NYC House Hack or Upstate Buy & Hold Stack?

[Christopher Cole Carcich]

Greetings BP Fam!

I am a newbie looking for advice (and local connections) for my long awaited entrance into REI.

Some backstory:

I am a NYC native, my fiancé & I are both employed with good pay in the film & tv business. We often work long hours (60hr weeks) but also have the opportunity to sometimes work a flexible schedule. Our current apartment is very cozy/convenient, but with our additional storage, totals almost $3000/month. Despite the big city rents, the proximity to our work & family is fundamental to our quality of life-meaning we cannot stray far..

These current mortgage rates are putting serious pressure on me to finally get some skin in the game, but I’m paralyzed with the following conundrum:

-do I House Hack a Queens deal with a HUD/203k or Homestyle fixer upper putting 5-10% down

(I’m in no rush to move & can wait for the right deal to make it work)

-or do Buy & Hold/BRRRR somewhere up the river, where I may be able to put 20% down on a multifamily in a sustainable market?

Things to consider:

-NYC appreciation history, forced equity with 203k/Homestyle fix, Replacing my high rent with a mortgage (that tenants help), fixer upper experience with the rehab, proximity to work & family, MIP until refinance, ability to HELOC down the line

vs

-avoiding/limiting exposure to MIP & generating potentially more cash flow, possible need for PM, still paying my rent but maintaining my quality of life, still getting landlord/rehab experience but in a dependable market upstate.

Any and all insight, suggestions, tips, referrals & recommendations would be greatly appreciated!

Whatever happens, it’s happening!

Thanks in advance. I look forward to hearing from, networking with, and maybe even doing business with you! Cheers, CHRISTOPHER