Thoughts on Changing Strategy from Duplex to SFR

[Robert McCormick]

So I'm not planning on throwing out my goal, but hear me out...

My original plan has been to buy a duplex within a year and house hack it to live in one unit and rent out the other unit. However, after looking for multifamily properties in surrounding areas on listing websites (such as Zillow) I have found that any duplex I find is either a) nowhere near where I work (+1 hour commute time) b) seems to need A LOT of renovation work or c) is out of my price range that I can afford. There are few that do meet my criteria, but they're typically found in rougher neighborhoods I would want to avoid. 

As a result, I have been considering if it may be a better idea to pursue a Single Family Residence in place of a duplex, and potentially house hack rooms out of that? [It is worth noting that I currently live in Morris County, NJ in the NYC Metro Area so prices are relatively steep and I am planning on qualifying for a mortgage alone. Also I've heard landlord laws in NJ aren't as friendly as other states, so I'm not sure how plausible house hacking a SFR is.]

I'm not throwing away my goal of buying a duplex just yet, but I am curious about exploring my options and potentially pivoting my goals if it makes sense. I would value any feedback anyone is willing to give.

What would you do?

-Rob

[Patrick Pierre]

I definitely hear you, Robert. I'm debating the same thing as you. If you really don't want to find someplace that's too far, have you considered possibly getting a partner for a Triplex? Or try to increase what you qualify for by saving up for a bigger downpayment and increasing your income?

I think if you really want the Duplex you should figure out a way to make it work. You might have to make the sacrifice of that 1hr commute.

But ultimately, if you don't mind having roommates than SFR might be the way to go. But me personally, I can't do roommates so that's why I'm sticking to my Duplex plan.