Curious if anyone has any insight or experience with Duplexes in the North Bergen area. Currently rent in Hoboken and looking to purchase first home. My wife wants to purchase a SFH and I want to build rental property portfolio, so it seemed like a good compromise could be a duplex where we could live in one unit and rent out other unit while building some equity and updating the property.
I think you have the right idea. Try to get wifey onboard. The duplex makes better financial sense.
I'm considering the same thing. There's quite a few small multifamily buildings in the area (2-4 family buildings), which is more what I'm leaning towards. More units means more potential for cashflow...Just be careful on taxes - quite a few cities in Bergen and Hudson counties are reassessing taxes soon (generally this would mean they are raising taxes).
I am in Union City...close to N. Bergen. I finally convinced my wife to get into a multi-fam...good luck. Duplex and 3-fam is the way to go if you plan on living in it. I believe 4 fam and over in the area are rent controlled.
By the way, I am a new realtor in the area. Let me know if you need any help with anything. I am totally wanting to work with investors and those that get it.
@Prem Schoff I think housing hack is one of the best ways to reduce living cost. For primary home, I like the area close to James J. Braddock Park. The houses there are very well maintained.
Compare prices in the area. Put in a offer and jump in.