All Forum Posts by: Tanya Potter

Thanks! @tatiana r. 

Yes queens still very family friendly. When you say you have purchased in poor areas, do you mean Low income AND elevated crime rates? I'm concerned about properties I'd feel uncomfortable Traveling to on my own without my hubby. 

if I'm not planning on living in the multifamily and it is my first purchase, what percentage down do I need to have?

Also, if I plan to invest some of my own money, and I want to get pre approved, are there separate pre-approval processes for buying an investment property (multifamily) vs a single family home?

@michael sorgen 

welcome  to BP from another newbie from Queens!  I'm in whitestone.  

Where and when is the NYC meetup?

@Mark Brogan thanks for reaching out! How would you say is the best, most efficient way to scope out a town you aren't familiar with? I agree with you, going 2 -3 hours outside of NYC is my best bet. What's a good way to educate yourself on an unfamiliar neighborhood? Drive through? What else?

@Charmaine M. thanks for reaching out! I agree with you about the bad areas eventually disappearing. Have you had any luck finding a good way to find pre-/foreclosures, probates, etc?i feel like that might be the only way to invest within the city limits if you're not loaded up on cash

Hi there!

Just joining BP after obsessively listening to the podcast for the past few weeks. I'm super psyched about learning as much as possible about RE investing. I've made it my goal to buy our first investment property by summer 2016. (I hope it's by the end of 2015, but is that too ambitious???)

Ive moved around the country quite a bit since i was very young and now ive settled in Queens NYC for what i could see being the longhaul.  I read Rich dad, Poor dad last year and it took me about 9 months to convince my husband that real estate is how we can get our money to work for us.  He's finally now on board and excited learning and researching with me. We have 2 little boys so I'm trying to find ways to invest with little money down.

I'm mostly interested in slowly but steadily building a portfolio of rental properties so I can keep growing our passive income. But I've also been trying to find some rehab properties as well.  Living in NYC, I'm thinking its better to start out investing outside the city.  I've been looking at areas of Newark, Irvington, the Oranges.  But I know there can be some really bad sections of those cities.  Any advice on those areas??? I've found decently priced multi families $100-$200k) listed as well as rehab properties btwn $50-110k. 

How about the Bronx? The only nice areas I know of are riverdale and Morris park.  

Or any thoughts on the Rockaways?

I'd love to hear your opinions on these areas I've mentioned as well as welcome other areas you'd suggest. 

Thanks everyone! Looking forward to chatting!

All the best to you!

Tanya Potter

I'd love a little advice specific to my area.  I'm researching areas around NYC to buy an investment property however as you all are aware, anywhere within the city limits in a decent neighborhood is $500k plus. Anywhere just outside the city is a little cheaper but taxes are crazy high.  So it seems to leave only a few options:

1. Properties in the hood, not so safe, risking a bad source of potential tenants 

2. Search for a foreclosure, short sale or pre-foreclosure

3. Search for a property to rehab/flip but still have to deal with high initial investment

The idea of buying a property to flip is scary to me since my husband and I work long hours and have 2 little kids. I don't think we can handle flips right now. This is why i think buying a single family home to hold and rent out would be best right now.  Finding an affordable multifamily would be great but again, I'm concerned that we can only afford properties in bad areas. We only have $30k to work with. I've started researching seller financing and hard money lending but again I don't know if it makes sense.

Any advice would be greatly appreciated. 

Thank you!

Tanya