What to do when my pre qualification/ approval just isn't enough

[Lance Francis]

Hello outside world --- My name is lance and i am currently living in NYC  i am looking to purchase my first house to househack (live in and rent out other rooms to tenants). I already have a pre-qualification from Bank Of American for $450,000 how ever multifamily homes are going to about $700,000 and that just isn't enough. My question is  should i put 20% down on  on a multi family property out of state that would cash flow from day 1 or should i just get into a single family here in NYC and house hack it. i am looking to buy and hold for the purpose of cash flow and networth building 

WILLING TO GET ADVISE FROM ALL INVESTORS BIG OR SMALL !!!

[James Wise]

Originally posted by @Lance Francis:

Hello outside world --- My name is lance and i am currently living in NYC  i am looking to purchase my first house to househack (live in and rent out other rooms to tenants). I already have a pre-qualification from Bank Of American for $450,000 how ever multifamily homes are going to about $700,000 and that just isn't enough. My question is  should i put 20% down on  on a multi family property out of state that would cash flow from day 1 or should i just get into a single family here in NYC and house hack it. i am looking to buy and hold for the purpose of cash flow and networth building 

WILLING TO GET ADVISE FROM ALL INVESTORS BIG OR SMALL !!!

 I've always felt investors should get home base taken care of first. I recommend buying the roof over your head before spending any money out of state. Stack that cash until you've got enough to buy one of those 2 units for $700k. That's going to be a big start of your nest egg later in life while placing a roof over your head now.