Home Buying in Crown Heights>Question Details

Nigelcorp, Renter in Queens, NY

Personal and investment property

Asked by Nigelcorp, Queens, NY Tue Jul 2, 2013

would i be wise to buy my first home and an investment property in the same year? would buying a two family and living in one of the apartments be a better decision?

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Dear Nigelcorp:

That is a very personalized decision which only you can make. Your best bet would be to meet with a mortgage banker and get yourself pre-qualified. You would need to show the bank your last two years tax returns, proof of income and assets and allow them to run your credit report. After that you can weigh out the carrying costs on both scenarios and see which one is more appealing to you.

If I can be of further assistance, please contact me direct. Either way, good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Wed Jul 3, 2013
It depends whether you'd be able to support both mortgage payments with your income. Unless you have previous landlord experience, you wouldn't be able to use the investment property income to qualify.

If supporting 2 mortgage payments with your income doesn't seem feasible, I would recommend purchasing a 2-unit, establish two years of tax returns reflecting rental income, and then purchase your investment property.

There are always options, it simply comes down to gaining a clearer snapshot of your scenario from a financial standpoint to ensure the most beneficial plan of action is chosen.

If you'd like to discuss your options in greater depth please contact me at your earliest convenience.


Kindest regards,


Paul F. Marzolla
Senior Mortgage Consultant
---------------------
(201) 957-6768
pmarzolla@unvmortgage.com
0 votes Thank Flag Link Tue Jul 2, 2013
If you have the down payment and closing costs as well as the income to qualify for a two family house; a house is always a better investment than a condo, in my opinion.
Why; because you have complete control over your investment. A condo, you are still at the mercy of what the condo board does or does not do, how many other owners in the condo are investors or owner occupants etc, all this effects your future value or salability of your condo.
With a two family house, you have full control.
Yours,
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600
klilly@Realtyonthegreene.com
0 votes Thank Flag Link Tue Jul 2, 2013
As to buying both, it really all depends on your financials...
0 votes Thank Flag Link Tue Jul 2, 2013
When it comes to a financial decision like this, wisdom has very little to do with it. Your decision depends on your personal and financial goals. If you have plenty of cash and can find good deals, then you can buy both in the same year. I've had clients do that within months.

As for whether a two family is a better decision, that's really impossible to say. Maybe you find you can't stand living next to a tenant.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Tue Jul 2, 2013
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