RE Agent in South Jersey (Cherry Hill and Toms River)

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RE Agent in South Jersey (Cherry Hill and Toms River)

Joel Park
New York City, NY · Member since 2015 · 19 posts · 4 votes

Hi guys!

It's been several months since I joined BP and I am about to start towards my first step on RE Investing! I am currently in the process of looking for multi-family homes in the South Jersey Area. I have started to save enough money from my job that I am anticipating (or would like to anticipate) a purchase for a duplex, triplex, etc. as passive income. I wanted to see if you guys had any recommendations for RE agents in these two towns. The reason why I'm looking into these two towns is that my brother currently lives in Cherry Hill, and we both grew up in Toms River.

Thanks again!

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Christine Kankowski
Real Estate Broker · Temecula, CA · Member since 2014 · 992 posts · 782 votes
10y

Best of luck to you Joel!!  When you are interviewing agents, please ask them if they have properties they manage or own themselves.  You want someone who has a knowledge of the rental market as well as the sales market.  Different areas get different rents, etc. 

Go for it!

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  • Christine Kankowski
    Real Estate Broker · Temecula, CA · Member since 2014 · 992 posts · 782 votes
    10y

    Best of luck to you Joel!!  When you are interviewing agents, please ask them if they have properties they manage or own themselves.  You want someone who has a knowledge of the rental market as well as the sales market.  Different areas get different rents, etc. 

    Go for it!

    1Reply
  • Logan AllecBusiness Member
    Accountant · Los Angeles, CA · Member since 2014 · 1k+ posts · 980 votes
    10y

    @Joel Park, you're definitely on the right track. In my opinion, house hacking a 3- or 4-unit property using FHA 3.5%-down financing is in my opinion the best option for a young person looking to get started investing in real estate. It frees up so much cash (if you have it) to invest elsewhere.

    One thing to keep in mind when looking for an FHA owner-occupied triplex or fourplex is that 85% (75% in certain states) of the market rents on all the units need to cover your monthly payment (principal, interest, taxes, insurance, and mortgage insurance). This is known as the self-sufficiency rule. It only applies to 3- and 4-unit properties (not SFRs or duplex) bought using FHA financing. I put together a spreadsheet here to help potential house hackers quickly analyze whether or not a property qualifies. There are other FHA requirements concerning which you should contact your local lender, but determining whether or not a triplex or fourplex meets the self-sufficiency rule is a good place to start as this rule will immediately eliminate many properties from your search.

    Good luck and reach out to me with any questions!

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  • Tomasz Banas
    Real Estate Investor/Agent · Brick, NJ · Member since 2014 · 49 posts · 9 votes
    9y
    Joel Park I would be happy to help. I invest myself in Brick/Toms River of Ocean County. I am licensed with Keller Williams Shore Properties. I would be happy to help.
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  • Basyah Klyman
    Member since 2020 · 3 posts · 2 votes
    6y

    Hey Joel - I just started look into Tom's River multi-families. I'd love to chat about your experience and whether you have an agent you recommend to work with.

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