike the rest of the country (a phrase we use quite often in NY), the square footage isn't normally listed on the MLS or Zillow. What areas in particular are you looking at? Is there high demand for those submarkets?

Absolutely get preapproved.  Since you're in New York State and a first time homebuyer, check out New York's programs for first time homebuyers, SONYMA (pronounced Sunny May):

https://hcr.ny.gov/sonyma?utm_...

The low interest rate program (below market interest rates) is the most popular, and there are several different programs that they offer.  Not every bank offers SONYMA mortgages, if you need a referral for a mortgage banker that does them on Long Island feel free to message me privately.  

You can certainly do a combination of house hacking in New York if you want to live here & buying your other investment properties out of state.  

If you'd like any recommendations, please feel free to message me 

If you missed this event, you can find the next one, and others scheduled, on Bigger Pockets in the Long Island Events & Meetups section in the Classifieds left sub menu in Forums

Our next meetup is posted at:

https://www.biggerpockets.com/forums/521/topics/1086351-what-is-the-1-barrier-to-buying-your-first-next-property

To get notified automatically when an event is scheduled, you can join our group as well

https://www.meetup.com/real-estate-rocks-investing-group/

Investors (& aspiring investors) of all levels welcome

If you live and/or invest in the Long Island/ New York City area, please let me know & send me a Bigger Pockets connection request