All Forum Posts by: Shawn Mcenteer

Hi @Brian buying out of state works it just takes a substantially larger sum of money to do and scale. No right or wrong answer, just glad to hear you're open minded to real estate investing. Leveraging an owner occupied loan locally most of the time will take far less cash. Quick math $200k property out of state = $50k down payment $500k property owner occupied= $25k down payment. Best part is I don't do FHA as well, low money down conventional tends to be go to option for investing locally in NJ.

Hi @Kristina Korosec house hacking is great way to go.  All of North Jersey can be profitable, what matters most is finding a property that makes sense for the strategy you want to implement.  For example most single family homes converted to multi family tend to not preform well for long term rental but if you are open minded to MTR strategy that same property may produce well. 

Hi @Naveen kumar Vadlamudi in terms of house hacking compared to out of state investing. You may want to consider purchasing homes locally in New Jersey.  College rentals can produce huge rents, I have clients to this day hitting 1% rule with student rentals.  The best part is they are buying these homes with a little as 5% down, they are being taught how to self manage,  and are given the systems to be on auto pilot with out having to hire PM.  

Hi @Marvin Bracamonte you don't have to change address.  I have lived in multiple house hacks, my second house hack I never changed drivers license to address.  You can stay over your parents with out issue.   

Hi @Cheryl Moore are you looking to rent or purchase one? I have STR and MTR clients throughout North Jersey, If you are open to more areas I may be able to help.

Hi @Nancy G. STR can be tough with the law changes that are frequently happening. So most of my clients implement and STR strategy with the option to MTR as back up. What's great abut this is MTR is very tough to get shut down by local municipalities and believe it or not North Jersey attracts a huge verity of people looking for mid term whether its through work, moving or extended traveling. But to answer question STR has worked great in towns with close proximity to train lines. I have clients who will rent to business professionals Sunday- Thursday then people escaping NYC Friday & Saturday. You have potential to get a good mix with low vacancy year round.

Job growth is great but a huge metric for investors is access to NYC.  House hackers looking to buy close to public transportation has been a huge win.  

I noticed the quality of leads going down, much more leads just very few respond.  

Hi @Rahul Rawat Happy to connect.  

Hi @Anthony Wilson house hacking is great way to go in new jersey.  My wife and I got to Fi pretty fast leveraging the strategy.   There are plenty of great markets in North Jersey close to NYC with the possibility of equity gains and high rents.  Cash flow the first few years tends to not be strong but rent increases year over year are second to none in NJ.