New member here in NYC

[Brian Thabault]

My wife and I are looking to get started on our real estate investment path by purchasing a mixed-use multi-family building in Brooklyn or Queens. The plan would be to live in the building and manage it ourselves. Ideally we would have space for a storefront business as well which we would like to operate. We are new to this process and looking to make connections and gather knowledge as we move forward. Thanks! 

[Abel Curiel]

Quote from @Brian Thabault:

My wife and I are looking to get started on our real estate investment path by purchasing a mixed-use multi-family building in Brooklyn or Queens. The plan would be to live in the building and manage it ourselves. Ideally we would have space for a storefront business as well which we would like to operate. We are new to this process and looking to make connections and gather knowledge as we move forward. Thanks! 

 Hello Brian,

Welcome to the forum and thanks for sharing your plan with the BP community.

Not many new investors in New York look to occupy a mixed-use property for their first deal... you guys are true entrepreneurs!

Brooklyn and Queens are great places to begin your search as there are over 325 active mixed-use listings available... I'd take the # with a grain of salt, however. There are multiple MLS' AND there are other properties that could have been miscategorized. All in all, I believe there could perhaps be close to or more than 400 mixed-use opportunities to choose from.

The great thing about mixed-use is that they are currently priced below traditional small multifamily investment properties in Brooklyn and Queens. The median listing price for mixed-use properties is $1.075M compared to $1.296M for 2-4 unit residential properties in these Counties.

As mentioned by @Drago Stanimirovic, it is a great way to build equity and earn income but you'll want to look further into the financing piece as early as you can.

All the best!

Abel