I'm excited to join this forum and tap into the knowledge and experiences of this community. I'm currently considering a potential investment opportunity in NYC, specifically a 5-10 unit multifamily commercial property with a price tag of under $10 million. As an experienced real estate investor in single-family with a short-term rental strategy, I want to get exposure to commercial real estate to build a solid portfolio.

Property Details:

Location: NYC (specific neighborhood yet to be decided)
Type: Multifamily commercial property
Unit Count: 5-10 units
Budget: Under $10 million

Owner-Occupier Strategy:

I've been thinking about occupying one of the units as my primary residence initially. This approach not only allows me to enjoy the benefits of living in NYC but also provides some significant advantages. I grew up in NYC and am familiar with the market. By occupying one unit, I might qualify for owner-occupier financing, which could offer more favorable terms and lower down payment requirements.

Switching to Full-Time Operator:

If everything works out well, and the property generates sufficient cash flow after factoring in the net operating income and debt service costs, I'm planning to transition from my current occupation to full-time property operator and manager. This way, I can be more hands-on and implement strategies to maximize the property's potential.

Capital Acquisition:

However, the one thing holding me back from proceeding with this fantastic opportunity is the capital required to acquire the property. I've been exploring various financing options, but I'd love to hear from those of you who have experience with similar investments in NYC. How did you secure the necessary funds for your first commercial property purchase?

Questions for the Community:

What financing options do you recommend for a commercial property investment of this size in NYC? Are there any specific lenders or programs I should explore?
Is owner-occupier financing a viable strategy, and what are the potential advantages and pitfalls I should be aware of?
What are some creative ways to raise capital for this investment? Any success stories or tips you can share?
For those who own or manage multifamily properties in NYC, what advice do you have for a first-time investor looking to be an active operator?
How do you evaluate the potential cash flow of a property accurately, considering the unique challenges of the NYC market?

I'm open to any advice, insights, or personal experiences you can share. Your guidance will be immensely helpful as I take this important step towards building a successful real estate investment career. Thank you in advance for your contributions!

New York City, New York

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