Possibly Jumped the Gun: NY Investment Property

[Selena Williams]

Hello all. Newbie here, lol.

I currently own a co-op apartment in Manhattan and I’m looking to sell it and buy an investment property (multifamily home) in Brooklyn. I estimate after closing costs I will have about $150k. I put my place up for sell thinking with that type of down payment I could easily get at least a two family in this market but I really should have done my research.

I've seen people mention that investors are able to purchase with as little as 3% down but does that apply to a market like New York? The cheapest multifamilies I'm seeing that are turn key are $999k. Even if I put the whole $150k down I would still need a loan for more than $679k - what I researched the max is for an FHA loan.

Did I try this too soon? Should I wait until I have more equity in my place/paid off more of my loan so I have more to put down? I’d love to make the move now but if I end up paying a ton of fees that eat into my rental income or simply can’t do it that would suck. I already have two offers on my current place.🥺