I Have Questions!
hello all! first of all, im a newbie and i have several questions im not sure where to post. little about me, im a new york resident and currently working full time which ive been doing so for over a year now. i would like to make an investment, an opportunity to make a little money on the side and as backup in case i lose my job one day (knocks on wood). ive never own a home before. i have a good credit. so, looking for a two family house that would rake in some profits. here are my several questions: like i said, im looking for a two family house in nj where houses are cheaper and no double taxes like in nyc. lets say ive found a house about $300,000 to $350,000. can i be an absentee for my 2 family house in nj while working and residing in ny? in other words, will I get charged extra for living in a different state while investing & owning a property in another state? as a first timer, can i put zero down payment? whats the best way of making this method work? if i cant, can i just put a couple of thousands instead of 10 or more? what's the minimum percentage to invest in a home worth 300k-350k? i look forward to hearing from you all. thank you for your time and energy answering my questions (hopefully).
Comments(0)
Regarding the taxes, I don't know. You might try the yax forum for that question.
Where 0% down is concerned. I doubt you would find a good program (conditions of loan) with little or no downpayment in your area (on investment/non-owner occupied property).
The best place to explore your financing options is through mortgage brokers. If you do not know any, speak with a RE broker in your area(s) of interest.
Also, consider owner occupying your next property. There are many benefits.
Good Luck!