Bronx Newbie Investing in Multi-Family Rentals

[Mélida Maldonado-Pérez]

Hi everyone!

My name's Melida and I've been lurking on this site for months now and finally gained the courage to introduce myself. My husband and I are interested in investing in house hacking either in the Bronx, upstate NY or NJ. We're still figuring out which is best for us based on the cashflow. We're also thinking of taking out a FHA loan to purchase our first multifamily property (2 units-live in one of them). The goal is to purchase more units every year (2 units year one, 3 units or more the following year, etc.).

I have two questions: Does anyone have any general tips as to where would be the best place to invest in a rental property out of the 3 mentioned above? Also, do FHA loans cover there realtor's 6% commission. Since its way more than the 3.5% downpayment, I'm worried their commission is a lot higher than the downpayment.

Thank you and very grateful to be a part of this community!

Melida