All Forum Posts by: Julie Chen

Your strategy to utilize Fannie Mae's 5% down for a multifamily home to house hack is a smart move, especially in high-demand urban areas. Given your requirements for safe neighborhoods near public transportation, and considering your budget and rental income goals, here are some specific suggestions:

1. New Jersey: Look into areas like Hoboken or Jersey City. These areas offer excellent public transportation options to NYC and have a vibrant community. They are popular among young professionals and could provide good rental income.
2. Connecticut: Stamford and Norwalk are great options. They offer safety, a good quality of life, and access to public transportation, particularly the Metro-North Railroad, which provides an easy commute to NYC.
3. Philadelphia: Consider neighborhoods like Rittenhouse Square or Old City. These areas are not only safe and pedestrian-friendly but also offer excellent rental potential due to their proximity to major employment centers and cultural attractions.
4. Upstate NY: Look at cities like White Plains or New Rochelle, which are well-connected via Metro-North to NYC, offer urban conveniences, and have a range of multi-family homes.
5. Seattle Area: Neighborhoods like Capitol Hill or Ballard in Seattle are excellent choices. They are safe, have a strong rental market due to their proximity to major tech employers, and offer good public transit options.
6. Washington DC, Virginia, Maryland Area: In DC, consider areas like Capitol Hill or Dupont Circle. In Virginia, Arlington and Alexandria are great options with easy Metro access. In Maryland, Bethesda and Silver Spring are both safe and well-connected.
7. Boston Area: Neighborhoods like Cambridge, Somerville, or Brookline could be ideal. They are safe, have excellent public transport links, and are in high demand for rentals due to their proximity to universities and tech hubs.

With a budget of up to $1.5 million, you should be able to find suitable properties in these areas. However, prices and rental incomes can vary, so it's crucial to do thorough market research. Consulting with a local real estate agent who understands the dynamics of house hacking and rental markets in these areas would be highly beneficial. They can provide insights into specific neighborhoods, potential rental incomes, and property values.

Remember, when calculating your costs and potential income, factor in property taxes, insurance, maintenance, and potential vacancies. This will give you a more accurate picture of your financial commitment and cash flow.

Come to Texas....you can get 2 4plexs for that investment.  They'll probably be newer (built in the last 10 years) and looks like rents will be better.  I would probably expect rent at about $1500-1700/Unit on $400-$450K investment now.

Another option is to buy a single family with an in-law suite, it would be less money, better interest rate, and easier to sell in the future.  I live in Stamford and have had really great success.  The Stamford train station was just completely overhauled as well as Norwalk.  If you would like to talk more offline, I would be happy to assist as your resource for CT.   

My husband grew up in the Pittsburgh area and we now live in Indy -- the culture, etc is very similar.  I feel that Indianapolis has much more economic diversity - tech companies, pharmaceutical/medical, several colleges, manufacturing, distribution centers, hospitality/convention centers -- so we are not as affected if one particular industry takes a dive.

Our real estate areas are also very diverse.  I love chatting about the different areas of Indy and the different types of investing that work in each different area.  Let me know if you want to connect.