New Jersey House Hack

9 Replies

Good afternoon BP community,

I am in the military and will be stationed in New Jersey starting next month. I'll be moving from Texas. I was thinking about using my VA loan to acquire a property and house hacking it. I already called USAA and got preapproved. After I PCS to a different base, I'd rent the property outright to a tenant.

I wanted to know your thoughts on the NJ market, laws, trends, etc...?  I'd appreciate any and all input/feedback!

Best,

Kevin

Go for it! I'm about to close on my first hack. The property taxes are very high in this state. I'd say location, location, location is the key. If you find the right deal in the right area you're golden. Do you have any ideas of which part of NJ you're looking at investing in? Spend this time finding the right location to meet your goals. Good luck.

Hi @Kevin Hoodwin Thank you for your services.   NJ is great state for house hacking multi family properties.  Depending on which base you will be stationed at will vary heavily on the markets that will make most sense.  As for trends, demand for multi family properties are high right now.  They are not easiest to get your hands on but with some creativity deals are to be found and won.  Regarding the laws I would recommend you start doing some research on your own and when you come across something that doesn't make sense ask the forum.  My wife and I house hacked throughout North Jersey, feel free to reach out anytime if you need help. 

Is New Jersey a tenant-friendly state? I would make sure the laws lean towards favoring landlords, otherwise, you could have some professional tenants on your hands! (CA, NY, IL are examples of tenant-friendly states that I avoid!)

@Joseph Guzzardi Jr There are successful real estate investors in every market in the country, including markets in NJ, NY, CA and other tenant-friendly states. However, the local landlord/tenant laws are something that need to be considered before investing in ANY market. 

Personally, I don't want to own in a state where tenants can live in a home I own and not pay rent for months before the local government will allow me to evict. If someone can mitigate this risk by having exceptional property management, and a savvy attorney, then maybe its a strategy that can work for them. 

Originally posted by @Carl W. :

Go for it! I'm about to close on my first hack. The property taxes are very high in this state. I'd say location, location, location is the key. If you find the right deal in the right area you're golden. Do you have any ideas of which part of NJ you're looking at investing in? Spend this time finding the right location to meet your goals. Good luck.

 Hey Carl, I'm going to be in southern NJ near Philly.