Hey everyone, I just re-did my taxes so I can qualify for an FHA. I am stuck between moving to Houston TX or Philly to start investing in properties and starting my life. My main goal is as followed • House hack live in one unit rent free • Make $1k net per month • Have 30k-40 equity after rehabbing the property • 2-4 unit property • what I have as my financial outlook is as follows • 177k-182k • 2k debt • credit score 775 • I have year w2 with business income shown I (CARE ONLY ABOUT CASH FLOW I DO NOT CARE ABOUT APPRECIATION), and for that reason want to find a 3 unit place, I do not want to go to Newark and I am from Paterson NJ which I don’t mind hands on. Its either buy something here NJ north or move to philly or Houston were both are growing. Can anyone tell me their experience and if they are cash flowing 1k or more net and where are good areas to look to buy?

Haha Good for you. But I'll tell you what - I've earned the right to smirk :)

Hah when you find it - write a book. You'll make more money from the book than from a house hack :)

@Ben Leybovich instead of being a smart azz why don't you tell me what to be realistic on instead of a smirk response.

Pick a city/town that you'd be ok living in and then start searching. Not sure you'd be able to pull off an additional $1k profit on a three family while living in one of the units unless you take on roommates in the one you're living in. Four families are going for $400k+ on-market in most NJ towns that you'd actually want to live in.

Account Closed most people say cash flow of 100-150 per door for multifamily after all expenses is good. So if it’s a 4plex I’d say 3-500 in cash flow with you living in one of the units is a good measure to shoot for

Account Closed Hey Mario, I'd suggest first pick a market, NJ or Houston or Philly. The purpose of this approach is that these markets are radically different for a variety of reasons we shouldn't go into detail here. Let's try to walk through your scenarios here | My responses in bold • House hack live in one unit rent free | Very possible in some markets • Make $1k net per month | Usually feasible for triplexes and fourplexes in some markets, but you'd expect to have some value [Note: A deal like this are still out there, but are not the standard) • Have 30k-40 equity after rehabbing the property | If you find a value-add play • 2-4 unit property | Yes, those you can find, no problem (market specific, again) Now, Mario, when starting out in anything (REI included) you have to be flexible and willing to sacrifice because if it were easy to get $1k/month, then a lot more people would be real estate investors. So, I urge you to be ready to be flexible and pivot: meaning if you find a good deal and you cash flow $200/door, don't be discouraged or assume its a terrible deal. Hope this helps a little. Goodluck. Thanks! - Ola

Im looking at 3 to 4 units and i know with 2 units i wont live rent free but 3 or 4 should be right

Lol so i guess im dreaming than so whats a good realistic cash flow return than? $700 per month?

Thats fine say that, that is what im asking dont just say a dck statement and thats it

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Updated about 7 years ago on 03/28/2018. Most recent reply

Account ClosedPoster

Paterson, NJ

Multi-Family and Apartment Investing

Where in NJ can i get $1k positive cash flow net house hacking ?

Account ClosedPoster

Paterson, NJ

Posted March 27, 2018 12:15

Hey everyone, I just re-did my taxes so I can qualify for an FHA. I am stuck between moving to Houston TX or Philly to start investing in properties and starting my life. My main goal is as followed

House hack live in one unit rent free
Make $1k net per month
Have 30k-40 equity after rehabbing the property
2-4 unit property
what I have as my financial outlook is as follows

177k-182k
2k debt
credit score 775
I have year w2 with business income shown

I (CARE ONLY ABOUT CASH FLOW I DO NOT CARE ABOUT APPRECIATION), and for that reason want to find a 3 unit place, I do not want to go to Newark and I am from Paterson NJ which I don’t mind hands on. Its either buy something here NJ north or move to philly or Houston were both are growing.

Can anyone tell me their experience and if they are cash flowing 1k or more net and where are good areas to look to buy?

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Where in NJ can i get $1k positive cash flow net house hacking ?

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