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Updated over 5 years ago on . Most recent reply

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Andy Mejia
30
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40
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Seeking help in NYC

Andy Mejia
Posted

So I currently live in NYC and I have a little over 100k in capital. Since all the houses around here are so expensive, I decided that house hacking would be the best course of action  since I can get in for 3.5% down payment. I have been looking on realtor.com and I am having trouble finding a relatively decent deal that will net me a healthy cash flow. I currently live in the Bronx, Ny and Im open to staying in the Bronx or moving out to Queens. Would like some advice from any of you who live in the city and could provide me some ideas on how to find a good deal in NYC or where to look. 

Thanks, 

Andy 

Most Popular Reply

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289
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Carl C.
  • Investor
  • New York City, NY
374
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289
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Carl C.
  • Investor
  • New York City, NY
Replied

I agree with @Jaysen Medhurst You'll have a very hard time finding something that will cashflow while house hacking. With 100k down payment as a primary residence you should be able to find something to house hack and at least have some serious help paying your monthly expenses.  With luck, if you stay there a while you should benefit from appreciation.  If you want cashflow, I'd suggest looking upstate. That's a decent down payment for a multifamily in the Hudson Valley. It will be a little bit more work and you'll have to travel up there regularly but you should be able to find something that will cashflow for you. 

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