South Jersey House Hack

[Eileen Mee]

Hi! My fiancé and I are first time home buyers and hoping to house hack in South Jersey, specifically Collingswood, Oaklyn, Haddon Heights, Cherry Hill, or Merchantville areas. Many of the homes we are finding (and there aren’t many!) are duplexes. When we do the analysis, the homes are not cash flowing - but wondering if any real estate investors have had good success in these areas and any advice for a first timer? Thanks! 

[Shawn Mcenteer]

Welcome to BP @Eileen Mee House Hacking is a great way to go.  You should connect with @Jason Tarabokija he invests himself and will be able to break down the numbers with you.   All the best and if you ever need help/in site on north jersey house hacking feel free to reach out!

[Jason Tarabokija]

Hi Eileen, I find that many NJ duplexes don't cash flow on paper. However, since you are trying to house hack it's nice to offset your mortgage payment while enjoying the appreciation and amortization on the property. Many people search for strictly duplexes but overlook the other value add opportunities such as ADU's. Feel free to connect if you have any further questions.

[Eileen Mee]

Quote from @Jason Tarabokija:

Hi Eileen, I find that many NJ duplexes don't cash flow on paper. However, since you are trying to house hack it's nice to offset your mortgage payment while enjoying the appreciation and amortization on the property. Many people search for strictly duplexes but overlook the other value add opportunities such as ADU's. Feel free to connect if you have any further questions.

Hi Jason! Thanks so much for your reply & for this insight. We are definitely considering other ways to increase our passive income, such as occasionally renting a room in our own unit to a traveling nurse/resident, finishing an ADU or bonus area for airbnb, or renting parking spots. Will continue to look for value add opportunities. Thanks again.

[Shawn Mcenteer]

Welcome to BP @Eileen Mee House Hacking is a great way to go.  You should connect with @Jason Tarabokija he invests himself and will be able to break down the numbers with you.   All the best and if you ever need help/in site on north jersey house hacking feel free to reach out!

[Jason Tarabokija]

There seems to be a great deal of demand for mid term rentals among traveling nurses and relocation companies. I get inquires often on rentals I own that are not vacant! This is a great strategy! If you need any help, please feel free to reach out. Good luck!