All Forum Posts by: Shane Insang

Hey Guys. I need to change my house hacking strategy in the Bronx. Originally I was hoping buy a 2-4 multifamily property and rent out the other units. I would not be able to afford an FHA loan on such property in the Bronx. My other alternative would be to save several years for a down payment. I don't want to go with either of these options and have been considering other strategies to finally invest in real estate.

I think a strategy that would serve me well is one where I buy a 2 (or 3) bedroom house with 1.5+ bathrooms. It would be a house where I could afford the monthly payment without renting by the room. I would rent the extra room(s) similarly to a medium term rental property. This would give me income and give me an example of renting by the room if I decide to do it in the future. I would use an FHA loan with 3.5% down and I would move refinance and move out (to rent the entire house) when I am ready to look for another investment property.

Thats the general plan. I have other considerations like quality of the house at purchase, neighborhood, renting room specifics etc. I was hoping yall could critique my plan. Maybe be give me more things to consider and whatnot. Thanks :)

Thanks for all the replies. When I have more savings, I will definitely have to see properties in person and do more due diligence. 

An additional question: is it worth inquiring about the property and seller intentions if I currently have no intentions to buy it? It seems like I would be wasting the agent's and seller's time. 

Hi Guys, this is my first post on BP. I am currently saving money for a downpayment on my (hopeful) first house hack. I have no prior experience in real estate and am currently using my time to learn and explore opportunities in my area even if I cant afford them.  I'd like to hear your thoughts about this opportunity and know whether or not my line of thinking is correct. 

There is a 3-plex asking for $795,000 down from original 800k asking price. Been listed for 132 days and is 1,171 sq ft, 3 bedrooms 3.5 bathrooms. The main unit is 2 beds, 1.5 bath with laundry appliances. Another unit is a 1 bedroom and a deck and the last (where I would stay) is a basement studio with a separate entrance. All units have access to a back yard. The entire house is fully vacant. 

Some questions I'd have about the property is why its been listed for so long. The property also has unusual price changes and sale listings and is asking for ~100k above assessment (2022). I think this presents an opportunity to negotiate a lower price. Most importantly this property is being sold at nearly the same price as larger properties in the surrounding area. For example a 2k sq ft property with 5 bedrooms and 3 bathrooms sold for $950k at the end of 2023 less than a quarter mile away. 

Is my line of thinking reasonable? What things may I be overlooking? What are some things I may not have even considered? 

Bonus: Although I won't be able to afford this deal even with 3.5% down could this be an opportunity to sell the buying rights in a wholesale deal?