I am planning to buy a multi family home in Jersey city, am more interested in Jersey city heights. I would like to know the possible challenges of being a owner of a multi family property. I intend to live in one floor and rent out the other, though renting a basement is not legal, I see many renting it out in Jersey city, but I don't think I will take that risk.
Can you guys suggest any groups like meetup or whatsapp that has more information about Multi family properties and also the problems they face.
@Rajendar B Reddy The Stonebridge Group is very active in JC and have monthly meetups. I don't know when the next one is, but drop by their office, Brunswick Street between 1st and 2nd. Really great people.
Hey, just saw your post and I was wondering did you ended up getting a multi family? Currently, I am looking for a 2-3 unit house in Jersey City, Bayonne, Kearny and Harrison area. Would appreciate any feedback. Thanks.
@Hridoy Debnath Yes, I did buy a 3 family home in Jersey City last year, its a very old home and got it for $700K . I had to spent a lot in getting many repairs done, its been very stressful for now .
@Hridoy Debnath Yes, I did buy a 3 family home in Jersey City last year, its a very old home and got it for $700K . I had to spent a lot in getting many repairs done, its been very stressful for now .
Can you share your experiences with the rehab/repairs? Was finding a reliable contractor an issue or was it just the amount of rehab that needed to be done the stressful aspect?
The house is pretty old and the inspector that did the home inspection before me buying the house was not good. I had to get so much work done on the home and after an year if I calculate the expenses I have spent more on repairs than the rent I collected. The only positive is that its not too worse since am living in one unit in the house and when I compare it with the rent I used to pay earlier I didn't lose too much money for now. Unless the repair expenses reduce there's not much money am going to make. Always remember the labor is very expensive unless you know someone who can do it for cheap price with good quality.
@Hridoy Debnath Yes, I did buy a 3 family home in Jersey City last year, its a very old home and got it for $700K . I had to spent a lot in getting many repairs done, its been very stressful for now .
Can you share your experiences with the rehab/repairs? Was finding a reliable contractor an issue or was it just the amount of rehab that needed to be done the stressful aspect?