NYC Newbie

[Nik Parks]

Hey guys,

I'm new to BP (I absolutely love it) and I'm brand new to real estate (still-saving-up-my-down-payment-kind-of-new).

I was hoping to get some guidance here:

My goal is to buy a multi family home in an outer borough (probably Queens, possibly Brooklyn) and become an occupying owner. Excluding taxes and repairs, I should be able to live rent free with that plan (I just have to find a deal in which the numbers add up).

I live in Astoria—I've been renting here for nearly two years. I was hoping to find a triplex or quad for $600,000 (again, I'm new) but it looks like a triplex is closer to $900,000! I'm not sure how much a quad is.

Does anyone have any advice for neighborhoods to look into? I'd like to find something that's gentrifying and I'd like something in the $600,000 range.

I'm planning on getting a FHA loan, by the way.

Is there anyone out there who has been in the same boat and has some wisdom to spare?

Also, does anyone know of some NYC BiggerPockets meetups?

[Jay R.]

Hey Nik I'm in a similar position to you... looking to do the same thing in Brooklyn. These multi-family building are not cheap! I'm starting to think about trying to team up with another investor to purchase a 6 unit building and work it out to live rent free and build equity in the building. I don't know if this is something people do but if you're interested send me a PM and we can talk more.

- J