House Hacking in Brooklyn or The Bronx?
So I thought I had it all together and did my research. My plan is to purchase a multifamily in Brooklyn. I’m looking on Flatbush, East Flatbush, Bed Sty, and Crown Heights. My thought was to have the second unit subside my mortgage (no way in NYC would a two family in my prices range pay my whole mortgage) and use the savings to start investing in a couple years. Most likely outside of NYC where my money can go much further.
However, I’m talking to some newbie investors who are starting off like me - house hacking with the intention of buying another property later - and people are telling me I should be looking at The Bronx and Brooklyn is “dried up”. As in prices are already sky high and deals are better in The Bronx.
Are there any seasoned NYC investors that can weigh in with your opinion? Are the areas I’m looking at too far out? Will I most likely not get renters soon? Would love to hear people’s thoughts.