Define your 2015 goals2. 

Even though FNMA provides this program, very few lenders actually participate in it.Before I go more in-depth, it’s important to define what is considered a “financed property” per FNMA guidelines.

True there is a lot of foreign money in both places but I think the number of people buying apartments in NYC as just a place to store money and go once in a while is probably higher than NYC and it defines the super lux segment here.2) I have never seen people so willing to cram themselves into tiny spaces than in NYC.

Then consider what predatory dealing and lending entails, many set predatory arrangements totally unaware of the consequences or meaning to do so.You didn't define a class D borrower, if A gets a loan and B can get one within a year, then C must have other issues and D seems to be down the list without any chance of getting financing in 2 years, probably more like 4 or even 5, perhaps 7 to allow stuff to drop off a credit report.

The final rule implements the Dodd-Frank Act and clarifies the scope of the rule as follows:• The final rule defines “a term of a transaction” as “any right or obligation of the parties to a credit transaction.”

Justen before choosing a broker/agent you need to define exactly what you are trying to do.Buy and hold rentals can mean condo's, single family homes, town homes, duplex, tri-plex, quads, 5 + unit multifamily buildings etc.I am not even getting into commercial properties yet.Different niches require different levels of capital to start.

It has definately been a learning experience.

Good luck to you, this is definately a great place to get started.

However, I would definately talk with the parents about how college kids have been known to damage property, and if their kids do ANY damage that you'd be looking to them (the parents) to cover the expense of repairs.

Define your investment goals and have the ready cash and financing on hand.