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Updated about 2 years ago on . Most recent reply
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Househacking or Long Distance Investing?
Reaching out looking for advice and would love to hear from those who have also lived in a HCOL area and contemplated which of the two strategies to pursue, especially as a 1st time investor.
Background: I live in Queens, NY making over 100k per year and am looking to purchase my first property in the next 4-6 months. My approaches to each strategy would be:
Househacking: I'd target a two-family in Queens or Nassau County Long Island via an FHA loan. Purchase price range likely $600-725k and I'd live in one unit until I could refinance out of the PMI. At best rental income would likely only cover about 50-60% of the monthly payments. I can cover the rest without issue but this is a hefty expense.
Long distance: I’d target upstate NY (either Albany or Binghamton) where I’d look to purchase a cash flowing turnkey property for student housing (preferably). Purchase price range flexible from 100k to 300k depending on the numbers of the deal.
Other factors: I have a time consuming day job that often requires late nights and weekend work which will make me reliant on a property manager I can trust if I go the long distance route.
Any advice?
Most Popular Reply
I'm not sure what neighborhoods in Queens and Nassau you're looking into but it may be tough to find a 2-family in that price range. But more importantly, would that be a neighborhood you want to live? Since you mention working long hours including nights and weekends, do you want to live somewhere that adds to your commute? I've struggled with the same dilemma as you. I also have young kids so having a good school district is important to me. So for now, I have a co-op in a neighborhood I want to live in and invest long distance (Buffalo). I have been looking into a house hack recently as my family is outgrowing our co-op...but it's quite expensive in Queens/Nassau as I'm sure you know.