Househacking Success in NY, NJ, CT??

Question

Hello,

I am looking to buy a multifamily and househack in the NY, NJ, CT or LI area. The goal is to not be more than 1 hr away from NYC. Any one pulled this off recently and made it work? Any areas you recommend doubling down in ?

I know the landlord laws are not as friendly in these areas but I am looking to be close NYC and be near hospitals for travel nurses if I go that route. I know these markets are diverse but I would appreciate any pointers or contacts on where I should focus on.

*****I would love to learn more about which market/ location could work best for a househack with a midterm rental in the other units for travel professionals.

Best,

Qb

Harold Looney · Answer

Quiana Berry - I've house-hacked in Bayridge Brooklyn for over 16 years. This neighborhood is 7 miles from downtown Manhattan, the commute via subway is 45 minutes. I've previously had Doctors say in my building who were doing there Residency at a nearby hospital.

Harold Looney · Answer

When I purchased the property 2007 for $900K, I was only seeking to reduce my living expenses/taxes and gain appreciation since I desired to live in Brooklyn. Initially, my ex-wife and I lived in Apt 1 and we rented out Apt 2.

Around 2010, after my divorce, I started also renting to roommates in Apt 1 where I lived. Since them I've sometimes rented the entire Apt1 either to a family or by rooms and I've lived somewhere else.

My average depreciation is $12K/year which reduces my tax liability. The current market value is $1.6M and I've found creative ways to leverage my equity. At full capacity without me living there, my net profit is about $1K/month.

Basit Siddiqi · Answer

@Damon BodineDamon is the expert when it comes to house-hacking in the NYC Metro area.I would connect with him and see his thoughts.

Quiana Berry · Answer

Awesome thanks for your response. How long did it take for you to see the ROI in that investment?

Vanessa Ivonne Hernandez · Answer

Deals can be found, just need to make sure you're doing your deal analysis to consider the amount you'll need to finance, the cost of renovation or repairs, and the other common calculations we often hear about.

First, get pre-approved to understand your purchasing power and help narrow down the markets you can afford. Then start connecting with realtors in those areas. You'll want to work with people who have investment properties themselves to help you navigate the process.

It sounds like your mindset is in the right place. If you focus on starting to interview lenders and realtors, then you'll find their insight can help you make your investment work in the way YOU define success.

Hope this helps!

Rhonnalyn Olicia · Answer

Hi! I am a travel nurse as well and about to close on  duplex near NYC its in north jersey. I'm kinda nervouse about it but taking a plunge is what really matters. In my area in Queens NYC househacking is really a thing and there is always a need for travel nurses. If you dont have   price limitations that should work with you as well. I would like to connect if you'd like.

Andrew Postell · Answer

@Quiana Berry what do you mean by "made it work" and "doubling down"?  Those 4 areas are vastly different.  If you are looking to be within 1 hour...I think Connecticut would be out.  Stamford express train is 52 minutes by itself to Grand Central...so factor in time to the station and time from GCS to where ever you need to go would probably be 1 hour 20 minutes.  So Connecticut might be out and a lot of Long Island too.

Now, it sounds like you are open to any pricepoint...at least, you didn't express any price limitations.  But if you could provide some more feedback on what you feel might "work" for you that would help in narrowing down the location.

Hope all of that makes sense.

Househacking Success in NY, NJ, CT??

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