All Forum Posts by: Shawn Mcenteer

Hi @Ron Sausa what's great about real estate is there are plenty of people that have done what it is you are looking to do. Easiest thing is to align with those people. For example, when I first starting investing I connected with investors from BP. I found one who's strategies made sense, 10 years later my wife and I have been financial free for about 5 years now by leveraging the concept of house hacking. If you want to fix and flip, find that person and repeat what works. If you want to wholesale, align with an investor doing it. The beauty of REI is there is no need to make the mistake my wife I made early on thinking we could do it ourselves. When we aligned with the right people we went from slow lane to (very) fast lane.

Hi @Sam Mishra what's more important for you, affordability or Jersey City  area?   I get a lot of people who start off with the idea of JC becuase of how close it is to NYC.  Most need proximity to the city.  When running numbers, especially on small multis more western markets with direct access to NYC tend to be more favorable from the numbers stand point and many of these towns offer 30 minutes or less taking commuting lines. So if affordability is the goal looking at wider range is something I would suggest.  If JC is a must, that's fine you'll do well with appreciation and rent increasing depending on the market with in city.

Hi @Paola Astrid majority of time anything  Newark, NJ I suggest selling if you can.  The cities laws make landlord very difficult for raising rents and evicting tenants.  There are much more landlord friendly towns in New Jersey.

Hi @Damien Andrews welcome to BiggerPockets.  New Jersey is a great place to invest especially if you are open minded to the idea of house hacking.  Hands down one of the most efficient ways of learning the ins and outs of real estate investing without taking on to much at once.  Have you considered the idea of house hacking as an option?

Hi @Sanjay Singh any particular reason why you don't want to start your investing journey in New Jersey?   If you are just starting it sounds like house hacking may be an option for you.  If house hacking new jersey is a possibility for you I will let you know in most cases it will be financially more beneficially than just about any out of state option.  

Can you owner occupy any of them?   That would be easiest way to get cash out at lower rate otherwise you'll need to taking investor style loan and pay higher rate.

Hi @Desiree Doubrox sounds like poor management.  I have college rentals and plenty of clients with college rentals around Seton Hall in South Orange and Maplewood.  We attract high quality tenants.  Unfortunately many landlords take the first group they find in these situations and come from the ideology that all college students are slobs so no sense offering anything nice.  If property is done right even in todays market you can hit 1% rule and attract very desirable college students.

Hi @Noyessie Hubert that should be correct.  New Jersey state law allows for owner occupants to have much more freedom.  The concern with places like Irvington will be once you move out and no longer owner occupy how do you raise rents legally.   Keep in mind rent control is 1 thing, its a laws for existing tenants but some city's like Newark are so strict that you must get approval for what rent can be even after a tenant moves out and new ones move in.  They make setting high rental prices very tough.

Quote from @Thomas Haessig:

I have two accepted offers to buy and house hack. One is fourplex near downtown of Union city new jersey and the other a duplex in jersey city heights neighborhood. The fourplex looks like it going to cash flow much sooner but the duplex appreciate more? Does anyone have experience with this and have a suggestion of which to go with? Can provide more specific details if interested in helping.

Is this your first house hack?  How familiar are you with the rental laws in each area?

Union City I tend to avoid, there are a few pockets that work for MTR but for the most part the city's rental laws make life very tough for landlords.  Jersey City tends to fluctuate with rent control laws, right now they are more favorable for landlords then they have been in the past.   

Of these properties do they have parking and how close to public transportation are they?  What type of strategy are you looking to implement; LTR, STR, MTR other? 
Are you working with realtor and has that realtor house hacked before?

Hi @Andy S. list right away.  For future tenants I would include in lease verbiage around listing property for rent prior to them moving out so you have time to market the property.  I have turned over all of units multiple times the highest vacancy I'll get us under 1 week becuase property will be up for rent 2 months prior from existing tenants moving out.