Can't afford multi-fam home in NJ, buy single family or rent?

[Brian McFarland]

Hi BP Community, I have been aiming to buy a multi-family house in central/northern NJ to live in and rent out. I did my research, met with a RE Finance Rep and Realtor and was approved for around $250K. It has been very difficult to find a multi-family in this price range let alone one that is worth the investment. My question is, should I buy a single family home to get into the market? Or should I rent for the short term while saving money and looking for a possible partner to help finance a multi-family? I'm currently living with my parents which has been great for my finances but I would really like to get my own place. And I feel even more pressure now that the Fed is raising rates. Obviously continuing to live at home while saving even more money is an option but I was hoping for some thoughts on alternative options. Any advice would be greatly appreciated.

[John Gray]

Brian McFarland if your looking in northern New Jersey I might suggest house hacking in hackettstown. It's less expensive but still a good area. Its the end of the Morris essex train so it's still commutable. You can find a 2 family in your price point. Once your east of there it gets very expensive or not the best areas. But it depends on your preferences.