Am I doing this WRONG?

[Account Closed]

Hello BP Community,

I read all day long about how deals are getting made on this site and one of the biggest trends I see is that buying price equates to a succesfull investment.  I see investment buys for under 100k all the time, but never higher than that (or maybe they are hidden somewhere).

With that being said, it is discouraging to see that the multi-family properties I come across (that are not foreclosures as I don't have cash to buy out right but must take a loan) are at least 350k and up. I live in Westchester County NY and the multi-family homes 3plus units are in horrible conditions even at 400k!

As a first time multi family buyer, am I doing this wrong?

Is it suicide to get a mortgage on a property that's almost half a million just because it's not falling apart and the numbers (income/expenses) are mediocre?

[Russell Naylor]

Everything is going to vary based on markets. Cost of living, popularity, etc. I don't know anything about your area but my guess is that the cost of living there is significantly higher than the people you are reading about grabbing multifamily units for under 6 figures. 

Good luck!

-Russ