Tips for House Hacking Success in NYC

[Daniel Park]

Hi Everyone,

I currently live in NYC, which as you might have guessed, is a very expensive market to invest in. Nonetheless, I'm currently exploring the potential of buying a House/Apartment/Condo (maybe a Co-Op, but preferably not b/c of the restrictions associated with them) within the next 6-12 months, potentially with a friend. Our plan is to qualify for an FHA loan to also help out with the down payment.

Since my priority is staying in NYC (and not necessarily maximizing my financial returns) I probably wouldn't consider moving out of the area - and I am also not set on the idea that the place has to be cash-flow positive/breakeven. As long as my monthly cost is lower than the rent I'm paying in Manhattan, I feel like that is better than what I'm doing now, and I get to build some equity along the way (feel free to challenge this notion if you disagree also).

I'd love to connect with anyone else who has gone through/is going through/has knowledge of the process! Any and all advice is appreciated, as I am just starting out here.

Thanks! 

Dan