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.
Rental Property Investor · Tysons, VA · Member since 2015 · 73 posts · 45 votes
7y
I visited Philly for student housing in the late spring. happened to make the wrong turn at camden NJ. That place made me scared or nervous. I won't buy there.
Philly student housing is very tricky. The old ones you will have tons of maintenance issue. The brand new ones are not cheap any more, plus the new one is not in the best location for student housing although you could rent to students
Tough call. Good deals are not on MLS you will need a realtor who specializes in it.
At the last I did not buy that new THs. It could work, yet making illegal bedrooms on main floor makes me nervous, Plus philly requires rent license or permit.
I believe there are better deals in student housing somewhere else yet it is hard to beat philly location.
I just put contract for 2 student housing; if it goes through I will post on forum.
I personally feel there are still good room in Phily for upside; For cash flow, not bad yet not great.
Cherry Hill, NJ · Member since 2019 · 51 posts · 21 votes
7y
@Jasmine Hu Thanks for your response. Where are the properties you have under contract located? I have been looking into student housing in South Jersey, near Rowan University.
Rental Property Investor · Tysons, VA · Member since 2015 · 73 posts · 45 votes
7y
@Eric Luzier Hi, I passed by candem NJ by mistake. I personally would not invest in democrats controlled states, in that case the landlord rights is low or none. In Metro DC, VA is the best, DC is the worst, MD is in the middle still not as landlord friendly as VA. Lots of people still own properties in MD though.