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Updated over 9 years ago,

User Stats

114
Posts
20
Votes
Conway Churaman
  • New York City, NY
20
Votes |
114
Posts

New Yorkers: Help me find a place to live! I need an actionable short term plan

Conway Churaman
  • New York City, NY
Posted

Because I decided not to invest in the very same triplex I've been renting from for many years, I have to move out (long story).  

I can't focus on learning about REI while I have a deadline to move out of my place. I need to find a place to live so I can then focus on my REI education. Can fellow NYers help a guy out? I can only afford around $1,100 a month for a 1 bedroom. If it's a studio then it would have to be a nice studio. It would also have to be a low crime, decent neighborhood. Those types of places for for at least $1,500 a month in Brooklyn where I am now. Problem is I had been spoiled by only having to pay $1,000 for my unit. My family had a good thing going with the owner for many years till he decided to sell.

I am seeing units for around $1,100 in Staten Island in relatively nice neighborhoods on Trulia.com and other sites. I am considering a move there. Is house hacking or buying a duplex or triplex for multiple income streams a viable option for me with NY prices? How does an FHA loan potentially fit into the picture? How does that actually work by the way? I would have to apply first to see what I can afford? If so, what should I do on a multi-family? Come up with a business plan and apply for a conventional loan?

I have 30k in savings which I want to keep aside for contingency when I eventually start investing.  But perhaps I need to start now with a house hack so I can live someplace first using a 403k or other similar govt backed loans.  I need a very specific strategy and plan for my particular situation.  I wish I could consult with a NY Biggerpockets mentor type.

Any input appreciated.  Thanks

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