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Updated almost 8 years ago,
New to real estate, looking to house hack in the Jersey City area
Name is Chris Lombardi and really just stumbled upon my brand new interest with real estate. A couple of my friends started buying homes and apartments just to live in, so I thought I'd do the same and make some money while I'm at it.
I currently own a grand total of 0 properties, but am looking to start that house hack technique, buying a multi family home and living in one of the units.
I have a realtor. I have the upfront cash necessary. I'm pre approved for the mortgage. But no one told me it'd be so hard to find a place. The multi family units in my area are either in a very dangerous part of town or are way too expensive to cover the expenses with the rental income. I'm not afraid to get my hands dirty as my father and I have a side hobby of handywork, but it's difficult to even find a fixer upper in a good area.
If anyone is willing to help, I can certainly use some opinions:
How important is it to get a place in a great area? I really don't mind living in a "not so nice" area. I can take care of myself, and if I can still get enough rent to make the deal worth while, is it still worth it?
Is it maybe worth it to get a more expensive place in a more desirable part of town, but have a negative cash flow that is no greater than my current rent? i.e. I would only be paying in what I'm paying now in rent, the other tenants would cover the rest. Is this a viable strategy? I'd still be earning equity on the house.
Anyone have any insights in house hacking in the Jersey City area? Any advice would be much appreciated.
Thanks and looking forward to interacting a lot more here!!