Seeking 1st Investment Property for a House Hack

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Seeking 1st Investment Property for a House Hack

Susana Minaya
New to Real Estate · Member since 2020 · 3 posts · 4 votes

Hi BiggerPockets Team!

So I’m in the process of starting my first investment! I’m looking to purchase a multi family home to house hack. To my understanding, my first step is to find a lender and then a real estate agent. Is there anything I should do before or after these steps? Any information will help. 

I’m interested in buying in Montclair, Clifton, Fairfield or Caldwell NJ. 

Thank you in advance!

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Scott Stewart
Real Estate Agent · Montclair, NJ · Member since 2019 · 8 posts · 5 votes
5y

@Susana Minaya congrats on taking the first step towards building financial wealth with your decision to invest in your first house hack. I'm a local realtor and own my first house hack in Glen Ridge. You should definitely connect with a lender to determine your buying power and I'd be happy to connect if you want to learn more about the actual buying process.

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  • Scott Stewart
    Real Estate Agent · Montclair, NJ · Member since 2019 · 8 posts · 5 votes
    5y

    @Susana Minaya congrats on taking the first step towards building financial wealth with your decision to invest in your first house hack. I'm a local realtor and own my first house hack in Glen Ridge. You should definitely connect with a lender to determine your buying power and I'd be happy to connect if you want to learn more about the actual buying process.

    2Reply
  • Susana Minaya
    OP
    New to Real Estate · Member since 2020 · 3 posts · 4 votes
    5y

    Thank you so much! 

    I’m going to be looking for lenders within the next couple of weeks. I would be happy to connect and learn about this process as it IS my first time doing this and everything is new to me.

    0Reply
  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    5y

    You definitely want to get the lender lined up and know your price point. Montclair is extremely competitive and high-priced compared to Clifton. I run 3 REI Zooms a week (2 in NJ virtually) where new and old investors talk towns, deals, etc. DM me if you want that info. We have 10-20 potential house hackers on all of our calls and help guide them on all aspects. In terms of agents, you want one who invests themselves and understands the dynamics of house hacking and long-term value so you can keep the property after you hack it.

    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
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  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Susana Minaya

    If you find a good agent, they should be able to connect you with a good lender.

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
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    0Reply
  • Neil Pradhanang
    Realtor · Paramus, NJ · Member since 2019 · 71 posts · 35 votes
    5y

    @Susana Minaya

    Highly recommend @Anastasia G. as an interview for your lender. I have worked with her personally on a couple of my deals and she is informative, dedicated and helpful! Let me know if you’d like me to make an intro!

    0Reply
  • Michael Noto
    Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
    5y

    Sounds like you have identified the areas you want to purchase in which is definitely a key part of the process. The other 2 things you mentioned (lender and agent) are the next 2 pieces of the puzzle for sure. 

    Once you have all 3 of those set up you can hit the ground running when it comes to showings which can be very important in a competitive market like it sounds like you are in. 

    There has been some quality contributions to this post from people in your local area, I would reach out to them and network also if you haven't already. 

    0Reply
  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    5y

    @Susana Minaya I have house hacked in Caldwell. Worked out great, let me know how I can help.   

    973-975-3895
    House Hacking New Jersey563 Reviews
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