Hi everyone. 

It's finally time to get my first deal done and I'll need all the help I can get. 

I'm looking in the NYC area with Rail access to Manhattan in 1 hour or less.

I've probably run the numbers on 100 deals over the past few years. I even worked as a financial analyst for a Real Estate developer for a while before moving into corporate finance.

I've found a 4-plex I really like in Mt. Vernon NY (540K with a 7.5 cap), but don't really know where to start. I want to house-hack/hustle and get financing through FHA.

I think the place is renting below market and needs some minor cosmetic work to get the rents up. Also, some of the utilities can be paid the tenants that the current owner is paying now(not sure why, see below for more) I intend to re-fi a year later and repeat the process. 

I hit my first major road block today when I tried to get pre-approved for a mortgage. I'm close to qualifying for the entire property on my income alone but I'm just short of the asking price. When I mentioned taking the potential rent from the other 3 units(75%) the guy from BOA had no idea what I was talking about. Doing more research I see that sometimes there is a 2-year landlord requirement for this to apply. Anyone else experiences this?

Can anyone recommend a mortgage broker in the NY area?

Would also be interested in an agent recommendation and PM in the NYC area.

Lastly, looking to get more involved in the NYC community and establish a network. I'd be happy to help anyone run numbers or look at deals

Thanks,

DK

PS

Here's the deal:

http://www.loopnet.com/Listing/20281138/119-N-Terr...

The apartments located at 119 N. Terrace Avenue, Mt Vernon NY is comprised of 4 units (3-five room railroad style and 1-true three bedroom) in a two story brick building. Situated on a .09 acre lot, there is coin-op laundry and storage available for the tenants in the basement. Currently the owner pays for the heat at the property through an oil boiler, yet the building is also setup with individual gas boilers and hot water heaters that would put the heating cost on the tenant. The property is located just 0.3 miles from the Metro-North "Mt Vernon West" Station with access to Grand Central in Manhattan in approximately 30 minutes.

Not sure if it's a faux pas to post this ^^ I'm more interested in learning than someone who's better capitalized 'stealing' this particular deal. There will be others.