NYC House Hacking- Multifamily Townhouse

[Maxwell Frenkel]

I am looking for advice on house hacking in NYC. My business partner and myself are young professionals in NYC looking for an alternative to the pricey rental market. We'd like to purchase real estate somewhere close enough to commute to Manhattan (considering Brooklyn but open to suggestions) using a low downpayment loan program such as FHA or SONYMA. We are interested in a townhouse style multifamily unit in need of some update... but rentable in its current state.

Would love to hear if any BP folks have insights on this plan

 - Any neighborhoods or developing areas we should be looking at, we'd like a house south of $1.5 million

- Beyond the mansion tax and typical closing costs, any other hidden costs we should be aware of (with regards to purchasing in NYC)

- As first time home buyers, anything to consider, especially when investing in an expensive market

- Have people had success with alternative search methods such as direct mailing in NYC 

- Any recommended RE meet ups in NYC

Thanks in advance for any insights, and looking forward to hearing your stories!