Looking to Purchase a Multi-Family Home in Northern NJ

Buying & Selling Real Estate
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Looking to Purchase a Multi-Family Home in Northern NJ

Cara Erdreich
Member since 2020 · 2 posts · 0 votes

My husband and I are first time home-buyers. We want to purchase a multi-family home, live in one unit, and rent the rest. We are researching areas in northern NJ to purchase (where we currently live and work). I was wondering if anyone on this forum has purchased multi-family homes in northern NJ and had success renting them out. What areas did you buy in? We're having trouble finding a mix of affordability, rental interest, and safety. 

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

    Right now is the hardest time to house hack in Northern NJ because the price points that most people expect do no exist anymore. All multi-families and all areas are getting 5-30 offers on them, depending on the price and quality, but all prices on multi-family house hack opportunities are overvalued in the area. Your traditional 1 percent rule will never apply with our high taxes so you usually can bank on appreciation over time, but with everything trading so high it is very difficult. What areas are you looking at? Some are better than others, but Northern NJ as a whole is very difficult right now for conventional buyers looking to house hack.

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  • Cara Erdreich
    OP
    Member since 2020 · 2 posts · 0 votes
    6y

    This is the problem we are running into! The high taxes kill the 1% rule. We live in Morris County currently, but there seems to be no way for us to try house hacking in this area. We are considering neighboring counties, like Union, Sussex, or Somerset, without getting more than an hour away from work. 

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