3.5% FHA Single Family or House Hack Multi Family..

[Michael Cavitolo]

Hello All! 

What a stressful time it is to be a first time home buyer.. But, Maybe my Fiance' and I are overreacting.. We need some well needed advice! 

Our main goal long term is to have investment properties that cashflow enough for us to retire in the next 10 years. We're both 26 at the moment. We live in Staten Island, New York. We're pre approved for a SF with a price range of $450,000 and under, If we go Multi Family, we're approved for $600,000 and under. Both with the 3.5% FHA Loan. (Hoping we can get moved to conventional..)

We can't find anything remotely close to SF or MF where we live, so we're open to moving to New Jersey while still working on Staten Island. If we go MF, not very good neighborhoods and property needs a good amount of work. If we go SF, then we can find one in a nice area that needs some work and renovate it. 

Here's my issue.. I just don't want to make the wrong decision. I feel like this with market its going to be hard to find a SF that will cash flow if we live in it for 2 years and then decide to rent it out, along with MF. 

I have my fathers pension which will be available to me at the end of the year, should I wait then and get something bigger? 

If we want to strive for this 10 year goal? Is SF doable? Or is MF better? Do you recommend the BRRR? What would you do in a market like this?

Thank you all so much. Just stressful!!