Rental Property Investor · Bergen County, NJ · Member since 2020 · 5 posts · 4 votes
I am a first-time home buyer looking to purchase a small multifamily to house hack with my fiance in an area surrounding Manhattan. We've been looking in Westchester County, New York and counties in Northern New Jersey (Bergen, Hudson, Passaic, Essex). We are working with agents in each area but have been unable to get an offer accepted and inventory within our criteria continues to be extremely limited. We work in the city and our current rental situation ends Aug 31, so we're in a bit of a time crunch due to some personal circumstances. I'm dropping a line here hoping to make local connections and/or hear any tips from experienced investors in the area! Thank you!
Hey @Lauren Del Valle I am an agent in New Jersey. Sounds like you already found your agent but if your having trouble on market there are a couple things you can do. one of my favorite things to do is this. Have your agent call properties that are currently up for rent. If your criteria is strict he can send you a list of properties for rent and you can go threw them and find the building that fits your needs. Once you have a list of those have him call. This way there is already a vacant unit to move into and there will be little to no competition.
We are pre-approved for a conventional mortgage, looking to stay under $625k so we can cover housing costs during a vacancy etc. Because of the larger down payment requirement for 3-4 unit properties and the limited (and expensive) inventory, it seems that we'll likely end up putting 15-20% down on a duplex. We're willing and ready to put sweat equity into a property if need be - my fiance is an architect and able to do most work on his own.
Our long-term goal is to house hack a few times to break into real estate and eventually scale so we can quit the W-2 lifestyle.
Hey @Lauren Del Valle I am an agent in New Jersey. Sounds like you already found your agent but if your having trouble on market there are a couple things you can do. one of my favorite things to do is this. Have your agent call properties that are currently up for rent. If your criteria is strict he can send you a list of properties for rent and you can go threw them and find the building that fits your needs. Once you have a list of those have him call. This way there is already a vacant unit to move into and there will be little to no competition.
The Northern NJ market is a bit of a beast in and of itself, and it's an especially challenging time right now to lock down great multi-family properties. However, there are always deals in every market--you just have to know how to find them (or have the right agent that can!).
I'm an investor and investor-agent born and raised in Northern NJ, and I cover most all of Bergen, Hudson, Essex, and Passaic counties. I'd be happy to connect and learn more about your investment goals.