House Hacking in NYC/NJ/CT area

[Jermaine McIntosh]

Hey BP family, I'm new to real estate investing and was interested in starting to invest through house hacking. I currently live in an owner-occupied duplex in NYC and would like to purchase another duplex/triplex as an owner occupant in the NYC/NJ/CT area. My price range at the moment is 400K and would like to know if there are any duplexes/triplexes within the NYC metro area with potential for generous cashflow? If not, does anyone know of other areas outside of NYC with decent duplexes/triplexes?

Thanks BP family

[Jerry Padilla]

@Jermaine McIntosh

For FHA you would most likely not be able to get a second FHA mortgage ..... If you are moving from a multi-family to another multi-family in the same location.

As far as primary conventional you can get into another duplex for as little as 15% following strictly Fannie Mae guidelines. You can get into a three to four-plex with just 20% as a primary following strictly Freddie Mac guidelines.  

Freddie Mac is the only route that allows for a non owner occupying co-signer. Most likely any underwrite will catch on. Your best bet is to applying directly to underwriting for a pre-approval. 

If you have someone willing to go in with you as a co-borrower as an investment property you would have to put 25% down between the both of you. 

Hopefully this helps! Running ideas by everyone is great, but underwriters know most of the tricks to get by purchasing investment properties with little money down.