Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Dave Tab

Dave Tab has started 1 posts and replied 4 times.

Post: House Hacking in NJ

Dave TabPosted
  • Posts 4
  • Votes 2
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.


 Hey Shawn! 

Just wondering, when you say you never put down more than 10% and other other benefits you describe, I'm assuming that's just for a house hack/primary residence? Not for investment correct? 

Post: House Hacking New Jersey

Dave TabPosted
  • Posts 4
  • Votes 2
Quote from @Dominic Rosato:

Hi Orane, I had the same realization when I was running numbers for a house hack in Jersey City as well. It depends on the area, but it'll be hard to find anything close to cashflow positive.

Downtown is a luxury market, with multi-family prices in the millions. The Heights is a nice area as well, but you're probably looking at north of $1 million for a renovated 2-family. Anything less, likely needs some rehabbing, or is on the smaller side.

As you go down the map of Jersey City- to Journal Square, McGinley Square, Bergen Lafayette, the prices get progressively lower. One hidden gem (with higher price point of course) is the Communipaw neighborhood, located near the Liberty State Park light rail.

My suggestion? You should check out Bayonne. The prices are lower, the developmental projects planned there are incredible, its relatively low crime, and within an hour of NYC. Key spots to be near in Bayonne-The light rail stops; Stephen Gregg Park; Bergen Point neighborhood. All three I'd consider the most desirable.

I'm a realtor in the Hudson County area and I'd be happy to chat further, feel free to reach out!


 Hey! I'd love to hear more about Bayonne. I've had some friends buying there recently. What do you have to say about that market?

Hi!

I am also looking to buy my first investment property now, preferrable in Northern New Jersey. I'm interested in buy and hold property, vs cash flow (given it's NJ AND the current rates!).

I have all the funds at hand for at least one property, yet I'm confused between the various choice options including Jersey City, Newark, Union County, Bayonne, Camden etc. I'm looking to connect with the right real estate investor to help me find the right deal from beginning to end.

I'd love to connect with someone trustworthy, honest, who knows the market, and would be able to guide me step by step until closing, and even finding the right tenants. If you think you have good deals for me to look into, then let's be in touch!

Hi! 

I am also looking to buy my first investment property now, preferrable in Northern New Jersey. I'm interested in buy and hold property, vs cash flow (given it's NJ AND the current rates!).

I have all the funds at hand for at least one property, yet I'm confused between the various choice options including Jersey City, Newark, Union County, Bayonne, Camden etc. I'm looking to connect with the right real estate investor to help me find the right deal from beginning to end. 

I'd love to connect with someone trustworthy, honest, who knows the market, and would be able to guide me step by step until closing, and even finding the right tenants. If you think you have good deals for me to look into, then let's be in touch!