x-post in Starting out forum.
I've finally determined that house hacking/FHA 203k in NYC is the best way to get my first deal. I'm looking for a real estate agent from the community that can help me find the right multi-family property in NYC. I just got pre-approved from a few banks for 500k (including repairs). Now I have about 3-4 months to find and purchase a property. (Creative financing ideas welcome as well!)
I want to work with someone who is link minded, owns property, and willing to do a bit of hand holding for a newbie like me throughout the process. I'm also looking for someone experienced in the Bronx (primary) and Brooklyn, Queens markets. I am primarily focused in the Bronx because my area is finally turning which means there is some good home appreciation coming in the new few years.
I love this community which is why I've come here to find the people I want to work with!
Hey @Steven Natera ,
House-hacking is an effective strategy for new investors since it allows you to gain acquisition, project management and property management experience ALL while lowering your living expenses.
Its also great to hear you decided to take action and get pre-approved by a lender. This allows you to see exactly where you're at financially and gives you a clear sense of your buying power.
That being said, 500K all-in for a MFR will be difficult to pull off in the Queens market and likely the Bronx market as well.
If you'd like to discuss further, I'd be happy to help any way I can. I specialize in Queens/Long Island.
I can also link you to a colleague in the Bronx @cesarrosas.
Best of luck to you!