Investing in Manhattan

[Vincent Park]

Hi all,

As a newbie in Manhattan, I've been trying to look out of state to invest for some time. However, it occurred to me that the biggest expense that I incur currently is the monthly rent of my studio ($2200). My thought is that it wouldn't make sense for me to purchase out of state properties and earn small cash flows (~$200) per month, when I can start out owning and living in my own apartment in Manhattan and start building serious equity.

I would like to ask the group on any advice on this, and if this would be a good idea. Since this would be owner-occupied, I will look into FHA or 203k loan options. Also, I would like to know if there are any brokers experienced in this area.