Converting Single family to Multi family Jersey city
Hi! I am new to BP and real estate investing as a whole. For my first investment, my plan is to purchase a multi family that I can house hack. One issue that I am running into at the moment is that the market where I live (Jersey City, NJ) is really hot and over my budget. There are a few single families that I may be able to purchase. Someone brought to my attention the possibility of converting a single family to a multi family. Does anyone have experience doing this (preferably in Jersey city or neighboring areas)? If so, how was your experience?
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Hey @Charles H.--
I haven't gone through with a conversion, but reach out to the zoning office if you have something in mind. They'll help provide a better sense of whether or not it's feasible. For what it's worth, here are a few things to keep in mind:
Generally speaking, in Jersey City, lot size will be a big factor. A 25' x 100' lot here is considered "standard", and that will likely make the process easier than trying to do the same with an undersized lot.
Standard zoning permits 1- or 2-family dwellings, so you'll have a much easier time seeking approval to convert a 1-family to a 2-family than to go from a 2- to a 3-family. If you were to attempt to convert to a 3-family or larger, you may be subject to an array of additional requirements -- like sprinkler systems ($$$$$).
In addition, if you're attempting to convert a basement to a 2nd apartment, for example, that apartment would need to fit certain requirements like providing to means of egress among others.
Good luck!