House hacking basics

[Daniel Alvarez Pajaro]

I am a first time buyer and after some time saving I feel I am ready to acquire my home. My goal is to perform a house hack. I am out in the market for a Duplex property in New york, preferably Queens.  I need help drafting a buying criteria (rent to value ratio above all) that can help me to successfully implement a house hack.

Any advise/insight and successful anecdotes performing house hacks is welcome. 

thanks in advance

[Will Fraser]

Hi @Daniel Alvarez Pajaro, welcome back to the BiggerPockets forums!  When looking at a house hack I look at two basic financial ideas:

• While you owner occupy the property, will it significantly reduce your cost of housing (ideally eliminating it altogether)?  If not, it's a non-starter for me.
• After you move out, will it cashflow in real terms (i.e. after all of the expenses you will then bare, including management, does it cashflow at a level that is acceptable for you?  

If the place checks all my boxes for what I need to be true in terms of housing AND it passes these two, it's a go for me!