Hi - my husband and I are looking in for a house hack in Bergen County NJ. We see some houses in areas like Midland Park, Tenafly and Ridgewood, which don’t have huge multi family markets. Does anyone have experience with house hacks in areas like these? I’m wondering about the vacancy rate for areas like these. Any thoughts would be helpful!
Real Estate Agent · Hackensack, NJ · Member since 2014 · 321 posts · 412 votes
5y
Hi Lisa, you are right. Those towns don’t have many multi-families and it’s been further exacerbated by the low available inventories this year. Most single family homes in Bergen County were large single family homes that were converted into 2 families. Southern Bergen County (ex. Carlstadt, Elmwood Park, Garfield, Fairview, Lodi, Wallington) has more multi-families. Eastern Bergen County (ex. Cliffside Park, Palisades Park & Fort Lee) they have newer/new construction duplexes, but those are often expensive. Bergenfield has some 2 family inventory. Not saying it’s impossible to find a multi-family in those towns you mentioned, you just have to jump on them right away when they come on the market.
Real Estate Agent · Hackensack, NJ · Member since 2014 · 321 posts · 412 votes
5y
Hi Lisa, you are right. Those towns don’t have many multi-families and it’s been further exacerbated by the low available inventories this year. Most single family homes in Bergen County were large single family homes that were converted into 2 families. Southern Bergen County (ex. Carlstadt, Elmwood Park, Garfield, Fairview, Lodi, Wallington) has more multi-families. Eastern Bergen County (ex. Cliffside Park, Palisades Park & Fort Lee) they have newer/new construction duplexes, but those are often expensive. Bergenfield has some 2 family inventory. Not saying it’s impossible to find a multi-family in those towns you mentioned, you just have to jump on them right away when they come on the market.
Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
5y
@Lisa Alexander those towns also generally are not good town for a rent to price ratio. Since the majority of those towns are single family homes, most renters don't consider them when looking for a place to live. They may be GREAT towns. But for an investment standpoint you're really speculated on pure appreciate plays versus getting a good blended play here in NJ.
@Kevin Hill Thanks for your response. That is much of what I was thinking as two properties I was interested in were basically off market in a few days. I have a number of alerts now set up so hopefully can jump on something quickly, but am also a bit hesitant of those town that don't have many multifamilies, and am trying to gauge the strength of the rental market.
@Darren Sager Thanks. This is some of what I was thinking as well, as I'm trying to gauge the strength of the rental market and potential returns in a town that has mostly single families. Appreciate the responses!
Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
5y
My pleasure @Lisa Alexander. If you're going to house hack it, don't be concerned about getting into a forever home town. Rentals in those locations usually have to be very high end to do well or appeal to the total opposite end of the spectrum that seems to be cash based so that the owners don't report much. At least that's been personally what I've seen over the years. Get into a solid B town with a good mix of small multis and single family homes with decent schools. Those towns, along with good access into Manhattan, always seem to have a pool of potential renters provided the timing is right.