Buying a house in NYC and what would be the best place to buy it
So next year 2024 mom is looking to get a house before she retired and go back to Jamaica where she will live I'm not going back so the question is which location would be best to buy a house that has the best opportunity for me for example I would be looking at a rental unit instead where I live in one unit and the rest of the units are rented out like a four multifamily house what would be the best location Yonkers New York New Rochelle or the Bronx but primarily has to be somewhere in the Westchester area any other suggesting of which type of house would be better duplex single family house?
Buy where the numbers makes sense and social issues (schools, crime, etc) are within your tolerance. I know that isn't very specific and probably not what you are looking for.
What is your goal?
* Live rent free - The more units the better; the bigger the price & down payment; further from NYC
* Reduce current rent/mortgage payment via house hacking - closer to NYC, can be done with less units
* Invest in a cashflow negative but greatly appreciating property?
* Something else?
The challenge in lower Westchester is everyone is looking for small multi-family so the competition is high and the supply is low.
Let me know if I can provide more insight.
Joe
Hi Brad, it seems like you're looking to house hack or use homeownership as a way of investing in real estate and saving money on rent payment at the same time. And this is a great idea!
So, the property type depends on your financial qualification. The first thing you should do is talk to a local real estate agent and lender who work with investors primarily and know the market.
Happy to share my preferred experts in Westchester if needed. Good luck!
A four unit with large bedrooms and a livable basement as an owner's unit / super's unit is your best use of capital with FHA - and the Bronx has a lot of growth and quality retail entering en masse.
Quote from @Alexander Szikla:Is there such a thing as super units in New York? I never even heard of a super unit.
A four unit with large bedrooms and a livable basement as an owner's unit / super's unit is your best use of capital with FHA - and the Bronx has a lot of growth and quality retail entering en masse.
Quote from @Joe Jor:
Buy where the numbers makes sense and social issues (schools, crime, etc) are within your tolerance. I know that isn't very specific and probably not what you are looking for.
What is your goal?
* Live rent free - The more units the better; the bigger the price & down payment; further from NYC
* Reduce current rent/mortgage payment via house hacking - closer to NYC, can be done with less units
* Invest in a cashflow negative but greatly appreciating property?
* Something else?
The challenge in lower Westchester is everyone is looking for small multi-family so the competition is high and the supply is low.
Let me know if I can provide more insight.
Joe
Yes I would like to know a little bit more insight and you mentioned something about living farther from New York and living closer to New York?
Since I know real estate is kind of like a numbers game but what if your weakest link is you're not a numbers person but can you still technically do real estate investing?
Sure, comparing towns that are roughly equal on social issues, and comparing properties that are of similar condition and size, the properties will generally become more affordable the further you travel from NYC.
Generally New Rochelle will be a little more expensive than White Plains
White Plains > Elmsford/Sleepy Hollow > Peekskill > Poughkeepsie > etc. etc.
Joe
Quote from @Brad Haughton:Partner with someone who is good at underwriting or do research; once you have the numbers, it is just arithmetic.
Since I know real estate is kind of like a numbers game but what if your weakest link is you're not a numbers person but can you still technically do real estate investing?
Quote from @Joe Jor:
Sure, comparing towns that are roughly equal on social issues, and comparing properties that are of similar condition and size, the properties will generally become more affordable the further you travel from NYC.
Generally New Rochelle will be a little more expensive than White Plains
White Plains > Elmsford/Sleepy Hollow > Peekskill > Poughkeepsie > etc. etc.
Joe
That's very interesting but what I noticed when I look at Zillow and I look a little farther away I'm noticing their million dollar houses in the area so for example I'm looking in the middle of Westchester between Yonkers New Rochelle and White Plains and Mount Vernon so I'm essentially looking at Eastchester Bronxville Tuckahoe Scarsdale or Hartsdale Greenville and Northeast Yonkers
That's very interesting but what I noticed when I look at Zillow and I look a little farther away I'm noticing their million dollar houses in the area so for example I'm looking in the middle of Westchester between Yonkers New Rochelle and White Plains and Mount Vernon so I'm essentially looking at Eastchester Bronxville Tuckahoe Scarsdale or Hartsdale Greenville and Northeast Yonkers
Some areas are more multi-family friendly, like some of the towns I mentioned. Others are not and tend to be VERY expensive (Katonah, Pleasantville, Rye, etc).
I just Redfin'd Peekskill as an arbitrary test; with one exception all the multis are $850k or less.
In New Rochelle (Redfin'd again), roughly $850k is the entry point.
Joe
Quote from @Joe Jor:
That's very interesting but what I noticed when I look at Zillow and I look a little farther away I'm noticing their million dollar houses in the area so for example I'm looking in the middle of Westchester between Yonkers New Rochelle and White Plains and Mount Vernon so I'm essentially looking at Eastchester Bronxville Tuckahoe Scarsdale or Hartsdale Greenville and Northeast YonkersSome areas are more multi-family friendly, like some of the towns I mentioned. Others are not and tend to be VERY expensive (Katonah, Pleasantville, Rye, etc).
I just Redfin'd Peekskill as an arbitrary test; with one exception all the multis are $850k or less.
In New Rochelle (Redfin'd again), roughly $850k is the entry point.
Joe
Interesting so location does kind of matter in this situation 🤔
Quote from @Brad Haughton:
Quote from @Joe Jor:
That's very interesting but what I noticed when I look at Zillow and I look a little farther away I'm noticing their million dollar houses in the area so for example I'm looking in the middle of Westchester between Yonkers New Rochelle and White Plains and Mount Vernon so I'm essentially looking at Eastchester Bronxville Tuckahoe Scarsdale or Hartsdale Greenville and Northeast YonkersSome areas are more multi-family friendly, like some of the towns I mentioned. Others are not and tend to be VERY expensive (Katonah, Pleasantville, Rye, etc).
I just Redfin'd Peekskill as an arbitrary test; with one exception all the multis are $850k or less.
In New Rochelle (Redfin'd again), roughly $850k is the entry point.
Joe
Interesting so location does kind of matter in this situation 🤔
Oh yeah another person replied with FHA loan will that still be your best option start out when you don't have a large amount of capital for a down payment say 20% down but you can still use a 3.5 or 5% down payment?