Searched for 10 months for rental property in NJ with no luck

[Jerome Anderson]

For basic background. I'm 27, work in finance, still live at home, salary is good (around 100k), and credit is very good.

I personally live in the Philly area right now but my girlfriend lives in North Jersey area (which I love) and I've been trying to house hack up there for almost a year at this point with no luck.

I've been through 3 realtors and have put down about 8 offers at this point, every single one above asking and have yet to have one accepted.

This is going to be my first property, I've been looking for any multi-family, whether it be a duplex or triplex. They're around, but absurdly overpriced. Most of the houses I find that are in halfway decent areas (not ritzy areas by any stretch of the imagination) are at minimum $650k going up to 1 million, and unless I'm putting 50% down, even with the rents being as high as they are in North Jersey, there is literally no way for them to cash flow whatsoever.

So my question is what should I be doing differently? I've been relying on just scouring websites myself as best I can as well as my realtor (finally found one thats accountable and trustworthy, as far as they go). I know a lot of people suggest working with a wholesaler, but quite frankly, I just don't trust that. There's no accountability for a wholesaler at all as far as I understand. Most properties bought through them will be sold as is and I'd really rather not get 20 spam emails/texts from them each week offering me houses in Patterson or Newark that look like they're about to cave in.

For the $600-700K range at this point I can put down at most 10%, and with interest rates hovering around 7%, its hard enough finding a property that would just break even, let alone give me any sort of profit within the next 5 years.

I want to stay in the tri-state area (NJ, NY, PA) and I want a multifamily, but I dont know if thats possible right now. Would love to hear any thoughts or suggestions on where to look, pivot on strategy, etc. Ngl feeling a little discouraged right now so any advice would help. Thanks!

[Wale Lawal]

@Jerome Anderson

Totally get where you're coming from—and you're not alone. North Jersey is a super competitive market right now, and at your price point with 10% down and today's interest rates, it's tough to find a true cash-flowing multifamily unless you're getting off-market or heavily undervalued deals. Here's what I'd suggest: consider expanding your search into smaller cities or working-class suburbs in PA (like parts of Lehigh Valley or even areas near Philly where numbers still work better), and shift your strategy from house hacking a triplex to starting with a small duplex or even a single-family with an ADU or basement rental potential. Also, while I get the hesitation around wholesalers, networking with the right local investors—through REI meetups or BiggerPockets forums—can lead you to off-market deals without spammy middlemen. The numbers may not be working in North Jersey right now, but pivoting slightly in location or strategy might get you in the game and set you up for that ideal property later.

Good luck!