Investing & Househacking in Northern New Jersey

[Stefanie R.]

Hi everyone,

Right now, I am interested in purchasing investment property in northern New Jersey and was wondering if I could get a bit more insight.

About me:

33f currently living in lower Westchester County.

Work remotely but will commute to job in Manhattan 2-3 days a week

What I’m looking for:

Multifamily and house hack in Hudson, Bergen, Essex or Union Counties

Current budget is at 250-450k.

I would like to find a property preferably in an area that is up and coming and close to the city since I will be commuting. I also have a preference for towns that are very walkable since at the moment I don’t have a car.

My ideal city is Jersey City (previously worked in the downtown area) because of its proximity to NYC but I know that with my budget it would be very difficult to find deals.

Is North Jersey a reasonable option for me at this point or should I reconsider given my expectations? Many thanks!

[Harry Arnold]

The fact that you’re on BP and asking questions means you have the “itch.” I looked at properties for years before I was in any kind of position to do anything. You’re further ahead, just from the angle that you can buy an owner occupied property - and seem to have done some preliminary research. I have 20 years on you and will give you unsolicited advice - go ahead and do it! Even if it’s not the “deal of the century”, after some time it will be amazing! Every single property I was on the fence about years ago, now has a ton of equity. I quit my W2 job 3 years and 4 days ago (who’s counting!) to do this full time. I’m not “rookie of the year” - but, I’m happy (not satisfied) with where I’m at. 10 houses in total, and hold 6 of them as rentals. My goal is to do 10x that in the next 3 years! I have a good feeling about you. Get creative with house hacking. It doesn’t have to be multi-units, you only have to say you “intend” to live in it as your primary residence for the mortgage, etc. A year from now - you’ll be on here looking for your NEXT deal! Good luck.