Multifamily in JC, NJ?

[Udit Agarwal]

Hello BiggerPockets community,

I'm a new real estate investor looking to purchase my first multi-family property in Jersey City for house-hacking. Our family of 3 plan to live in one unit and rent out the other. Our budget is $700k, and we can put up to 20% down. We're seeking a 2-family house with parking for at least one vehicle and close to public transportation. After a couple of years, we plan to move to another suburb and rent out both units. We prefer conventional financing but are open to suggestions.

I'd appreciate insights on the following:

1. What are the best neighborhoods in Jersey City for house-hacking?
2. Can you recommend experienced lenders and real estate agents for multi-family properties in Jersey City?
3. What additional costs should I expect when purchasing and managing a multi-family property?
6. What are the most common challenges faced by multi-family property owners in Jersey City, and how can I prepare for them?
8. What are the best resources for staying informed about the Jersey City real estate market and connecting with other multi-family property investors?

Thank you in advance for your guidance and expertise!

[Thomas Santella]

Hi @Udit Agarwal, 

I am a NJ Realtor who works in Hudson County, and primarily in Jersey City. Like Jonathan said, prices have gone up to make what you are looking for difficult, but not impossible. I am currently looking for a client of mine for a duplex in the Heights around the same price point, and although there aren't a lot, this type of properties do exist. The heights recently underwent change in zoning, so investors/developers are beginning to pay more per lot to build. This poses a solid appreciation opportunity if you buy in the heights. I work with many house hacking clients, and if you would like to talk further send me a dm, we should connect.