1st time homebuyer, looking to house hack.

[Orlando Canepa]

Hello everyone,

I’m currently pre-approved and looking to purchase my first home using a house-hacking strategy. Inventory for two-family homes in my area has been very limited, so I’m considering whether I should start driving neighborhoods to find I'm seasoned salesman with over 25 years in management experience so up my alley speaking on the phone.  off-market opportunities that may be better suited for renovation using the FHA 203(k) loan I’ve been approved for.

So far, competing in the current market has been very challenging. I recently lost a bid on a property in Clifton, NJ (2 units 4BR)that was listed at $599,000 I offered $640,000 and was still outbid, even though the home required significant work. I’m trying to avoid getting caught in bidding wars or overpaying and then losing the funds I need for renovations.

I would greatly appreciate any advice or strategies for finding opportunities without constantly overbidding. Ideally, I’m looking to stay within Bergen County or Passaic County.

Thank you in advance for any guidance.

[Jonathan Klemm]

Hey There @Orlando Canepa - If you are considering a property that needs works I highly suggest doing the FHA 203k it's a golden ticket to instant equity if you have the right people on your team. We do a ton of them here in Chicago and the be far most important thing is find the right contractor, lender, agent, and hud consultant.

Also, since it's your first property, I'd just look at the MLS for listings that have been up there for a while and find a cutthroat realtor to negotiate a good price for you!