Northern New Jersey Multifamily House Hack Analysis
Hello everyone,
I am new to BP and real estate investing. I am interested in house hacking a multifamily property in the Northern New Jersey area such as Union City, Jersey City, Weehawken etc. Does anyone have any information on typical cap rates, cash on cash return and ROI in these areas?
Thank you,
Most Popular Reply
@George Gonzalez welcome to BP!
House hacking is an awesome way to get into RE investing.
House hacking is limited to the 1-4 units properties (1 is really just buying a house for yourself and 5+ is considered commercial)so cap rates are not really part of the equation.
All you really have to do is look on the market for 2-4 units properties and tun them through the bigger pockets calculator. If they make money w/o you in it, go for it (you don't plan on living there forever do you).
Just keep in mind, House hacking is a great way to start with low down payment but is also a situation where you are leveraged to the teeth so proper management, maintenance and budgeting is going to be crucial for your success!