Newbie attempting house hacking in South Jersey

[Ben Muska]

Hi everyone! I'm new to the BiggerPockets community. I've been doing research for about 6 months and am looking to start my investment journey. My wife and I are looking to househack in the South Jersey Philadelphia area for our first home. The market is pretty crazy right now, at least when dealing with the MLS (houses are gone within a few days of posting). Does anyone have any tips that could help my wife and I get started?

Very excited to be a part of the community!

[Steve Schulman]

Hi Ben - I would recommend looking for older houses that require near full-gut rehabs (not too familiar with your market but in mine I’m talking 1920-1940s built). Look for properties that need all new electrical, plumbing & HVAC systems, etc., on top of the minor cosmetics. Maybe even potential structural or mold damage if you're really trying to swing for the fences. If you are willing to take the risk, I learned you not only could force some serious equity but could find it is easier to land a deal in a hot market. Flippers and cash buyers tend to shy away because of the time and money. They want quick rehab/returns so they can flip and get their money out the deal. Just make sure you do your due diligence though; you don’t want to bite off more than you can chew. Best of luck!