First time inventor in NYC area

[Jesiah Martinez]

Hey everyone! I'm currently 26 years old and looking to get started on my real estate investing journey and would ideally like to purchase a multi-family home in Queens, NY. Preferably, in Astoria - but it's pretty pricey ($1M and up) and it would likely mean that I'll have to do an FHA loan. I have lived in Astoria as a renter for the past two years, so I have a pretty good connection with the area as well as familiarity.

My plan would be to live in one unit, and rent out the others. I currently make 105k and have 40k in cash. I'm wondering if this is a bit too aggressive, and if I should either look in another area that is cheaper, or focus on switching gears and purchasing a condo instead - where I can still rent out any of the rooms that I'm not using. 

I appreciate any insights/advice!