All Forum Posts by: Shawn Mcenteer

Quote from @Christopher Arana:

@Nicholas L.

I appreciate your reply! I definitely understand that there are many risks and no easy path for a beginner in real estate right now. I have looked into house hacking and right now I don't qualify for enough money to buy any multi unit property in central/north NJ, even those in terrible condition. 

Can you tell me what risks you see in this strategy?

 Hi Chris.  What type are numbers is lending saying for multi family? I can't promise anything but I have seen  plenty of situations where 1 lender will be lower than the next when it comes to house hacking.   

@Ryan Xiques  I provide strategy, location of property, lease guidance, and team for high success rate.   Not every town is the same,  which is huge learning curve in NJ.  Not every property works with every strategy; for example college rental will be much different compared to traditional Long Term Rental.  Team is huge; everyone says "yes" in real estate from lenders to attorneys and realtors all alike. You need a team of people that have done what you want to do so they have the answers instead of guess work. 

Quote from @Michael Gaither:

Hey all!

I'm MJ - looking to begin house hacking in North Jersey. I work at a record label in Manhattan and live in in Jersey City with my fiance but looking to buy Q1 of next year. I'm thinking of purchasing a multi-family in Newark and growing from there. I came across biggerpockets from a podcast and wanted to check it out. Looking to connect with other house hackers, agents, property managers etc as I begin the process. Any advice and feedback is appreciated. 

 Hi Michael, house hacking tends to be a smart move.   I run a youtube channel dedicated to house hacking in New Jersey.  The best advice I can give is repeat what works and learn from those that has done what it is you are looking to do.  There is no need to guess.  

Self managing believe it or not is fairly easy.  The majority of work required is done upfront for example; screening, strong lease, marketing property.  What's great about that is you can hire it out for no  cost out of your pocket.  For the day to day issue of managing the property having the proper systems and contacts in place is huge.  If you do the work upfront and attract high quality tenants managing a property will NOT be a second job.  I have dozens of clients that started in the exact spot you are in, all doing very well.  Most leverage the tools I provide them to fast track their REI goals.  

What worked out great for me when starting out was the fact my wife and I could buy a multi family property with as little as 3.5% down.  In fact we have purchased multiple properties using low money down loans.   Not having to save up 20-25% down payment each time we buy allowed us to purchase homes very fast.

Hi @Ryan Xiques with your skills house hacking would potentially fast track real estate investing for you big time.   Having trade skills is a huge advantage you get!

Quote from @Cory Pruce:

Hi everyone!

I'm looking to house hack in Jersey City starting this winter or next. Happy to join the party :)

 Hi Cory, House Hacking can be a smart move.  My wife and I leverage the strategy throughout North Jersey to accelerate our financial goals. JC is not bad but what we found over the years the cost to enter is high and there are lots of rules and regulations.  Not saying it can't be done in JC but there are markets that can be less head ache in North Jersey. 

Best decision I ever made was selling my single family home and moving into a duplex.  One of the worst feelings I ever experienced was making my first mortgage payment on a single family house knowing the only way the mortgage would be covered is if I worked 40 hours each week to pay for it.  I felt like a slave to my home and slave to my job.  

What alternative did I have?  That's where I found biggerpockets and became hooked on real estate investing.  I realized everything has a price tag, cost of a down payment or cost of time.  If I kept the single family home it would always cost me 25% down payment if I was unwilling to owner occupy, If I called 100 new people everyday looking for the seller financed deal it would cost me my time. Selling the single family I lived in worked best for me becuase I could then use the equity I had and put down under 5% and own an investment property that my tenants paid the majority of the mortgage on. 

Hi @Hyeonji Oh happy to help. STR and MTR market is very strong in North Jersey.

Hi @Mark Bennett why not stay local to where you live, perhaps sniff out some of this sketchy business before it happens?