Beginner House Hacking in NYC

6 Replies

Hello Everyone, I'm a novice to real estate investing and wanted your input on if House Hacking is possible in New York City. Currently saving up $20,000, will that be enough to get started or should I look at out of state single family and multi-family homes?

Originally posted by @Raphael Alexis :

Hello Everyone, I’m a novice to real estate investing and wanted your input on if House Hacking is possible in New York City. Currently saving up $20,000, will that be enough to get started or should I look at out of state single family and multi-family homes?

Hey Raphael, 

This is very difficult to do in NYC. It is possible in some parts of the Bronx and on rare occasions in BK and Queens.

$20K give you enough for a 3.5% down payment on a property valued in the mid-high 500's. You would then have to finance your closing costs since all your money went towards the down payment.

It is a risky potential deal, very difficult to find, but NOT impossible.

Out of state or upstate might be the best route.

 Best of luck to you on your journey!

Abel

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