Multifamily in NJ for House Hack

[James Smith]

Hi everyone,

Wondering what areas you recommend commutable to NYC where I can expect to get decent cash flow? Budget is probably around <750K 

Thanks

[Max Vishnev]

James, just to chime in and add to the great responses you've received so far:

I think the definition of the term "commutable" will change given the environment we are in now.  Twitter, for example, just announced that they will allow permanent WFH arrangements for any employees who don't need to be physically in the office (which is most of them).  I think a lot of companies in different industries will follow suit.  That will make the size of the home (and the backyard), the attractiveness of the area, the quality of the schools, etc, more important than the commute time to NYC.  

And as I wrote about in a recent BiggerPockets article (see below), I think Northern NJ will be one of the beneficiaries of the post-pandemic housing market, as a greater % of Millennials will look to either rent farther away from crowded NYC areas and enjoy more space or look to buy their first properties and lock in low 30-yr rates.

https://www.biggerpockets.com/member-blogs/12660/90098-how-the-pandemic-will-impact-the-nyc-metro-real-estate-market