Updated over 2 years ago on . Most recent reply
Finding Off-Market Properties
Real Estate newbie here! I aim to purchase my first multi-family unit in NJ and house hack it to the MAX! I'm getting pre-approved to see how much I can afford with my current income and savings funds. I'm curious about the different strategies to look for off-market properties in my area. Is it just knocking door to door and finding out if homeowners are interested in selling?
Thanks for the help in advance!
Most Popular Reply
Hey @Mendez Garcia, welcome!
You are taking the right steps for sure! Couple thoughts to be thinking of on your journey:
- Is the goal with off-market to get the best deal? Or is your goal to start the journey? It is easy to get hung up on whether a home breaks even or doesn't cover the entire mortgage, but sometimes just taking the step and getting started is more important.
- Are you open to SFH homes and house hacking? Pending on inventory and your luck with off-market, there may be an opportunity to do a room to room rental; this could be LTR or Mid-Term Rentals.
- Outside of the what folks have stated, utilizing Facebook Market Place and Craiglists could be another option. Whether they are selling or trying to rent a home, and possible avenue to begin conversations.
Good luck and hopefully you are able to get into your first property soon!