All Forum Posts by: Udit Agarwal

Your options will go from limited to none for $700,000 anywhere in Jersey City with parking. You could maybe get into Greenville at $700,000, but even Bergen-Lafayette now will be over $800,000 for most anything. Journal Square maybe. So, you can't really talk about the best neighborhood for house hacking because $700k won't get it done. Do you need to be close to public transportation to NYC?

Your costs you might not think of are insurance, water, sewer. You want to find a property with separate utilities so you tenants are billed direct. You should have a minimum of $15k in reserves for repairs.

Your challenge is 1. finding a place at your price point (you might want to branch out to Bayonne, Union City, West New York) and 2. finding a vacant place or one with renters paying market rent. There are a lot of tenants paying below market rent. You will almost surely be at negative cash flow house hacking in JC, depending on how much down.

Thank you Jonathan!

0 Votes

Jersey City, New Jersey

Hello BiggerPockets community,

I'm a new real estate investor looking to purchase my first multi-family property in Jersey City for house-hacking. Our family of 3 plan to live in one unit and rent out the other. Our budget is $700k, and we can put up to 20% down. We're seeking a 2-family house with parking for at least one vehicle and close to public transportation. After a couple of years, we plan to move to another suburb and rent out both units. We prefer conventional financing but are open to suggestions.

I'd appreciate insights on the following:

1. What are the best neighborhoods in Jersey City for house-hacking?
2. Can you recommend experienced lenders and real estate agents for multi-family properties in Jersey City?
3. What additional costs should I expect when purchasing and managing a multi-family property?
6. What are the most common challenges faced by multi-family property owners in Jersey City, and how can I prepare for them?
8. What are the best resources for staying informed about the Jersey City real estate market and connecting with other multi-family property investors?

Thank you in advance for your guidance and expertise!

3 Votes

Jersey City, New Jersey

All Forum Posts by: Udit Agarwal

Udit Agarwal has started 1 posts and replied 2 times.

Post: Multifamily in JC, NJ?

Post: Multifamily in JC, NJ?