All Forum Posts by: Alnazir Blackman

Currently in search for my first house hack in the Tri State Area as well. One piece of advice that has helped me is realizing that this market is expensive so when analyzing deals you may not be able to find a deal where you cashflow while you're in the property. Breaking even or paying less than market rent is still a win because you save money in rent you would have been paying. But make sure that when you do move out the property cash flows. Good Luck!

3 Votes

New York City, New York

One of the first steps in getting into real estate for me was making the decision to change my life. Just being tired of being average and wanting more from life. Once you make the decision, things will start to change and progress will be made. Good Luck!

0 Votes

Chicago, Illinois

Reach out to as many people as possible on the platform. I just got off a 30 minute call with an investor/RE agent/lender. He taught me so much in a short conversation. Things he learned through experience that I got to learn for free. There are so many people willing to help you on your path in this community. Open your mouth, don't be a stranger. People will help you if you ask for it.

1 Vote

Long Island, New York

Quote from @Shawn Mcenteer:

Hi @Christopher Morris House Hacking is NJ is great way to go. Success stories are happening every day, I have clients breaking record rents on house hack more so than ever.

Great news, finding the right lender can solve the FHA or conventional problem. Long story short I have never put more than 10% down on a loan and I have never use FHA. Me and my clients all use a low money down conventional mortgage (as low as 5% down) with NO PMI and extremely low closing costs. This loans absolutely works on multi family properties and is the go to loan for North New Jersey. Your best bet is to keep liquid cash and avoid PMI.

Never heard of that type of loan. Would love to connect with your lender.

1 Vote

Jersey City, New Jersey

Quote from @Shawn Mcenteer:

Negative cash flow right now, is this because you are living in one of the units?

Yes I would be living in one of the units.

0 Votes

Newark, New Jersey

Quote from @Ben Einspahr:

@Alnazir Blackman great job on this! A couple things I see. Insurance seems low. Also, will not pass the FHA self sufficiency test. Will need to put more down in order to qualify for the loan.

FHA Self Sufficiency Test? Not 100% familiar with what that is. Also how much extra money down?

0 Votes

Newark, New Jersey

View report

This is a triplex in Northern NJ that I am looking to house hack. Let me know what you guys think. This is my first home will be financing with an FHA.

*This link comes directly from our calculators, based on information input by the member who posted.

0 Votes

Newark, New Jersey

All Forum Posts by: Alnazir Blackman

Alnazir Blackman has started 1 posts and replied 7 times.

Post: Succesful Househackers in the NY, NJ, LI, CT area?

Post: New to BiggerPockets and Real Estate

Post: Looking for advice for a first time investor

Post: House Hacking in NJ

Post: [Calc Review] Help me analyze this deal

Post: [Calc Review] Help me analyze this deal

Post: [Calc Review] Help me analyze this deal