House Hacking in expensive markets?

[Ian Jackson]

Currently living in Honolulu. Problem is that it's expensive like California and New York. My mom actually applies for a VA loan so there's a lot of doors open up of what we can do and i was trying to get her in a multi unit. Hire a good property manager, and have the other units provide cash flow enough to pay the mortgage so my mom doesn't have to worry about that anymore. But is house hacking in markets like this even possible? I'm thinking with the BRRR strategy i can buy it at lower enough price where it would make sense to use the VA loan to roll the rehab with it. But is it possible? or am i chasing a pipe dream? What yall think?

[Marina Draper]

Hi Ian,

From what I see in Boston area - it is possible, but not in prime neighborhoods, more in run-down neighborhoods with properties that need extensive rehab. Many investors buy into them with the plans for appreciation, as gentrification is happening over there. It needs to be a 3+ unit building though, most duplexes don't even out. 

It's tough to find good deals in these markets, so you should get creative about it. Good deals sell before they even get on MLS. Look for wholesale deals or off-market deals.

Good luck!