2-4 Unit MFRs: Seeking NJ/NYC Agent and FHA Lender Recommendations (and advice!)

[Greg Rosen]

Hello BiggerPockets Community,

I'm a new investor in my early 30s looking to dive into the real estate MFR rental market with a strategic approach. I currently live in NYC area and am looking to house hack here with a building up to 4 units (FHA loan). I've worked in the RE industry in the past so I'm no stranger to it but I'm not an agent. I have a stable and relatively high-paying job with savings and I'm ready to invest.

Here’s a breakdown of my investment plan–I would greatly appreciate any guidance, recommendations, or connections for real estate agents, lenders, and good investment areas to help me get started.

Seeking

• Agent recommendations for NY/NJ (Jersey city area is current focus but I’m flexible)
• Lender recommendations (FHA / FHA 203(k) loans) for loan pre-approval

Property

• Location
  • Attributes
    • B-level areas (A-D scale)
    • Up-and-coming
    • Safe
      • Safe enough for my girlfriend to feel generally safe walking alone in the evening
    • Walkable neighborhood (car ownership not necessary to live there)
    • Close to transit (commutable to NYC) and grocery store
  • Area(s) of interest (not set in stone)
    • Jersey City area
• Condition
  • B or C-level (A-D scale)
    • Semi-distressed with potential for minor rehab upgrades ($35k max)
  • Dealbreakers
    • Foundational issues / big required rehab due to FHA 203(b) max for streamlined version
• Size
  • 2-4 units (higher the better)
  • 2-4br per unit preferred
• Max Budget (FHA loan limits)
  • NYC
    • Single-Family Home: Up to $1,089,300 + 3.5%
    • Duplex: Up to $1,394,775 + 3.5%
    • Triplex: Up to $1,685,850 + 3.5%
    • Quadplex: Up to $2,095,200 + 3.5%
  • Hudson County, NJ
    • Single-Family Home: Up to $1,149,825 + 3.5%
    • Duplex: Up to $1,472,250 + 3.5%
    • Triplex: Up to $1,779,525 + 3.5%
    • Quadplex: Up to $2,211,600 + 3.5%
• Listing type
  • Off-market (preferred)
  • MLS
  • Online
  • I’ve thought about D4D/direct marketing but I don’t know how effective it is in the NYC area
• Timeline
  • Title in-hand latest: Jan-Feb 2025
    • Can potentially buy earlier if I sublet my current apartment in NYC as needed (lease expires Mar 1, 2023)
  • Rehab: 30-45 days max of minor rehab/reno
  • Move-in: on or before Mar 1, 2025 (hard deadline)

Financing

• Loan type: FHA or FHA Streamlined 203(b) for rehab <=$35k
• Approval status
  • Goal is to get pre-approved now in advance
  • My stats
    • Employment: Full-time at large bank
    • Income: low-mid 6 figures
    • Assets: low-mid 6 figures (including 401(k))
    • Credit score: 800
    • DTI: 2.5% (student loan)

Thank you in advance for your support! Looking forward to learning from the best and becoming an active member of the BP community.

Best regards,

Greg