Hello Bigger Pockets Community!
My name is Zaid Asef and as the title suggests I am young (21 years old) looking to get into Real Estate Investing.
My family and I have been renting for as long as I can remember. First place, was in Brooklyn NY back in the early 2000s (where i was born). Over the years, we have moved numerous times due to evictions, job relocation, sold homes etc. This has not been easy to watch my parents go through. It is my main motivation to get into real estate investing. I have been trying to learn everything I can; reading books, watching podcasts, analyzing deals etc. At first, I wanted to get an investment property that could cash flow (BRRRR method) out of state in markets cheaper than mine that are within driving distance. I understand that there is more risk to this method especially as my first deal and while my family and I still do not own a primary residence. I have recently learned that is often better to invest where you live especially for the first time. In long island ny home prices where I live are well over 600k. I am open minded to different parts of the island however unless these homes are in need of major renovations I am not able to afford them. Granted, I am not looking to buy turn key, I would like to find something that is value add, creating sweat equity, possible mother daughter apartment to offset mortgage. There are many of these mother daughter homes on Long Island and after running numbers on multiple properties the projected mortgage in almost every scenario after receiving rental income from in law suite would be at or less than our current rent $3100. The problem is, most of the homes on the current market in this area are going above asking as CASH OFFERS! How can i compete if I only have 3-10% total down.? I have stable employment for the past 2 years as a Sales Manager at a high volume dealership. Last year i got paid through w2 roughly about 90k and this year I am getting paid through a corp which i have not filed taxes for yet. over 100k this year. What would be the best way of going about this? I have looked into HML but they lend ONLY on investment properties. FHA 203k loans sellers seem to not like. I am looking to pull the trigger sometime in summer 2024 have about (100K) that i would like to invest and ideally would want to refi at least 50% of the funds back out within 12 months. Would greatly appreciate any feedback and tips from all realtors, lenders, brokers and seasoned investors experienced in the field.
Thank You
