Risk too high for a first time buyer? 2-4 Unit in Brooklyn
I've been looking for deals in brooklyn(bushwick, bedstuy) and queens(ridgewood) to use an FHA loan and house hack to get started as a first property. I am feeling intimidated by the housing laws in NYC and the fact that a wrong move or bad tenant could put me in a bad position considering the fact I'm just starting out. Anyone have experience buying small multifamilies in NYC that could share any tips or words of warning?
I want to make the most of my savings (hence the FHA), plus I live in NYC and would like to for a while so I'd prefer to invest locally. My intention would be to hold the property for a very long time. That said, these areas are expensive right now so it seems unlikely I'd be making profit at least the first couple years as I pay mortgage insurance.