Experienced MultiFamily House Hackers in Northern NJ
Hi!
I am a new real estate investor looking to purchase my first deal. I have spent a lot of time reading, watching webinars, listening to podcasts, educating myself and learning how to evaluate deals. I currently pay rent in West New York and am looking to make my purchase in Hudson County (North Bergen, West New York, Union City, Jersey City, Bayonne), Southern Bergen County (Cliffside Park, Fairview), and potentially Essex County (for the right deal). My investment strategy is to "house hack" a cash flowing, owner occupied 2-4 unit multi family home, that also needs some rehab, using one of the FHA loan options. My budget is $600k, though I am looking to spend less than $180k/unit (depending on age and/or condition property). I work in Midtown so I am trying to keep my commute close to 1 hour. If you have any experience purchasing a deal like this yourself in the last few years, I would love to connect and pick your brain/learn from you and learn about your experience (can you send me a dm)? Also, do any of you know someone that has experience converting/adding units (such as converting the basement into a 3rd or 4th unit) in these areas? Or maybe did you analyze converting/adding a unit and decide not to?