Multi-family in Brooklyn / Queens (First Property)

[Blaise Bevilacqua]

My wife and I are currently renting in NYC. Our lease is up in September 2024. Our goal is to purchase our first multi-family in Brooklyn or Queens and move in once our lease is up.

Background

- Both work remotely
- No debt / No Kids
- $250k+ in savings for a downpayment (should we do an HFA?)
- Family is full of General Contractors

Goal
- Plan to live in 1-2 Years before doing a cash-out refi for our next property
- Goal is to lower our monthly rent. Anything below $3200 is a win

Anyone have first-hand experience going this route? Curious what the first step should be after we've solidified our budget.

Open to any suggestions, ideas, and comments. Thank you 🙌