New here, is using FHA on Long Island a good idea?

[Jonathan May]

Hi, I'm new here. Just learned about this site as I've been spending the last few months researching real estate. I live on Long Island and am preparing to use an FHA to buy my first multi-family home. My intentions are to start with a house hack, then eventually buy more property. I'm in a good position because I telecommute for my job so location isn't that big of an issue. Currently I can put aside about $1.5-2k a month in savings. Housing on Long Island is expensive and I'm not sure where to start? Does anyone have suggestions of towns to look into for Long Island or if looking into the boroughs of NYC (Bronx/Brooklyn/Queens) is the better option?

I don't expect a high ROI (maybe 6-8%) on this first purchase. For now I'd like to live for free with some positive cash flow. Then save up for another property (possibly funded with a refinance or from flipping the property).

Any guidance would be appreciated, thanks!

[Jonathan May]

@Jerry Padilla

Thanks for that tip. That was very informative and will help me adjust my budget and what locations I seek out.