In the first month, roughly $1,562 goes towards interest, and only about $186 reduces the principal balance.Shortened Loan Term:When you make extra principal payments, you're effectively reducing the outstanding balance of your mortgage.

The real estate license does not mean a damn thing when it comes to Federal tax law and the characterization of the activity as passive or nonpassive.The down payment is 100% not immediately deductible.

It's a damned if you do, damned if you don't.

It's damned if you do, damned if you don't.

The last 3, have been some very exceptional years.If it were me and I could get 7% on that 126k- which would be damn hard right now without more risk than I care for- I'd take it and let it pay half the loan every month.

But NYC remaining a desirable place to live for young people is pretty damn close (natural or man-made disasters notwithstanding).

Too many of them (flippers/rehabbers) know how to cut every damn corner plus play the local red tape to boot.

There isn't a damn thing you can do to refinance over paying for property.

At the moment, my debt to income is too high for pre-approval because of outstanding student loans, my car, and the monthly mortgage that would be associated with the property I purchase in my desired price range. 

If you're only using your own, most likely the OP, his first deal better be a good one, or it's going to be a long damn time if he ever does the second.