All Forum Posts by: Pawaroon Chandanaraja

Quote from @Jonathan Greene:

20k is not going to get you anywhere at all in Northern NJ and don't let anyone tell you that it will. 20k is just your reserves you need on your first deal. Under 500k for a multi in Northern NJ either is a disaster or will not appreciate and have a tougher tenant-base. It's also extremely hard to win with an FHA loan to house hack in NJ because of the competition and the repair issues that won't pass FHA. Keep saving until you get to at least 50k to even think about it. You will need to spend 500-600k to house hack.

Thank you so much for your response Jonathan!

I agree that northern NJ is way too expensive. I'm actually looking more toward central/south jersey and I currently work near cranbury NJ. Would 20k be possible in the central/south jersey market, is that a viable strategy?

Thank you!

Hey Armani!

Thanks so much for the response and the insight. My strengths would be my ability to learn and willing to do new things. I am completely okay with tenant issues as I assume most could be solved with a Google or YouTube search on DIY. 

I do have questions about tenant care if you dont mind. Firstly, what are realistic issues they might have? Are they actually as time consuming as people say "4am toilet broken events"? What is a realistic day to day for tenant maintenance?

As for Market knowledge where would you recommend using as a search engine? I'm familiar with zillow and rentometer but I'm sure pricing is very specific to that one house. How would I ideally search for deals and gather realistic numbers?

Thank you for your time!

Hello! 

I am a 30 year old post grad with 20k saved up looking to either house hack in the 300k range or possibly use the 20k as down payment into a single family home for rental. I am located in central jersey. My goals are to just get started with at least positive cash flow. I have read a few biggerpockets books and ready to take action. Please assist, open to suggestions and connecting with others! 

Thank you!