NYC area house hack - any borough, NJ, LI, Westchester

[Paul Walker]

Hi BP!

Interested in hearing from anyone that invests in the NYC metro area. Based on the notes below, does anyone have opinions on where to purchase?

I currently own and live in a 1br/1ba in condo Bushwick Brooklyn, but am looking into building out a portfolio of 2-4 unit homes anywhere in the NYC area. My current neighborhood isn't realistic. I've looked into out of state investing, and having properties far outside of driving distance doesn't appeal to me. My income from work is enough for me to feel comfortable with my lifestyle & build up savings. Cash flow for additional income is not a primary concern. I've decided my primary interest is in owning properties that at least break even and have solid appreciation in the NYC area.

My plan would be to put down 10-20% and live in one of the property's units for a year, while renting out my condo in Brooklyn furnished for 12-18 months. After the initial year I would rent out my unit in the new property, and return to my home in BK. Ideally I would continue to purchase additional properties in the same area as the rental in the coming years. 

My criteria for where to purchase is pretty flexible:

- No more than 1 hour to get into Manhattan by transit (ideally 30-45).

- Can be anywhere in Brooklyn, Queens, Bronx, Staten Island, Westchester, New Jersey, Long Island.

- Ideally 3-4 units that break even when accounting for taxes, maintenance, saving for major repairs.

- $500-$900k purchase price

[Mark S. Fisher]

@Paul 

@Paul Walker 15% Down Payment is required for a 2-Family Home and 20% down for a 3-4 Family. You can do as little at 3.5% Down Using an FHA Loan but you will likely have an issue with passing the FHA Self-Sufficiency Test is you go over 800k.