Getting started — buying a 3-4 unit in Harlem, NYC

[Reynald Benoit]

Hi everyone, I'm looking for advice on buying a 3-4 family home in Harlem, NYC. I'd like to live in one of the units while renting out the others. I think that would qualify me for an FHA loan with 3.5% down payment. Which would be great considering the high-cost homes in the area.

I have 33k for a down payment now but given the high prices in this market, I’m not sure this will be enough so I'll continue saving over the next 18-24 months.

I’d prefer something that is move-in ready but will consider a fixer-upper.

I need to understand all the costs that will be involved so that I can plan accordingly.

I’m so new to real estate investing that I don’t know what questions to ask.

If you can give me advice on buying a 3-4 family home in Harlem that would be great. What are the common mistakes and pitfalls most people fall into? What are the opportunities few people take advantage of? How much should I target saving? Are there any nuances I should consider with the FHA loans?