Cherry Hill, NJ · Member since 2019 · 51 posts · 21 votes
Hi everyone,
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!
Professional · Lowell, MA · Member since 2014 · 232 posts · 223 votes
7y
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.
Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
7y
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.
Property Manager · Washington Twp, NJ · Member since 2017 · 152 posts · 169 votes
7y
@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.
Real Estate Agent · South Jersey · Member since 2017 · 252 posts · 143 votes
7y
@Eric Luzier I agree with @Mike Bonadies in that some sellers are asking premium pricing on MF homes. Patience is very important. And just the repetition of crunching numbers and going through a dozen homes+ you will start to see what is worth it and what just doesn’t make sense.
Professional · Lowell, MA · Member since 2014 · 232 posts · 223 votes
7y
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.
Cherry Hill, NJ · Member since 2019 · 51 posts · 21 votes
7y
@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.
Architect · Philadelphia, PA · Member since 2016 · 50 posts · 36 votes
7y
@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
Realtor · NJ · Member since 2018 · 20 posts · 18 votes
7y
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!
Realtor · NJ · Member since 2018 · 20 posts · 18 votes
7y
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.
New York City, NY · Member since 2017 · 247 posts · 123 votes
7y
@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.
New York City, NY · Member since 2017 · 247 posts · 123 votes
7y
@Eric Luzier No problem. Think of it this way. Worst case scenario they say no and you move on to the next one. Alot of the time, sellers care more about getting serious offers especially if the property has been on the market for more than 4 months.
Rental Property Investor · Member since 2019 · 103 posts · 17 votes
7y
@Christopher Wraback...hows the landlord laws there for dealing with student housing? I know in Ewing they've been looking to try and curb the homes off campus used for student rentals..