Looking to House Hacking with Va Loan

[Orane Jacobs]

I am new to real estate and I am looking to purchase my first home with the Va Loan. I work in the NYC area and looking to house hack in Jersey City but when I do the math im not getting any cash flow. Im thinking this market is too expensive to house hack. Any recommendations?

[Max Vishnev]

Welcome to the BP community, Orane!  I totally agree with @Diana Tian.  If you're house-hacking, the primary goal is to lower your housing costs while building equity and getting experience in real estate investing.  In the NYC Metro area, you are unlikely to find a 2-family that cashflows from just one rental unit.

I'm house-hacking a 2-family in Bayonne and my monthly net overhead (after mortgage, taxes, insurance, and subtracting rental income) is lower than my rent was for a one-bedroom in gentrified Brooklyn.  Plus, I'm benefiting from all the perks of home-ownership, including tax write-offs, mortgage paydown, area appreciation, forced appreciation from home improvements, and being the landlord instead of the tenant.

I think you can find a nice 2-family opportunity in Jersey City to house-hack, particularly on the West Side, Bergen Lafayette, and near Journal Square.  The key factors will be your budget, how close to public transit you want to be, whether you want parking, etc.  I'm active in the area as a real estate agent, so feel free to drop me a private message if you want to chat more about this.

Good luck!