House Hacking in Newark NJ
Good day all. I'm looking to House Hack in. 3 family property in Newark NJ with a FHA loan. I looked at several properties this week, ran multiple numbers on a few properties and none are showing any cash flow. The only profits in the properties that can work if the basement apartments and garages are counted as rental income. Illegal basements are not sustainable for me. Let me note I'm buying with the hope of an additional income if I am residing at the property or not. Also, I am using the Bigger Pockets Calculator and others to factor in vacancy rates, capx , etc. Am I missing something with these deals or are folks buying just for appreciation in my market? Someone please advise??