I have been actively looking for a small multifamily home in South Jersey (specifically, Gloucester, Camden, and Burlington counties) to house hack. So far, I haven't been able to find anything that may be a deal and that is also something I would want to live in. I am keeping an open mind and may expand my search to Philly and Delaware, but since my day job is in NJ, I would like to stay here. Does anyone have any experience with these markets? Should I change my criteria, or should i just be patient and wait for the right property to come along in Jersey? I am brand new to REI, so any advice and suggestions are much appreciated!
I have done a handful of small multi family deals in Philly, starting out with house hacking. Good deals are hard to find. Your best bet is to open up on what you are willing to live in. To get a deal with a decent margin you are going to have to be willing to either force improvements through rehabbing it over time, buy on the fringe of an improving neighborhood, or both.
Hey Eric - I have experience in South Jersey. Reach out - I'd be happy to discuss.
I have an agent that I work with in the south Jersey area. DM me for her info.
@Eric Luzier - Keep patient with the search and make sure you are working with a quality agent like @Stephen Kappre . South Jersey has a ton of really good multi-family deals but there is a considerable amount of bad deals in MFH where prices have crept up as more people look for them. Your best bet is Gloucester County and Southern Camden County. Gloucester City, Oaklyn, Clayton, Glassboro, and even Blackwood all MFHs where you can househack and be only a couple hundred dollars out of pocket.
If you want to break even you could venture down to Vineland/Milville/Salem but you have to be prepared for a longer commute north and have a thicker hide.
Camden is COMING ALONG... you're in a great up & coming market there. I know that's hard for some to hear, and yes, there is still a large area of... well, Hell on Earth, but I also say this without any sarcasm whatsoever. If you can find something toward the waterfront in the Corporate development areas or between there & Rutgers, then I think you'll be good. Time is ripe. Reminds me of Lowell MA, some 20, 25 years ago.
@Max T. Thanks for the advice. If you don't mind sharing, which neighborhoods in Philly are your properties located?
@Mike Bonadies Good to know. Thank you for the advice!
@Stephen Kappre Thanks for the advice! A lot of properties around here just don't make sense due to the taxes, but I am trying to be patient.
@Steve McGovern Thanks for your response. I have actually heard that from a few people about the area around the college and the hospital. I will have to take a ride over there.
I made some good buys in Fishtown before the prices got crazy. My most recent work has been in Germantown.
@Eric Luzier I chose to move from central NJ to philly. I hate to generalize, but there is a national shift of Millenials moving out of their bored to death home suburbs and into cities. There's employment, opportunities, and the city lifestyle. I recently moved to olde richmond, a small sliver of neighborhood north of fishtown. development is on just about every single block. Houses are actually more affordable, with a fraction of the property taxes that id be paying in Monmouth County NJ. Not to mention, high density housing conditions means there's plenty of stock to go around.
Message me if you want to chat over a drink or coffee. Cheers and best of luck
If you're okay with the noise, I would recommend doing a student rental in Glassboro, near Rowan University. You'll be getting top dollar rent since you will be paying per student rather than for the whole unit, you won't have to worry about missed payments since the lease is guaranteed by the parents, and you won't have to worry about vacancy because when they move out, they get their friends to move in. You need to be really clear about your expectations, and since I only graduated from college a year ago, I enjoy getting to know the tenants and working with the parents.
If you're interested in learning more about student rentals, feel free to reach out to me!
@Matt I. Great advice. Thank you!
@Christopher Wraback Thanks for the reply. I actually looked at a duplex around Rowan last week.
Nice. If you qualify, you should also do an FHA loan, and find a duplex with a basement. If you're comfortable with it, you live in the basement, rent out both units of the duplex, and live for free and potentially enjoy a nice cash flow.
I agree on Camden. Though it's hard to imagine, places around the river and the rutgers campus are coming up. Now would be a good time to get in on it
I was just driving all around Gloucester city today. There are definitely some areas that seem like they have potential.
how's the investing coming along. let me know how i can help
@Eric Luzier How many offers have you submitted?
@Ronny Tiburcio None yet
@Eric Luzier I think house hacking is the way to go. I would recommend putting in offers dependent on your numbers regardless of asking price as long as your criteria is realistic.
@Ronny Tiburcio Thanks for the suggestion. I think that is what I am going to do.