All Forum Posts by: Tae Young Lee

I'm currently in the process of applying for a VA Home Loan, in New York City, and could potentially have up to $625,000.00 to spend on a multifamily home. I've been looking mainly in Brooklyn and the Bronx. The problem I run into is that, because I'm occupying one of the bedrooms I find it hard to just break even when factoring in the income vs. expenses. Does anyone out there with more experience know if it's even possible to come out with a positive Cash on Cash ROI, when you're house hacking in NYC? One thing to note is that I work near Manhattan and I don't want to purchase anything too far on the outskirts of the city.

Wow thanks @Chris Mason! I was not aware of that. Looks like the FHA SFR loan limits for NYC counties are indeed $625,500. I only have about $10k saved up at the moment. I guess I should consider whether I want to hold out and save up some more, so that I can purchase a more expensive property or not.

Hi guys,

I'm sort of in a similar situation as @Senad Pali, except I am working on getting a VA Home Loan for around the same amount. I have a steady job as a landlord/tenant lawyer. I was thinking about getting a multi-family but I guess a duplex would be a more reasonable bet. Thanks for the advice.

Thanks @Michael S.! I'll check it out!

Hi everyone,

My name is Tae and I'm a recent law school graduate practicing landlord/tenant law in Brooklyn. I've come to the realization that there is only so much I can do to obtain financial freedom working in my field, and would like to try my hand at real estate. As a former U.S. soldier, I'm currently in the process of applying for a VA Home Loan. My aim is to purchase a multi-family unit where I would live, but could also rent out. I'm a total newbie to the real estate world, so any advice would be greatly appreciated.