Northern New Jersey Multi-Family House Hack

[Jonathan B.]

After months of reading, listening and learning, my wife and I are ready to get our feet wet. We are a couple of late-20s full-time working stiffs who want to get started in the buy and hold space.

Motivated by @Brandon Turner's podcast stories, we think a house hack may be our best bet to start off. We bought our primary a little over 2 years ago in Bergen County, NJ with a conventional mortgage (prior to being inspired by BP). With our jobs now requiring us to be in and around NYC, we are exploring selling our property and buying a multi-family (3- or 4-family) in the developing, but low crime areas of Hudson County, NJ. We'd like to use a low down FHA loan, rehab it, rent it out and live in it for a year. Currently we are most interested in Jersey City Heights.

We'd love any input on possible locations or the feasibility of this plan. Also, we'd be very interested in speaking with any experienced agents in the area.

Thank you!

-Jon

[Mark F.]

I love how people in this thread said 5 years ago "the market's heating up!" If that's the case then our market right now is about the temperature of the sun compared to 5 years ago.