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Updated over 7 years ago,
Realistic numbers for a multifamily
Hey guys, i have decided to begin my real estate career by purchasing a 2 family home and i plan to live on one side(house hacking). I am looking for a house in the Brooklyn, NY area. I have a couple of concerns and i am hoping someone can help me out. For starters, me and my partner decided that even though we will have a multi-family, we are aiming to be able to afford all payments for the house(Mortgage, insurance, property taxes, utilities, etc.). As i look for houses online, it is becoming less and less likely that we will be able to achieve this for a whole year. Would that be ok since in theory i would be able to rent out one side anyway or should i continue to to follow my criteria. Also, if any real estate agents in the New York area are willing to work with first time investors please feel free to send me your contact information. Thank you
P.S. I can specify actual numbers if that would better help with your response.