All Forum Posts by: Kevin Agunbiade

Hey Guys, ive just closed on my first multifamily property in jersey city where i would be house hacking through basement, and renting out other units. Now i need to renovate which i am looking to redo 4 bathrooms and one kitchen. I am trying to get an idea of what it generally costs for labor to redo the bathrooms as i am trying to get it done as cost effective as possible?

Hey @Steve Schulman, thanks for the reply, yeah i figured it shouldn’t be much of a problem legally for me staying there and renting out the main unit, as it would be no different from having roommates occupying other rooms in home. The “basement” is actually above ground, behind garage, how does that make a difference with having a kitchen or not?

And i am looking more in the journal square area for multi families as close to the path station i can be ideally.

@Jonathan Greene

Thanks for the response, I will look out for him. Oh ok so as long there is no stove down there it would be fine? Thats good as i am single guy only hoping to be there for a year and i am rarely home anyways, so it would work out great for now.

@Mallikarjun Reddy Pateel

Hey thanks for reply, If i decided to live in basement id break even renting out the other units, so all mortgage payments will be covered by tenants. And why would you not advice living in basement?

Hey Guys, i am new to the real estate world and looking to get my feet wet in the Jersey City area through house hacking.

Ive found a multifamily property that i am interested in house hacking which is a 2 family 3bed/2bath in each unit with a finished basement, which i am considering purchasing with fha loan. My plan is to live in the finished basement as its almost basically a 1 bedroom (just missing a kitchen) for a year and to completely rent out the other two units so i can maximize the property rental income. I just wanted to confirm with you guys if this is a good idea and hope I don’t run into any trouble down the line living in my own basement?

Any responses will be very much appreciated thanks in advance.