New Jersey House Hack Duplex

[Shawn Mcenteer]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Originally an illegal quad with kitchens and bathrooms on every level from basement to attic with 1 heat system controlling the entire property, walking distance to NYC direct train and bus in highly desirable town in North Jersey.

What made you interested in investing in this type of deal?

Just had my second child (family future), Cash Flow and not wanting to pay a mortgage from my pay check

How did you find this deal and how did you negotiate it?

MLS, realtor to realtor

How did you finance this deal?

10% down conventional mortgage, cash reserves for renovations.

How did you add value to the deal?

Gut and turned into luxury rental. Converted illegal quad into legal duplex. Separated heating systems, installed hardwood flooring, opened floor plan, renovated bathrooms, updated kitchens, changed layout.

What was the outcome?

Duplex that rents more with 2 less tenants, $300k equity in under 3 years. Approximately $2k in cash flow

Lessons learned? Challenges?

Doing the work yourself is great to learn but ultimately more efficient to hire subs. Commitment and consistency will over come just about every problem you run into. Audio books are great for long nights after working long days. Stop making excuses. Mindset is gold. Having a powerful lease is huge.