Realistic numbers for a multifamily

[Ronny Tiburcio]

Hey guys, i have decided to begin my real estate career by purchasing a 2 family home and i plan to live on one side(house hacking). I am looking for a house in the Brooklyn, NY area. I have a couple of concerns and i am hoping someone can help me out. For starters, me and my partner decided that even though we will have a multi-family, we are aiming to be able to afford all payments for the house(Mortgage, insurance, property taxes, utilities, etc.). As i look for houses online, it is becoming less and less likely that we will be able to achieve this for a whole year. Would that be ok since in theory i would be able to rent out one side anyway or should i continue to to follow my criteria. Also, if any real estate agents in the New York area are willing to work with first time investors please feel free to send me your contact information. Thank you 

P.S. I can specify actual numbers if that would better help with your response.

[Ronny Tiburcio]

So because i do not have access to the MLS i will use a house from Realtor.com. There is a home thats a multi-family short sale and they are asking for 300k. Assuming i will utilize an fha loan and only putting 4% down my monthly payments will be 1355 for mortgage, 509 for property taxes, 104 on house insurance, 247 on mortgage insurance according to Realtor.com. Thats a total of about 2215 per month not counting utilities. Me and my partner can afford 2600 a month in payments towards the house. Would that be a realistic price for me to buy at even though the numbers are tight when the other side of the house is vacant? I know its almost impossible to get a straight answer but i am just looking for tips or maybe some tips in terms of choosing the right multi-family for you.