Multi-family in Brooklyn / Queens (First Property)
My wife and I are currently renting in NYC. Our lease is up in September 2024. Our goal is to purchase our first multi-family in Brooklyn or Queens and move in once our lease is up.
Background
- Both work remotely
- No debt / No Kids
- $250k+ in savings for a downpayment (should we do an HFA?)
- Family is full of General Contractors
Goal
- Plan to live in 1-2 Years before doing a cash-out refi for our next property
- Goal is to lower our monthly rent. Anything below $3200 is a win
Anyone have first-hand experience going this route? Curious what the first step should be after we've solidified our budget.
Open to any suggestions, ideas, and comments. Thank you 🙌