In January 2024 we were at the low in inventory with only 1648 homes for sale.

Low down payment with potential for huge rent increase year over year making house hacking very advantageous in New Jersey.

I've never heard the 25% thing before, but any difference between FMV and sales price would technically be considered a "gift" with potential tax implications for your parents.You can avoid most seller costs as there's no reason to use agents in this case.As an FYI: I always recommend avoiding a FHA loan, if you qualify for a low-down payment conventional loan.

I am in the low 800s and don't know of any tangible benefits to be at 800+.

Hi Jewell,The first thing is to see what is lacking the most in the property since small upgrades will have the biggest impact in the areas of low quality to start.

If you choose an area or decide to work with people who will take up more time due to the low cost of entry, you may end up paying more in the long run. 

I have a good amount in savings, and as a first-time homebuyer, I believe I can lock in a low interest rate.

@Lucas Helliker I am a multifamily broker who only sells multifamily in the KC metro - typically 5-50 units but go as low as 2 and up to about 72 units.

But, ultimately, it could work if you don't mind a low ROI.It could make sense if you look at a lifestyle rather than an investment purchase and you're just happy to cover your costs.

I have tested it in the past and find that it is way off (usually on the low side) for me.