All Forum Posts by: Shannon Richardson

House hacking is when you live in one of the multiple units of your investment property as your primary residence, and have renters from the other units pay your mortgage and expenses.

Hello Everyone!

I live in Staten Island and I am looking into house hacking as my entry to REI. After speaking to several landlords they all suggested I go out to jersey due to the fact that New York is a tenant-friendly state. There are even cases where you can have tenants living there for up to a year without paying rent.

This sounded like a great idea being 15 minutes away from jersey should put me in the perfect position however after looking into it New Jersey taxes are very high. This can make great deals turn into risky ones, but one the other side of it the laws are more on the landlord side compared to New York.

So I am torn between, using section only in New York this way the income is a little more guaranteed and taxes are at a reasonable price or keep looking for places jersey and hoping one will stand out and the numbers all make sense.

What are some of your experiences in both areas? Also, if you're new in my position what are some of your thoughts with this situation?

Thank You!

Great Story! @Spencer Cornelia