How can I make this happen ?

[Faysal Alam]

Hey guys ! I'm 23 years old , I have a w2 job making only 200/week with another 200 in tips , along with that , I work for rideshare companies making around 400-600 a week , so in total making around 800/week minimum . So I'm making about 40k a year and out of that I plan to save about 20k if all goes well , on top of that I have 32k saved up which I'm depositing into the bank little by little . I'm currently renting and am absolutely tired of it ! I want to house hack a multifamily house , houses in NYC are crazy expensive and with my income I'm guessing it would be nearly impossible to get a mortgage especially since majority of my income is 1099 income . So my question to you guys is if you were me how would you go about making this happen ? How can I get my foot in the door of a multifamily house ? Any information would be helpful !

[Kyle McCorkel]

Faysal Alam
If you haven't already I'd recommend reading Set for Life by Scott Trench.

It is good to hear that you are saving a significant portion of your income. That will help you out immensely.

Unfortunately you live in one of the few markets in the country where it will be insanely expensive (I think) for you to buy a 2-4 unit property and do a house hack. I would research local REIA's (real estate investing association meet ups) and maybe go there and see where people are investing, and what the price points are.

If you can't house hack due to insanely expensive prices, I wouldn't feel like you are throwing money away by renting. You have to live somewhere right? If you buy a place you still have to pay taxes, insurance, HOA, repairs, interest, etc. Your home is not an asset. If that sounds foreign to you then here's another book recommendation: Rich Dad Poor Dad!