“$67K Budget — Where Should I Buy My First Multifamily in NY?”

Upstate New York, New York
Starting Out
7moFollow

“$67K Budget — Where Should I Buy My First Multifamily in NY?”

Justin DeArcePro Member
Member since 2025 · 2 posts · 3 votes
Hey everyone, I’m 22 and looking to buy my first multifamily using an FHA loan. I have about $67K available, a 760 credit score, and I’m based in New York. My plan is to house hack a duplex or triplex, live in one unit, and build cash flow while keeping risk low. I’m currently trying to stay within about 1–2 hours of Westchester County and focus on B or B- areas with solid rental demand and decent tenant quality — not rough C areas. So far I’ve been analyzing deals in places like Glens Falls, the Saratoga area, Orange County, and parts of the Hudson Valley. I’ve found a few deals around $300K that could potentially cash flow around $500–$1,000/month, but I’m also debating whether I should stretch into stronger areas like Putnam or Westchester for appreciation. I’d really appreciate insight from more experienced investors: What markets would you recommend for a first house hack within ~1–2 hours of or areas around? Are there any underrated areas right now that still offer a good balance of area quality and cash flow? Would you prioritize cash flow or a stronger area for a first deal? Any areas you would completely avoid? For those who’ve used it, would you recommend Section 8 for a first-time landlord or avoid it? Appreciate any feedback — trying to make a smart first move and do this the right way from the start.
0Reply
185 views

Most Popular Reply

Henry Lazerow
Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
5mo

Buying in lower class areas even if looks like will cashflow is how you lose money. Save up and buy in as nice an area as possible, do the low down house hack its the best way and repeat in a year or two to scale!

1Reply
See this reply in the discussion

4 Replies

Jump to latestLatest
  • Ann Crosby
    Real Estate Consultant · MN · Member since 2019 · 42 posts · 14 votes
    6mo

    Hey there Justin, the experience is where the money is :) a lot of people do start out in section 8 and they say it's good, it's just that they feel they invest in the wrong area specifically because they aren't seeing enough tenants to see the returns they were looking for in the first place. Is that what you're trying to avoid?

    0Reply
  • Nate Monson
    Real Estate Agent · Albany, NY · Member since 2017 · 309 posts · 149 votes
    5mo

    Hi @Justin DeArce not sure if you've found a place yet, but if you're still looking I'd be happy to help you analyze some deals in the Albany/Schenectady/Troy/Saratoga regions.

    0Reply
  • Henry Lazerow
    Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
    5mo

    Buying in lower class areas even if looks like will cashflow is how you lose money. Save up and buy in as nice an area as possible, do the low down house hack its the best way and repeat in a year or two to scale!

    1Reply
  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 969 votes
    5mo
    Quote from @Justin DeArce:
    Hey everyone, I’m 22 and looking to buy my first multifamily using an FHA loan. I have about $67K available, a 760 credit score, and I’m based in New York. My plan is to house hack a duplex or triplex, live in one unit, and build cash flow while keeping risk low. I’m currently trying to stay within about 1–2 hours of Westchester County and focus on B or B- areas with solid rental demand and decent tenant quality — not rough C areas. So far I’ve been analyzing deals in places like Glens Falls, the Saratoga area, Orange County, and parts of the Hudson Valley. I’ve found a few deals around $300K that could potentially cash flow around $500–$1,000/month, but I’m also debating whether I should stretch into stronger areas like Putnam or Westchester for appreciation. I’d really appreciate insight from more experienced investors: What markets would you recommend for a first house hack within ~1–2 hours of or areas around? Are there any underrated areas right now that still offer a good balance of area quality and cash flow? Would you prioritize cash flow or a stronger area for a first deal? Any areas you would completely avoid? For those who’ve used it, would you recommend Section 8 for a first-time landlord or avoid it? Appreciate any feedback — trying to make a smart first move and do this the right way from the start.

    You’re honestly in a really strong position for 22, good credit, solid savings, and you’re already thinking about risk management instead of just chasing “bigger pockets math.” Personally, for a first house hack, I’d lean more toward stable cash flow and tenant quality over pure appreciation because your first deal should help you survive and scale, not just look good on paper. The underrated part of markets like Glens Falls or parts of the Hudson Valley is that they can still produce workable numbers without needing huge rent growth assumptions. I’d also avoid stretching too hard into Westchester unless you’re comfortable sacrificing cash flow for appreciation potential. Section 8 can work fine too, but for a first deal, I’d probably keep it simple and focus on learning operations, tenant screening, and management first before adding more complexity.
    [email protected]614-418-6081
    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free