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(1)

  • Boston17th April, 2004

    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!

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