House Hacking in Hudson County, NJ

Jersey City, New Jersey
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House Hacking in Hudson County, NJ

Vincent Tricarico
Member since 2022 · 1 post · 0 votes

Hi everyone! I am a 22 year old grad student from northern New Jersey. I will be starting work full time in New York City this August, and am currently weighing my options regarding where to live. My goal right now is to explore the possibility of house hacking in Hudson County, specifically Jersey City or Union City, by late 2023/early 2024. I know this area is very expensive, but I do have a good amount of money saved up and am eager to take action in becoming a real estate investor. Since I really embody the term “rookie”, I have been committed to taking in as much knowledge and information as I can and I plan on continuing to do so.

With that said, if anyone is experienced in a similar strategy, familiar with the area, has a contact to share, or just wants to give some general advice, I would love to get the chance to connect. Whether it is guidance or criticism, I would appreciate anything that anyone is willing to share. Thanks!

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Steve SchulmanBusiness Member
Real Estate Agent · Jersey City, NJ · Member since 2019 · 72 posts · 49 votes
3y

Hey @Vincent Tricarico Congrats on the new job. Love to hear it all.

I started my REI journey by house-hacking and full-gut rehabbing a 1920s built two-family in Bayonne with an FHA 203k construction loan. Gained invaluable experience and forced serious equity so no complaints there. Wish I would have jumped in sooner, though. I rented for 3 years in the JC Heights, from 2016-2019 with hometown friends-- after seeing the gentrification, turnover and development happen first hand while living in the trenches, I got the itch and knew it was time to get in. Took my motorcycle all around Hudson County, looking for the best market, and best location in said market per criteria (and budget, which played a big part), and never looked back.

Don't let this market scare you. You don't get rich from cash flow, wealth is built from appreciation and this "expensive market" is what it is for a reason. You have a NYC a global international market at your front door step, and not one but two inner City's (Jersey City & Newark) in close proximity with jobs, opportunities & such... Demand is not going anywhere, it has and in our lifetime at least will outweigh supply in this market... That said, you're not a professional investor (not yet at least). Don't over-analyze or over think it. It's all unrealized gains & losses, unless you sell, which shouldn't be a thought at 22 y/o. You're house-hacking a home to turn into a long term buy & hold when you move out, to jumpstart your portfolio. You're young, focus on a great tangible piece of real estate (think "niche: market, property, location"); let time and the market do it's thing as it always does (historically goes UP); and save on rent/build equity so you can move out of the house-hack purchase, and onto the second, then third, fourth and so on. Get rich slowly my mentor always told me... Read that again. 

I was in your same position, and now work full-time as a Realtor with new investors & house-hackers those looking to leverage my experience and do what I did. Happy to chat further and share my story/house-hacking experience. Feel free to shoot me a call or a DM so we can find time to connect. 732-439-4364. Cheers.

[email protected]732-439-4364
The Schulman Group | Compass · VIP Team568 Reviews
WebsiteView Page
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  • Vanessa Ivonne Hernandez
    Lender · Jersey City, NJ · Member since 2020 · 102 posts · 43 votes
    3y

    Awesome welcome. Here are some questions you can ask when shopping for a lender:

    1. What are your general lending guidelines? Do you have any overlays?

    2. Do you finance deals like mine in my area?

    3. How many loans like mine have you closed in the last 90 days? FHA, 203k, refi, VA, 2nd mortgage, HELOC, vacation homes?

    4. What are your loan products and programs?

    5. I have a unique situation (e.g entrepreneurship, student loans), will that be an issue? If so, how can we address it?

    6. Do you require cash reserves? If so, how much?

    7. What hours do you work? Do you work on weekends?

    8. What is your preferred method of communication? (Office number, cell, text, regular email, secured email, in-person)

    9. What's today's interest rate? How much is it to lock that rate?

    10. Do you own investment properties?

    I like to take note of how they respond when I ask questions like these. Are they problem focused or solution oriented? Do they see opportunities within your area or do they use generic responses like "the market is crazy"?

    Good luck brother!

    1Reply
  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    3y

    Welcome to BP @Vincent Tricarico House Hacking New Jersey is a great way to.  My wife I have been house hacking for many years, in my opinion it is one of the best ways to achieve financial freedom in the North NJ.   Always happy to connect and share what has worked well for me and my wife over the years.  

    973-975-3895
    House Hacking New Jersey563 Reviews
    WebsiteView Page
    2Reply
  • Steve SchulmanBusiness Member
    Real Estate Agent · Jersey City, NJ · Member since 2019 · 72 posts · 49 votes
    3y

    Hey @Vincent Tricarico Congrats on the new job. Love to hear it all.

    I started my REI journey by house-hacking and full-gut rehabbing a 1920s built two-family in Bayonne with an FHA 203k construction loan. Gained invaluable experience and forced serious equity so no complaints there. Wish I would have jumped in sooner, though. I rented for 3 years in the JC Heights, from 2016-2019 with hometown friends-- after seeing the gentrification, turnover and development happen first hand while living in the trenches, I got the itch and knew it was time to get in. Took my motorcycle all around Hudson County, looking for the best market, and best location in said market per criteria (and budget, which played a big part), and never looked back.

    Don't let this market scare you. You don't get rich from cash flow, wealth is built from appreciation and this "expensive market" is what it is for a reason. You have a NYC a global international market at your front door step, and not one but two inner City's (Jersey City & Newark) in close proximity with jobs, opportunities & such... Demand is not going anywhere, it has and in our lifetime at least will outweigh supply in this market... That said, you're not a professional investor (not yet at least). Don't over-analyze or over think it. It's all unrealized gains & losses, unless you sell, which shouldn't be a thought at 22 y/o. You're house-hacking a home to turn into a long term buy & hold when you move out, to jumpstart your portfolio. You're young, focus on a great tangible piece of real estate (think "niche: market, property, location"); let time and the market do it's thing as it always does (historically goes UP); and save on rent/build equity so you can move out of the house-hack purchase, and onto the second, then third, fourth and so on. Get rich slowly my mentor always told me... Read that again. 

    I was in your same position, and now work full-time as a Realtor with new investors & house-hackers those looking to leverage my experience and do what I did. Happy to chat further and share my story/house-hacking experience. Feel free to shoot me a call or a DM so we can find time to connect. 732-439-4364. Cheers.

    [email protected]732-439-4364
    The Schulman Group | Compass · VIP Team568 Reviews
    WebsiteView Page
    3Reply
  • Alexander Szikla
    Real Estate Agent · New York City · Member since 2020 · 819 posts · 641 votes
    3y

    Jersey City is a great market with high loan limits for FHA, sustained growth and a large rental pool. However, Union City has very stealthy and tough rent control guidelines. Union City often seems like a gem until you realize how restrictive it is.

    2Reply
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