Rental Property Investor · San Francisco, CA · Member since 2015 · 13 posts · 4 votes
Hello,
I’m looking to buy a small property that I can house hack near Astoria, NY. If anyone has some familiarity with this area I would greatly appreciate some guidance. I just moved here and am not really sure where to start looking. I had previously house hacked in Santa Monica, CA by putting the sofa in my 1 bedroom apartment on Airbnb but had to stop when the landlord threatened to evict me. It was a very fruitful endeavor for the period of time I was able to do it. I’m looking to do something like this again only this time I will be buying the place so I do not have to worry about a landlord again. My price range is about 300k-350k. I’m also very flexible on location because I work 100% remotely. The price is the biggest sticking point for me.
Why does it have to be Astoria NY? What's wrong with Robinson Illinois?
It's like that movie "Close Encounters of the 3rd Kind". The main character was compelled to go to that Devils tower monument or whatever it was called.
Rental Property Investor · San Francisco, CA · Member since 2015 · 13 posts · 4 votes
6y
@Marci Stein. I actually stayed at an Airbnb there before and thought it was a pretty nice area. Good to know there is something close by in my price range.
Real Estate Agent · New York, NY · Member since 2015 · 401 posts · 235 votes
6y
At that price point you'll be limited to co-op or condo apartments and while you wouldn't have a landlord, there would be a co-op or condo board (HOA) that could be just as prohibitive. I'd check with an attorney (I'm not one) but what you're describing (boarder with you present in the home) doesn't sound like it violates NY's multiple dwelling law which is good, but it probably violates a co-op or condo's bylaws. Not necessarily the easiest thing for a board to catch depending on the setup but a potential risk to this strategy.
Real Estate Agent · New York, NY · Member since 2015 · 401 posts · 235 votes
6y
@Michael Baum The OP is not renting out the entire apartment and would be present and so it qualifies as a rooming/boarding situation which is legal for under 30 days. Could have issues with the law on advertising though depending on the set up.
Rental Property Investor · San Francisco, CA · Member since 2015 · 13 posts · 4 votes
6y
@Michael Baum, yes, I plan on living in the place for at least the first year so that I can qualify for an FHA loan. I work from my laptop so I have flexibility as to where I make this investment/live. I'm currently in Astoria and like living near Manhattan so preferably it would be somewhere close to the city. Earlier in the post someone recommended looking into Yonkers which seemed like it could be a good option. I'm planning on researching and calling agents in both Astoria and Yonkers later this afternoon to start exploring specific properties/options. If anyone has other areas near Manhattan that may fit my circumstances I would greatly appreciate recommendations.
Rental Property Investor · San Francisco, CA · Member since 2015 · 13 posts · 4 votes
6y
Also, I was planning on just searching Yelp for agents with good reviews. Does anyone have any recommendations for the best way to find a good agent for this type of real estate purchase?
Real Estate Agent · Bayonne · Member since 2019 · 52 posts · 80 votes
6y
@Jake May Hi Jake, as other members have pointed out, you're not going to get much in Astoria within that budget these days (or most parts of NYC, for that matter). You may be able to find a single-family in ungentrified parts of Jersey City, if you have a higher risk tolerance.
The good news is, since you work remotely and the price point is your #1 priority, you can definitely find great house-hacking opportunity in Jersey, just slightly farther away from Manhattan. For example, you can get a single-family home in Bayonne, NJ, with a finished basement that you can Airbnb, within your budget. Bayonne is booming right now. Or you can get a legal 2-family in Elizabeth, NJ, and find a quality long-term tenant for one unit, while living in the other.
If you're open to looking for house-hacking opportunities in NJ, feel free to send me a private message. I'm house-hacking a 2-family in Bayonne and have helped other young investors looking to house-hack in NJ.
Realtor · Charlotte, NC · Member since 2019 · 32 posts · 11 votes
6y
@Jake May As others have mentioned you should consider looking into parts of New Jersey. You'll get more bang for your buck. Bayonne & Jersey City have already been mentioned. I live in Union City and there is a lot of opportunity in this area that has been untapped. It's nestled between Hoboken & Weehawken, two areas that have seen an amazing increase in value however Union City is a little behind the curve. I'm a 15 minute bus ride into NYC, same as Astoria. I would also suggest attending some REIA's in the city now that you're here. DM if you have any questions.
I’m looking to buy a small property that I can house hack near Astoria, NY. If anyone has some familiarity with this area I would greatly appreciate some guidance. I just moved here and am not really sure where to start looking. I had previously house hacked in Santa Monica, CA by putting the sofa in my 1 bedroom apartment on Airbnb but had to stop when the landlord threatened to evict me. It was a very fruitful endeavor for the period of time I was able to do it. I’m looking to do something like this again only this time I will be buying the place so I do not have to worry about a landlord again. My price range is about 300k-350k. I’m also very flexible on location because I work 100% remotely. The price is the biggest sticking point for me.
Thanks in advance,
Jake
Why not come to Ithaca, NY? Cheaper, not as stringent regulations as Astoria, wine country, Cornell, progressive feel, tourist destination, 3rd largest Airbnb city in NY. Californian's call Ithaca "The California of New York"
Rental Property Investor · San Francisco, CA · Member since 2015 · 13 posts · 4 votes
6y
@Nick Rutkowski. Hi Nick, thanks for the recommendation. I think that area is a little too far from the city for me but it sounds very pretty and I’m glad you mentioned it here. I will definitely have to check it out in the near future.
Rental Property Investor · San Francisco, CA · Member since 2015 · 13 posts · 4 votes
6y
@Matthew Stoutenburg. Thanks Matthew! You have all been very helpful I appreciate this very much. It’s a great resource to someone new to real estate like myself.
Lender · New York, NY · Member since 2018 · 6 posts · 6 votes
6y
@Jake May
You can do an Airbnb in a 1-3 family in NYC, otherwise it’s not permitted.
You’ll need a million plus to buy such property anywhere in nyc. For $350k you can buy something in Long Island or in Yonkers, Mt. Vernon, New Rochelle, or by Hudson county NJ.