Landlord willing to sell multi-family to 1st timer
Hi everyone, I'm a new investor only in the "creating a foundation" step of my real-estate investment journey. I have $10k in savings (3 mo emergency fund) and I'm the process of eliminating about $16k in debt (credit card, and auto loan) before really sprinting toward saving for a down payment and reno budget for my first flip.
My landlord wants to sell the building I live in currently. It's a 4-plex (3 story walk-up with a ground level unit with a separate entrance). One 3 bed, one 2 bed and two 1-bed (all 1 bath) and about 1,000 sq ft each unit. The building is located near the Hamilton Park area of Jersey City (highly desired neighborhood, walkable to the PATH into NYC). He is willing to sell for $2.2M. I'm inexperienced in this, and having trouble seeing if this is a good opportunity to House Hack. I already live here, my unit is renovated, the others are not, allowing a perfect BRRRR + House Hack strategy. The issue is, of course, I don't have the capital. Is this a deal good enough that I should seek investors? Are there any agents out there who are familiar with this area who can let me know if this is a good deal?
Am I getting way too ahead of myself and need to focus on saving money for a deal that's more appropriate for a first-time buyer?
Happy to answer any questions about the property.
Kevin