Seeking help in NYC

[Andy Mejia]

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 

[Jaysen Medhurst]

@Andy Mejia, it's very unlikely that you're going to find anything in NYC that you can house-hack AND will end up cash flowing after you move out. I'd say nearly impossible to cash flow while you're living there. The market just doesn't support it.

Properly set your expectations. If you can lower your living expenses, build equity, and get some landlording experience, that would be a real win.

[Carl C.]

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. 

[Alina Trigub]

@Andy Mejia

You have to look at areas outside of NY that are commutable to NY. Look at the train lines going in multiple directions to figure out which way you want to go. Start attending REI clubs to network with other investors and learn more.

[Andy Mejia]

@Alina Trigub

So I was thinking about finding a house with a 2 bedroom basement, I'll occupy the basement while i rent out the two units. What do you guys think?

[Alina Trigub]

Andy,

It's a good strategy. All that's left is to pick an area where you can afford such house and find one. Best of luck!


Originally posted by @Andy Mejia:

@Alina Trigub

So I was thinking about finding a house with a 2 bedroom basement, I'll occupy the basement while i rent out the two units. What do you guys think?