New to BP, REI, and the North East (going on 1 year from TX). Looking to house-hack a $600k (or less) MFH in Jersey City to eventually afford these crazy NYC rent prices (NOT comparable to Texas haha). After reading many BP threads, I'm looking deeper into the Communipaw area of Bergen-Lafayette, trying, of course, to get as close as possible to public transit. Two questions, that I'm hoping the BP community can help me with today:
1. Any realtor and/or PM recommendations? From what I've been reading on BP, ideally folks who can help me with comps, estimating rental income, and getting access to off-market deals. I travel out of state quite a bit for work and would love to hear your thoughts on if it's worth having a PM while house-hacking.
2. Any specific local considerations (besides crime) when purchasing a MFH in the area? Even if it's a "go to Newark" comment, let's hear it.
I'd love to connect with investors in the area so if you're in/around NYC first round's on me :)
You’ve got a pretty solid budget for the area and for that money you can consider moving to some even more stable areas in JC. Taxes are a big deal over there especially since they re-evaluated all the cities taxes so you need to make sure you know what your property tax bill will be going forward. Crime is obviously an issue and yes you do want to stay as close to the rail system as possible but again that won’t be too hard on your budget. If you need the name of a good realtor PM me. Good luck!
Hi David! Welcome! You have a healthy budget and a smart strategy for the area (fellow NJ house hacker here)! Not only will a MFH offset the high NJ prices but also give you some time to figure out where in the area you might want to lay more permanent roots down the line. Definitely stay along popular commuting lines and keep an eye on taxes as Allan mentioned as these can be a deal killer here. There are some really good neighborhoods these days in JC. And if you're willing to come a bit further south, you may find some really interesting, multi-family properties that are still dense areas for NYC commuters. My husband is a realtor in the area (and spent about 15 years commuting to Manhattan) and his partner has a solid construction background. If you'd like their contact details, PM me. Good luck!
@David Valdes You need to go to networking events offered by various REI clubs in the area. You'll hit a lot more luck networking in person. There're REI groups led by Nick Tang, and Glen Galucci/Paul Kim, and many more... that have a ton of local PRO's. You can find these groups via Meetup site or PM me if you need help.
Thanks everyone - my experience with the community so far has been great. Everyone's so helpful. I've also been scouring the forums regularly for other online resources and things to watch out for when narrowing down where to house hack in JC. There's so much material out there. Have you guys come across any threads recently you'd recommend for someone new to MFHs? I've probably read all the newbie stuff by now but am interested if you have any in the back of the head you've found particularly insightful.
I'd definitely like to get in touch with the realtors and REI clubs mentioned above :) I'll PM everyone individually if that's OK.