How to buy a Multifamily house Property

[LIza Romero]

Hello everyone!

I want to know how I can achieve to buy a 3-4 multifamily house in New York City? My purpose is to make it a rental property income. I have in mind a particular location in Queens, but prices for these properties will be at least $1.5Million, which is really intimidating.  Currently I am an employee, working to pay off some debts and trying to save for downpayment, but it seems that it will take me forever in my case. Looking forward that my dream will come true. Can somebody please guide me on first steps and other things I need to do?  Thank you very much!

[Jonathan Johnson]

Check out the FHA loan, they classify 1-4 units as residential and oftentime you only need to put down 3-5% downpayment. Find a property that the income - expenses (utilities, taxes, insurance, ect) - repair savings (5-10% of income) = positive cashflow. You could possibly have to live in one if it's a government loan, but only for a year. In the case you move out before the year I don't think anything happens, you just should "plan" on doing that.