All Forum Posts by: Shawn Mcenteer

Hi @Minji Kim BRRRR house hacking in North Jersey is an absolute game changer. Forced appreciation combine with rent increases make it a very lucrative strategy. My first duplex Brrr gave me and my wife over $300k equity fairly fast while also allowing us to live at very low cost in an extremely desirable area. Best part is I needed proximity to NYC when I purchased this property so getting in and out of the city was breeze which in turn attracted desirable tenants who also need proximity to NYC.

@Abdul Zaman happy to connect and share more about house hacking in North Jersey.  All the best

Hi @Abdul Zaman welcome to BP.  You sound a bit like me when I first started out.  I new i wanted to invest did not know exactly which direction to go but I need proximity to NYC for project management job. fast forward less than a decade later my wife and I are financial free leveraging house hacking strategies in new jersey.  

House hacking is hands down one of the fastest ways to grow wealth, especially in an expensive market like the greater NYC area. Down payment with as little as 5% down will allow access to conventional loans meaning 70-90k in liquid cash will be a very good starting point for you. Best part of loans like the one I am mentioning is they do NOT come with PMI. House Hacking is hands down the most unfair advantage for new investors entering todays market in NJ.

Hi @Leonard La Rocca III welcome to BP

With a goal to house hack your option will be much better and tremendously more favorable.

1. $50k gets you the house but leaves you very little room for value add.  To answer your question yes its enough but in many cases it might be risky.

2. location, room to raise rents, occupancy of property, local laws, type of investment are just a few topics that play a huge part.  If you come to me and say you super handy ready to take on a major renovation my answer will be different compared to if you come to me saying you need turnkey and 30 minute commute to NYC.  

Long story short if you are committed to house hacking the sky is the limits and there is endless possibility, it really comes down to your comfort level and where exactly you need to be in New Jersey.

Hi @Yaumari Gonzalez welcome to BP. Great to have another NJ friend on the forum. Real Estate is great way to grow. Getting your real estate license is smart, you sound a bit like me when I first started. Keep growing and sharing your story, in no time you will attract clients if you so desire and grow a lucrative REI agent business.

Hi @Priscilla Chin staying local or out of state.  Hands down the most powerful advantage you have is house hacking leveraging owner occupied loans.  400k property in FL will cost you $100K using 25% down.  $800k property will cost you $40K down payment.  Simply ask yourself the question how long will it take you to obtain 25% or 5% down.  Then the next questions becomes how do you get to property #2 which once again is easy with low money down.   

I've house hacked many times over never putting more than 10% down on a property.  $100k essentially has gotten me multi properties instead of 1 property.   On top of all this the interest rates you get will be much lower using an owner occupied loan. 

Hi @Eric Fichera NJ is not far.  I've been investing for over a decade and yet to miss a single payment of rent.  NJ gets a bad reputation but if break state down town by town it is raising rents and collect rents is easy, just need to make sure you are buying in those favorable towns.

Hi @Rocco Garavuso if small multi family is the goal I associate upstate NY with that. When I think FL I think SFR market. Mind you the land lording laws are not as friendly in NY state but I think you'll have a better shot at finding what you are looking for in NY. But rather than take my advice you may want to speak to @Ray Hage out of Florida, I know he finds properties of all types and runs a successful REI business out of the sunshine state.

Hi @Andrew Pierson SFR are tough in NJ. I would stick with MFR. You'll get a few advantages from higher loan amount (qualifying rental income) to substantially more income (multiple units). Are you open to being closer to Newark? I would avoid the city at all costs but the areas around Newark are very lucrative for rentals.

hi @Andrew Garcia  I've done it a few times.   The steps I took depended on the property, each property is different.  Location, type of home, type of rental, etc make a difference with it all.