Hi everyoneI'm new in this business and thinking of acquiring a 3 family rental property in NY.

would it essentially just be like acquiring another mortgage?

Details of the deal:  6 bed, 2 full, 2 half bath at 3,154 sqft.We are planning on converting into a 2 - 1 bedrooms and 1 -2 bedroom apartments, which will yield a monthly income of 3,454 in rent.Besides dealing with License and inspections for rezoning which is the project for this week, if 3,000 isn't paid to an attorney to handle these affairs, acquiring the funds to complete the rehab will be the next major obstacle.

A few things I didn’t mention in the original post:- I’m a licensed Realtor and have access to some additional tools and services - background check, zip docs, etc. - my mom, also a realtor, lives close and is “managing” the property while we’re away. - the tenants: long story, but they are the parents of a pregnant neighbor, who is a RE Agent too.

I considered investigating acquiring credit cards or other lines of credit to facilitate this. 

I have been surrounded by rental properties my whole life - my Grandpa was a carpenter and over the last 50 years he has acquired 5 single family rental properties in addition to owning his own house.

This can help you access quick financing but beware that the onerous terms can be tricky to manage if your rehab projects goes behind schedule.

You also need to be very cognizant regarding mold readings and remediations especially if someone else oversaw them .That said, if you have deals like the one above in Houston , Phoenix or Vegas  I would love to see about acquiring them as long as the numbers and Mold facts can be backed up.. 

I would love to chat with y’all about real estate, specifically ways to make it happen when you don’t have access to lots of money, but you do have a strong drive and a great work ethic.

Hi all, I currently acquired a manufactured home on its own lot for 157k using hard money, looking to put it on the market for 249k after its all done.