New Member / Brooklyn Brownstone, or no?

[Joe Tillman]

Hi All!  New to the site and to real estate investing, so looking for some guidance on my first purchase.   I am thinking of buying a 3-4 unit Brownstone in Brooklyn, New York.  Would live in one unit and rent out the others.  Alternatively, I would continue renting (I have a pretty cheap apt currently) and use that capital to make other investments, including other real estate investments in other markets.

I don't feel particularly pressed to own a home at the moment, it's really about the numbers at this point. 

Before I move forward, I am curious to know what all I should be considering as I decide a particular course of action.  Is it really just a matter of crunching numbers to see which option would potentially generate a higher return?  I am wary of any "unforeseen" costs of ownership in either scenario so trying to be sure that I fully vet both paths.  

Would really appreciate any thoughts and of course feel free to ask any follow ups! Thanks!

[Scott Wolf]

@Joe Tillman buying a 2-4 family in Brownstone Brooklyn would probably be a good appreciation play, but probably not net you positive cash flow if you live in one unit.

You’d have to find a property to run the numbers on, but my guess is it would be the same as renting(which wouldn’t be a bad thing, as you’d be gaining equity and able to write off the interest) or more expensive than renting.