Updated over 4 years ago on . Most recent reply
Aussie living in NYC
Hi all! Very excited to have stumbled upon BP and to now be a part of this community. I am Australian but living in NYC. Looking to house hack in NYC and buy multi families in more affordable markets to maximize cash flow. I’m a corporate attorney and looking to replace my W2 income so I can stop working 18 hours a day!
Fun fact: I recently purchased a town house in Tulum Mexico, renovated it (even though it was brand new) and filled it with custom furniture. It was my first property purchase and man was it a challenge. But its been very lucrative and given me the confidence to expand into property in a big way. Looking forward to connecting with you all.
Most Popular Reply
Definitely house hacking via FHA in NYC is the way to go! If you can get a 4 unit and a basement, that would be ideal and create major cash flow and equity creation, plus you can not worry about a property manager and boost your yield.
Cap rates came all the way down to 3% (or below!) during the "boom" times but COVID has loosened everything up and now 5% 6%-7% can be had in Brooklyn/Queens and even 8% in the Bronx. Nationwide rates hit a lows - so there has really never been a better time "spread" wise.
Moreover, the FED has printed so much money (~25% of all dollars in existence were created during COVID). This has been reflected in real estate nationwide except NYC which is a laggard. We know inflation is skyrocketing and RE has taken off, New York is a matter of time. Get on the rocket before it takes off.
If you are seeking out asset accumulation and equity appreciation over the long term then there are certainly fortunes to be made. And there is still plenty of cash flow opportunities in the outer boroughs if you buy right!