Newbie Buy & Hold MFH - JC, NJ

[David Valdes]

Hi all,

New to BP, REI, and the North East (going on 1 year from TX). Looking to house-hack a $600k (or less) MFH in Jersey City to eventually afford these crazy NYC rent prices (NOT comparable to Texas haha). After reading many BP threads, I'm looking deeper into the Communipaw area of Bergen-Lafayette, trying, of course, to get as close as possible to public transit. Two questions, that I'm hoping the BP community can help me with today:

1. Any realtor and/or PM recommendations? From what I've been reading on BP, ideally folks who can help me with comps, estimating rental income, and getting access to off-market deals. I travel out of state quite a bit for work and would love to hear your thoughts on if it's worth having a PM while house-hacking.

2. Any specific local considerations (besides crime) when purchasing a MFH in the area? Even if it's a "go to Newark" comment, let's hear it.

I'd love to connect with investors in the area so if you're in/around NYC first round's on me :)

Thanks,

David

[Allison Stevenson]

Hi David!  Welcome! You have a healthy budget and a smart strategy for the area (fellow NJ house hacker here)!  Not only will a MFH offset the high NJ prices but also give you some time to figure out where in the area you might want to lay more permanent roots down the line.  Definitely stay along popular commuting lines and keep an eye on taxes as Allan mentioned as these can be a deal killer here.  There are some really good neighborhoods these days in JC.  And if you're willing to come a bit further south, you may find some really interesting, multi-family properties that are still dense areas for NYC commuters.  My husband is a realtor in the area (and spent about 15 years commuting to Manhattan) and his partner has a solid construction background.  If you'd like their contact details, PM me.  Good luck!