How to get a loan for expensive NYC Apartment to "House Hack" ?

[Angelica Rose]

I'm curious about this. As someone pointed out, the req. here is often that you make 80x more than the monthly payments would be. I only make 50k before taxes and I'm single.  I would like to "house hack," and rent rooms in a decently popular area, while living in the space myself. I would need a massive loan. How to get this? 

Also what kind of strategy is best for this scenario? I was thinking I should aim to have a few months to a year in mortgage payments saved up to account for time finding tenants and then time to sell the property if it doesnt work out. 

This would be a few years from now, as I need to save more, but I'm very interested.

[Michael Baker]

@Angelica Rose you also have the option to purchase an HDFC apartment. There are income limits on these apartments. Rarely are you allowed to sublet but you can house hack. The challenge from there is finding a 2BR apartment that makes sense as an investment. Cap rates and ROI are hard to come by in NYC. I haven't seen any deals thus far that would make sense for me to invest in.

One thing to consider is....Can I reduce your housing costs vs Can I make money investing in New York. You may not achieve ROI but you can reduce your housing costs relative to renting or living on your own. NYC apartments hold their value really well. Especially if you get in at the HDFC price point. If you have questions let me know.