House Hack in Brooklyn/Queens, NYC?

[Tim Swen]

Hello BP, brand new to real estate investing here and hoping to start somewhere. Been reading all the books published by BP. A lot of the contents seem to apply elsewhere so I'm trying to see if there're any NYC investors who could maybe point me in the right direction. 

I thinking about house hacking using FHA 203K loan on 2 family homes (I realized duplex means something completely different here). Currently researching areas in Brooklyn and Queens and the corresponding median price. So that I can evaluate my finance and make up for any gaps in order to plan ahead. From what I've read people seem to like the south part of Brooklyn and Queens.

But which neighborhoods? You know when you have so many directions so you get hit by analysis paralysis. So here I am. Any tips would be greatly appreciated :)

[Abel Curiel]

Hello @Tim Swen and welcome to the BiggerPockets forums!

The BP books are a phenomenal start to your journey. My favorites are The Book on Managing Rental Properties by Brandon Turner and the The Book on Estimating Rehab Costs by J Scott.

House-hacking is one of the best ways to get your first property AND gain valuable experience. Acquisition costs can be kept at a minimum using FHA.

South BK & Queens are the way to go. Lots of value add potential in those markets. Recommended location will depend on budget and property type. 

BK - Bushwick, Ocean Hill, Bed Stuy, Flatbush, Cypress Hills.

Queens - Bellerose, Queens Village, Woodhaven, Maspeth, Middle Village.

Best of luck to you moving forward!

Abel