Purchasing my 1st Two Family Property in NYC. Advice needed

[Keis J Patterson]

Hello BP Team, I have been watching on YouTube for a few years and am now ready to pull the trigger on my 1st Multi-family (2 unit). I will be living in one unit while renting the other in Queens NYC. I wanted to step through the deal with someone from the forum to ensure that this is a fiscally sound opportunity. I'm coming from the build and hold, short term rental, and commerical space mainly in partnership with someone. Advise from our community would be helpful. Thank you in advance.

[Lydia Winn]

Just want to elevate everything Abel said. Queens is fantastic. It's appreciated greatly-- luxury developments are going up all the time. Good luck! 

Quote from @Abel Curiel:

Quote from @Keis J Patterson:

Hello BP Team, I have been watching on YouTube for a few years and am now ready to pull the trigger on my 1st Multi-family (2 unit). I will be living in one unit while renting the other in Queens NYC. I wanted to step through the deal with someone from the forum to ensure that this is a fiscally sound opportunity. I'm coming from the build and hold, short term rental, and commerical space mainly in partnership with someone. Advise from our community would be helpful. Thank you in advance.

 Hello Keis,

Queens is a great place to begin your 2-unit search because it has nearly 750 available 2-family properties.

The majority of these listings are listed in the Central, South, and Southeast sections of Queens i.e. Woodhaven, Ozone Park, Richmond Hill, Jamaica, etc.

Plenty of other options in the North and West sides of Queens (Astoria, Elmhurst, Woodside, East Elmhurst, etc.) but your pricepoint will be a bit higher vs. the Central-South areas.

Overall, I like your strategy of househacking. Queens typically has larger lot sizes when compared to Brooklyn which could mean more access to private parking (driveway, garage) and other benefits.

All the best to you on your search!

Abel