House hacking possible?

Question

Has anyone done this in westchester? Making 56k 55k saved

Wale Lawal · Answer

@Sebastian Lim

Yes I think people have pulled it off in Westchester, but it is a way harder market with that income. So, your plan really needs to be solid. From what I have seen with $55k saved and making $56k, most folks who succeed end up house hacking a small condo or duplex right outside the really pricey spots. They use FHA or another low down payment loan and keep their monthly payments super tight. If the math just doesn't add up where you are a lot of buyers in your shoes work in Westchester but buy property in cheaper places nearby instead.

Good luck!

Andrew Postell · Answer

@Sebastian Lim love that you have 16 posts and are the #1 "Out of State" contributor.  Good job!  Now, house hacking is possible anywhere.  If you have another bedroom, that means you can rent it.  That's house hacking.  If you were asking some different let us know.  You can see others have questions too...so the more details you give, the better answers we can provide.  Thanks!

Abel Curiel · Answer

Hello Sebastian, an investor-friendly lender would be the best person to consult regarding what you'd qualify to purchase given your income and savings.

That said, Westchester investors have found success all throughout the County but especially in relatively high-inventory/volume areas like Yonkers, Hastings on the Hudson, Ossinning, White Plains, and Mt. Vernon.

All the best!

Abel

Lucas De Carvalho · Answer

Hi Sebastian. What do you mean by making 56k 55k saved?