We didn't do anything fancy, just found it on MLS, and probably overpaying for it, the purchase price is 480k, seller wouldn't accept FHA, so we have to do conventional 20% down. I'm going to have to put in roughly 100k to fix it up(probably borrowing against my 401k, since 20% down plus closing cost will eat all my cash away). The first floor is a 3 bedroom 1 bath with an unfinished basement. second floor is a 1 bedroom apartment with a balcony. The second floor unit is already in a decent condition, nothing needs to be done. So I can try to find a renter as soon as I close. Rent for this unit is about 1400. The first floor with the basement can be rented roughly 2000-2200. But the first floor needs a total gut renovation, and the layout of the 1st floor isn't ideal, but that's all we can afford at this point. I have been looking for a 2 family for a year in only certain pockets in the Bronx(Morris Park, Pelham Bay, northern part of Schulerville, and Pelham Gardens. Both myself and my wife work in the city, so subway is crucial to us. We know it makes sense to buy a 2 family instead of a 1 family. If you aren't afraid of south bronx, there are deals with attractive numbers, but I can't ask my wife to live there. The neighborhood i mentioned above are very nice neighborhoods. And I'm hoping to rent out my current 1 bedroom apartment in Queens after i move out, then i can start my side hustle in real estate I hope. lol.... So good luck!
