All Forum Posts by: Virgilio Garcia

hi @Brian Pham, and BP, I apologize for such a late response.

We have not tied the knot yet but we did get engaged.  I purchase a co-op which lead to a mortgage loan. The mortgage is in my name and my Fiancé does live with me. The issue with spouses or couples, married or not in obtaining an fha loan is that it may be challenging in the part where you must comply with the specific regulation that you must live in the property acquired with that fha loan. So for example, if my fiancé obtained a fha loan on a property, she would have to live in that property to abide by the fha loan. keep in mind, fha requires 3.5 down payment and must live in the property for minimum 1 year(if it has not changed). Also keep in mind that there are also a few more regulations to live with(no pun intended) in order to qualify for the fha loan.  So weather married or not, unless the couple decides to live separately, 2 fha loans may not work if they plan to live together. Now, if that is the case where they lived separately, I am not sure if when married, 2 separate FHA loans can be obtained. Then-again, I mean, is it the law that you must live with your married partner ? I'm sure there are people who are married and live in separate locations or properties. There are also married couple with separate mortgages also, but chances are, those mortgages does not require them to live in the property. I hope this helped.

Thank you for your input.

@Ceasar Rosas thank you for putting this together. the last meeting was fantastic and i too gained some great information from Orlando on land lording and different regulations and laws, especially the court system. the group also had some great information to share as well. looking forward to the next mastermind meetup, see you there. 

awesome ! 

@Brandon L.@Heather DeGeorge@Robert Leach@Josh Caldwell

Great responses. thank you all for your input. 

I live in NYC and i don't have to tell you that the market is not only expensive, but tough out here. Although to many it may sounds bad, to me it doesn't, it goes both ways!

A landlord would not complain that 8 years ago rent for a typical 2 BR was going for 900 to 1100, is today going for upwards of 1600 (these numbers are from my personal residence where i am currently renting ). On the other hand, someone looking to purchase a multifamily and become that landlord, will say the prices are too high. 

so, 

The reason why is ask is because i am in contact with an agent who also has properties of his own, out in Milwaukee Wisconsin, that has me on an email list where i am constantly receiving listings of properties that are more affordable for me, than here in the NYC area. I also have a Brother that grew up in Milwaukee that I would be partnering up with under a corporation that we choose and is a 50/50 split. 

Even though my Brother grew up in that area and knows it, i'd still like to learn as much as i can about the area, in order to bring something to the table that is not just monetary. We are looking into either fix and flip or the BRRRR strategy mentioned by @Brandon Turner in the webinars and podcast. 

This will ultimately allow me to build capital i need to get into the NYC market and be able to purchase and close on a multifamily property. 

by the way, speaking of close, closing cost here in my area that i want to purchase in, can cost what an entire 3/2 SFH property in that area.

I wanted to get that out there. on why i started this post and to learn as much as i can. 

If you have any more advice or comments(good/bad) or warnings,  it would be highly appreciated. 

Thank you all. 

awesome information, thank you @Jerry Padilla

@Quarn Corley

welcome to the party, its never too late and a corney joke is better than not joke.

we are attending the mastermind meeting tomorrow in the bronx and you should try to make it. we can talk more about where the market is headed and where its going.

here are the details.

Wednesday July 13th from 7-9pm. 3470 East Tremont Ave Bronx, NY

more here

@Abena Cannady @George Hermann @Cashmere Robinson please feel free to join as well. its a great place to meet and netwrok with investors in the bronx.

Hello all, 

With the summer and upcoming holidays, many of us travel out side our neighborhoods for many reasons. 

i wanted to ask, what do you as an investor look for as far as properties and neighborhoods. For example, lets say you're out and about with the family and stay over at a friend or families house who has just moved into a new home in a new neighborhood. what would you ask? what do you look for in the town? as if you was interested in investing in that same area, what do you look for? Any red flags and what are some good things? This post is open to any thoughts and discussions. 

it would be great  to see replies and discussions from all over the nation so this could be anywhere in places such as,

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

Thank you all.

Hello @Tiffany Campbell

welcome to bigger pockets! 

you can see i am from NYC so i know what it is with these prices and trying to make ROI is kinda difficult. i know above you mentioned you want to purchase all cash, i my self am considering FHA. how do you feel about out of state buying rehabbing and selling in order to raise more coin and put more down on a property here in NYC ? ive been listening to the podcast and hear a lot of investors who live in big market cities and invest out of state. it would certainly be a task, but that's why we are here right?

we gotta change the we cant to how can we. 

if you get a chance, throw on a couple podcast and it may give you ideas and inspire you. 

best of luck, see you around the site.

hello @Michael Enriquez Welcome to BP. 

i too am looking to create and diversify my portfolio and look into buy and holds from a distance. 

we have a meeting that is done in the Bronx that is held every second Wednesday of the month. people get together to discuss real estate and ideas and what they want to do to moving forward. its great to get ideas and meet people who potentially have the same idea as you and I.

There has been some discussion of buy and holds in PA and one of the members of the meeting @Ceasar Rosas who is the one who set up the meetings, has a couple investments out in pa as well.  i too am looking to invest outside NYC and a upside of Philly and PA is, its not a long drive from where we are.

Ive done google maps before , but i keep in mind, those photos are not live, they may be recent but things can change quick, maybe not as quick as a New York minute, but you get my point. 

below is a link  to the forum post for the meeting, i think you could get some great insight and could be of a great value to others and others to you. 

Bronx Mastermind Meeting

see you around the site, Bigger Pockets

yes you are welcome. its a very nice community of people from newbies to novice to rockstars. its amazing how people come together to answer questions, share thoughts, discuss ideas and celebrate or show off their efforts, good to hear you will be at the meeting, i sure will. 

see you then.

@Christian Fadul

welcome to BP. what everyone is replying is accurate, there is so much info on this website and we are truly fortunate to be a part of it. 

we have a lot in common. both for real estate and for careers. i too am going to invest in multifamily here in the area of greater NY. and i too am in the IT filed. 

so with that said, and to tie in what everyone else is saying and your hunger for knowledge, being in the it filed, you should have some nice down time to get in some knowledge. whether it be reading and creating post, listening to the podcast or audio books, i am and grateful when i got 30 to 45 mins for an OS to install, the down time is great for learning. 

also traveling to and from work i listen to a podcast. if you drive, podcast! if you're taking that 4 train and getting off on Mosholu, Podcast! if you walking down Bainbridge or Gun hill, Podcast. 

one more thing, is to go  to the meeting and meet people its great also. 

check out meetup.com 

there is a great meeting coming up here in the Bronx next month. great way to meet people who are doing what we want to do and picking up awesome knowledge. 

good luck with all see you around.