Multi Family Homes Advice/Help Needed.
Hello all, I have been looking at Staten Island Homes, multi family to be exact at a max price of $299.999. I would feel most comfortable buying around 250,000 or less because I was thinking the less I go and still putting down anywhere from 20-30% down I will have a higher cash flow. The thing is there really is nothing out in my price range right now except for a bunch of short sales which my RE agent says not to get into. Anyway, I was thinking of increasing my max search price to 350,000 and there are more options to chose from and the homes are a bit nicer as well. If I still do the 20-30% down this will pretty minimize my cash flow greatly, but I believe maybe it will/can work out if I have 2 tenants paying there rent which would balance everything out. Also I could negotiate the price of a multi family listed at 349,000, not sure how much lower I would be able to get it for though. Not sure exactly what to do or how much I can afford. I have about 70k in savings. Any tips/advice much appreciated.