Multifamily house hacking in NJ

[Abhishek Kumar]

Hello everyone,

I was looking for a house hacking opportunity in Central NJ, I am interested to buy a duplex or a triplex and live in one unit while rent out the other, to bring my housing costs down.

Since I have school age kids, i also need a good public school district but all the multifamily listings that I am coming across have assigned schools with low ratings.

Do such areas even exist in NJ where I can find multifamily homes with good public schools?

[Brett B.]

Hi Abhishek.  What area of central NJ are you currently looking in?  I grew up in the Woodbridge area and now live down in Tinton Falls, so maybe I can help you out a little.

Unfortunately it can be difficult to find in NJ at a price point that makes sense.  What are you goals with this property?  Are you just trying to reduce your living expenses now or do you eventually want to move out and rent both units and buy more properties?  You have to run the numbers for both scenarios to make sure it cash flows after moving out.  This is tricky in NJ with the high price of housing and property taxes, especially in towns with good school districts.

If you aren't finding any duplexes, maybe look at single family houses that have the potential to turn a finished basement into a rental if it meets the code requirements.  Tell a realtor your plan and have them look for mother/daughter properties that you might be able to close off and form two units.  You may have to get creative here.