house hacking new york

[Jace Perez]

im recently getting into realestate and i was thinking of doing a house hack as my first investment under an fha loan. But i live in long island new york and it seems that even if i were to house hack i would still be paying 2,000 and up a month. is that just because the new york market is so expensive or do i have to find a really good deal?

[Nick Riccio]

@Jace Perez congrats on getting started!

It's definitely a challenge with the market right now. A lot of markets are still incredibly expensive, so it becomes more important to find a great deal, or a value-add deal. We help people with this all the time as most deals on the MLS will not be "good deals".

Option 1: Start trying to network, and build an off-market pipeline

Option 2: Be open to value-add projects. Properties that need a lot of work, or that you can finish additional living space to add value.

I’ve personally done this 3 times and created over $1M in equity and live for free in Boston, Ma. It just takes some patience and creativity.