Multi-family investment in NYC

[Lux Bai]

Hi,

My name is Lux and am new to RE. I’d love some advice on our situation. My boyfriend and I are very interested in the idea of investing in a multi-family in Brooklyn or near NYC. We are in our late 20s and are currently renting an apartment in Manhattan. We haven’t owned any property yet but I’m fairly familiar with Brooklyn as I’ve lived in quite a few of those buildings. We have a gross income of 290k combined and about 500k cash and stocks. We’d like to see the possibilities of RE investment this year. 

My idea is to buy a multi-family building in other boroughs (under 1.2million), renovate it, and then have rent cover the mortgage, insurance, management, etc, and bring in a couple thousand dollars every month. 

We’re not sure if it makes sense, how much to invest, how risky it is, if it’s even possible in today’s times. 

Would love to know your opinions!!