Buying a 2 family in long island NY

[Steven Lopez]

To any multi property investors,

I am trying to buy my 1st two family investment property in Long island New York. But there are some major hurtles to over come.

I have recently received  an inheritance from my parents passing. A descent some of money.

My bank will only do a 15 year loan at 5.50% rate with 25% down on a two family home.

Are there other banks out there with better rates and long terms. 

Because when I run the numbers on a $400000 home my ROI is only 8% and that is with putting down 100000 cash or more.

I know there are some variables to getting a property cheap by not in this area. 

Also I preferred not to invest out of state. I did it once and lost a large some of money. 

Any Ideas work be much appreciated.

Thanks Steve