Wanted to House Hack but NY is one tough market!

[Mike Perrotti]

Hey guys,

So my plan for my first investment was to buy a multi-family in Westchester County NY. but after doing some research I'm not quite sure its the right thing to do.

First off anything in a decent area is well above $375,000 min, and with extremely high taxes and other expenses. My plan was to use a FHA loan to avoid putting down a bunch of money but because of this and the high prices finding a deal with potential cash flow even after i move out and rent the other unit is looking tough! Based on the ROI map my area is terrible.

This has got me thinking…. Maybe i should look into buying a single family foreclosure or a house that need work. This way i can use a 203k loan to rehab it. Live in it for a year and then sell. If I bought a single like mentioned above, i would buy in a different county a little bit further up state where the prices are cheaper. To bad there is very little multifamily homes in this area.

My other option would be looking into investing out of state or a few hours away. This seems like a bad idea for my first investment but I'm still willing to investigate this option fully.

Hopefully some of you guys can chime in with some good advice.

Thanks

[Elizabeth Colegrove]

We buy single family homes because multi families didn't make sense in our areas. Where we invest multi family seemed to be located in worst areas for a premium!

We know many people who have house hacked with single family. We did that with a rental when we were first married. Many of our friends live rent free allowing them to save up for their next deal! In my experience single family have great rental value and resale!

We also have done fixers only we have done the works ourself so not done a 203b. If your handy and willing to do the work yourself you might just want to self fund the repairs depending on the work! 

I love single families! They can be really great investment modes too!