Interest in Multifamily in Jersey City / Hoboken, NJ

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Interest in Multifamily in Jersey City / Hoboken, NJ

James Shen
New York City, NY · Member since 2017 · 10 posts · 2 votes

Hi BP Community -

My partner and I are interested in purchasing a multifamily in the Jersey City / Hoboken area to live in and rent out (house hack). We've done some research in the area but would love to hear from the community as well on any key hurdles or prioritized areas for these two cities. Our budget is ~$650K total (preapproved), with some wiggle room if needing more equity. 

Any tips / notes or ideas of sensibility around this notion will be much appreciated. Happy to connect and discuss further as well, as we're actively beginning to look to purchase.

Thanks!
James

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  • Alessandro Cardito
    Hoboken, NJ · Member since 2017 · 33 posts · 9 votes
    6y

    You can find something in the Heights or Union city for that price, not in Hoboken not in downtown JC

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  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    6y

    I agree with @Alessandro Cardito, $650k will really only get you so far to house hack in those areas. The metrics are hard to square against other areas, but the appreciation is usually very good there. The market is also tight and especially JC/Hoboken, you will find more word-of-mouth deals than people think. I can connect you with a colleague there if you don't have an agent. I am nearby, but do not work Hudson because it is really its own market so you need a JC/Hoboken expert. JC was on BP's Insights list for top markets to invest in so the value is there, it's just about finding the deal.

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  • Kenneth Chen
    Jersey City, NJ · Member since 2018 · 25 posts · 15 votes
    6y

    @James Shen Good luck, I am casually looking for the same. We have been in JC since 2002 in a 2 family, and planning to buy another at some point.

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  • Alessandro Cardito
    Hoboken, NJ · Member since 2017 · 33 posts · 9 votes
    6y

    @Jonathan Greene I'd be curious to know more about your experience with WoM - I have a good network in Hoboken an know many agents but never been able to get anything that was not on the MLS...we have a small meetup group and nobody here uses wholesalers - it seems the only way to go is MLS

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  • Kevin Manafi
    Realtor · NJ · Member since 2020 · 277 posts · 138 votes
    6y

    @James Shen I would recommend looking at the Heights in JC and possibly West Bergen-Lafayette as well at that price point. 

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