House Hacking in Hudson County, NJ

[Vincent Tricarico]

Hi everyone! I am a 22 year old grad student from northern New Jersey. I will be starting work full time in New York City this August, and am currently weighing my options regarding where to live. My goal right now is to explore the possibility of house hacking in Hudson County, specifically Jersey City or Union City, by late 2023/early 2024. I know this area is very expensive, but I do have a good amount of money saved up and am eager to take action in becoming a real estate investor. Since I really embody the term “rookie”, I have been committed to taking in as much knowledge and information as I can and I plan on continuing to do so.

With that said, if anyone is experienced in a similar strategy, familiar with the area, has a contact to share, or just wants to give some general advice, I would love to get the chance to connect. Whether it is guidance or criticism, I would appreciate anything that anyone is willing to share. Thanks!

[Steve Schulman]

Hey @Vincent Tricarico Congrats on the new job. Love to hear it all.

I started my REI journey by house-hacking and full-gut rehabbing a 1920s built two-family in Bayonne with an FHA 203k construction loan. Gained invaluable experience and forced serious equity so no complaints there. Wish I would have jumped in sooner, though. I rented for 3 years in the JC Heights, from 2016-2019 with hometown friends-- after seeing the gentrification, turnover and development happen first hand while living in the trenches, I got the itch and knew it was time to get in. Took my motorcycle all around Hudson County, looking for the best market, and best location in said market per criteria (and budget, which played a big part), and never looked back.

Don't let this market scare you. You don't get rich from cash flow, wealth is built from appreciation and this "expensive market" is what it is for a reason. You have a NYC a global international market at your front door step, and not one but two inner City's (Jersey City & Newark) in close proximity with jobs, opportunities & such... Demand is not going anywhere, it has and in our lifetime at least will outweigh supply in this market... That said, you're not a professional investor (not yet at least). Don't over-analyze or over think it. It's all unrealized gains & losses, unless you sell, which shouldn't be a thought at 22 y/o. You're house-hacking a home to turn into a long term buy & hold when you move out, to jumpstart your portfolio. You're young, focus on a great tangible piece of real estate (think "niche: market, property, location"); let time and the market do it's thing as it always does (historically goes UP); and save on rent/build equity so you can move out of the house-hack purchase, and onto the second, then third, fourth and so on. Get rich slowly my mentor always told me... Read that again. 

I was in your same position, and now work full-time as a Realtor with new investors & house-hackers those looking to leverage my experience and do what I did. Happy to chat further and share my story/house-hacking experience. Feel free to shoot me a call or a DM so we can find time to connect. 732-439-4364. Cheers.