I believe for most FHA loans you will have to have your name on the property, so you should apply for the loan in your name, you probably already know this but keep in mind that you have to live on the property for a certain amount of time to qualify for FHA financing.
@Terrell Sapp not to be a downer nor am I saying its impossible but I think you will have a hard time buying a multifam property in the 5 boroughs with 25K out of pocket. the lowest FHA I have seen was 3% down + closing costs. closing costs alone here in NYC can be 15K, that leaves you with 10K as a down payment. that would be enough for a 300K property at best. That's not including bank required reserves or minor rehab costs i.e. paint, cleaning, making the units rent ready etc. With the insane market here in NYC, I see small 1/1 condos as far away from Manhattan as Staten Island going for 300K+. Multifams typically start at 500-600K and they will be beat up at that price point. again, not trying to discourage but I don't want to see you get your hopes up and then be disappointed.
To give context to how insane the market has been, I bought a rental 3 years ago for 235K, my neighbor is selling his for 300K now. we have the exact same property in the same building.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.