All Forum Posts by: Shawn Mcenteer

Hi @Kevin Dzikowski i see you have this posted in the house hacking section so my guess is you are planning to rent out rooms.  Not a bad idea, this can be very enticing especially when reading the house hacking books and listening to podcast on topic.  Single family/ 1 unit strategy tends to work well in other parts of the country.  In NY it can be very tough especially with the wacky laws always changing in the city.  

What's stopping you from starting out with a small multi family property?  Not only inmost cases will the number work out more favorably but you may find the laws work more so in your favor.  Also it worth mentioning, buying multiple properties with low money down loan is much easier when going down in unit size ie triplex to duplex or duplex to single family.  Its very tough to go up in units using low money down. 

Hi @Frederick Martinez  Not sure if what I do is even a help for you but I specialized with everything house hacking.  I am a mortgage loan originator with house hack specific style loans and I am a real estate agent that has on market and off market multi family properties.  My niche is helping new and existing investors get to Fi via house hacking by leveraging the strategies that my wife and I used to get to Fi. 

@Shi-Feng Lin every town is different.  Town websites tend to be best, anything unclear I would call them on. Also keep in mind laws change year to year, especially in regards to rent control.  For example right now rent control laws in JC are more favorable t landlord compared to what they have been in years past.  But keep in my JC tends to flip every few years so good laws today could mean cap on rent increase net year or in future. 

Working with a multi family specialist in the market you are looking to invest in really plays a huge part. Not saying your agent is or is not multi family fluent but it makes a huge difference.  They should know these laws and be a guide for you.

Quote from @Brandon Stanberry:

What is the typical downpayment on a house hacking property in my area or how can I find out? I'm at about 100k in savings looking to start buying mid way through 2026 as I'll be at around 150-180k in savings i want to atleast hold on to 40k-50k still in saving and also will be a first time homebuyer so I qualify for a grant I think. My wife and I want to be able to put down 150k as a downpayment is that too much and should we just be looking to buy our main residence with that high a downpayment? Honestly we just want to afford the house we live in. Or start with house hacking which will afford us to eventually have our own home together before taxes and medical and so on we clear 200k a year. 🤔 

I Brandon, My wife and I have purchase many properties using 5% down owner occupant loan. One of the reason we were able to get to financial freedom so fast via house hacking in new jersey is becuase we kept as much liquid cash as possible in our pockets then use the money left over to put into the property which in turn increased rents and equity substantially. 

Our first house hack we had approximately $100k in savings, property we purchased was complete gut.  Turned a $500k property into a $800k property  double the rental income.  In your case having 150-180k you will be in a very good spot if you open to renovating.  

What's most important with house hacking is mapping out a way to get to your next property.  How you purchase the first properties plays a huge part in this process. Where you buy, type of property you buy and type of loan you use matters big time when mapping out plan. 

Hi @Shi-Feng Lin NJ is very city by city. Crime rate plays a part but really what you want to learn more about is the areas that are landlord friendly and the ones that are not. The way I see it no matter how good the numbers look they never pan out if tenants don't pay rent. I have been house hacking and small multi family investing for over a decade. I am yet to miss a single payment of rent becuase know the towns with more favorable laws tend to attract more favorable tenants. I identify these areas and find creative ways to increase value and set up creative rental situation to maximize ROI and not let wacky laws work against me.

1) You can research neighborhoods but your realtor should be fast tracking this process for you. Realtor should know the areas to avoid, one with wacky laws and low rent control. ie a place like Union City is a no fly zone in my opinion, numbers look good but laws will make for long term head ache.

2)Its funny crime rate and wacky laws tend to go hand in hand.  I've notice over the year high crime tend to be in areas with lots of crazy landlord laws.  There is more to it than just looking at crime just remarkable similarity between the two.

Are you planning to house hack?  That makes a huge difference on approach and strategy. 

Not a fan when realtors double side deals.  Simply put someone loses out.  The question in this case is are you that person, or is it the seller or possibly both of you?   Unfortunately realtors will gain more commission representing both sides but can never truly represent 1 side ethically.  The fact the property is going from $450k to $350k  is huge red flag.  Who takes $100k reduction after 60 days on $450k property and what type of realtor takes on a listing that is not listed close to fair market value.  My guess is your agent is amateur otherwise property would not have been sitting for 60 days.  If listing agent is not an amateur and by some miracle listed this property properly well then there you go with how much demand is in the area. 

Here is my 2 cents:  The only single  family deals I have closed on to have a remote shot at cash flowing in the past decade all involved creative renting from airbnb, MTR to college rental.  If this property you speak of is being looked at as a traditional LTR it is safe to say in New Jersey it will not be worth while.  

Hi @John Paul I am not fully understanding. ARV is $450k implying renovations is needed, then you say seller wants to get rid of it for $350k, which makes sense. But then you go on to say property is listed for $450k and has been sitting for 64 days. You refer to seller but then go on to say you want to keep it. I am having difficult time following what is happening here. Are you buying or selling?

Happy to help @John Schiano I am currently under contract on 4 house hacks all for first time house hackers in North Jersey.  House hacking is house I got to Fi.  Now my goal is to help new investors fast track their house hacking goals so they don't have to pay the stupid tax my wife and I had to pay learning the hard way.  Happy to connect.

Hi @Richard Phillip Lewis not sure if what I do can even be of help in your situation, I specialize with selling multi Family properties.  Especially ones with tenants in them since it is much different process compared to selling traditional real estate, it is extremely specialized.  My question is why are you even thinking  about selling?  Most of the time in situations like what you are describing there are creative ways to get out of your house hack and purchase a new property with very little money down. Are you sure selling makes most sense for you having what sounds like such a powerful asset?

Quote from @Sunny Burns:

Quote from @Leslie Awasom:

Congratulations! This is such an incredible story of achieving financial freedom for your family! Your story is truly inspiring and shows anyone can achieve freedom with determination and smart decisions. 

I love that everyday feels like a breath of fresh air! Do you have any plans to continue to house hack since you are planning to worldschool your children?

So we have a single fam primary home we bought in 2020... its on the lake, has a creek and forests in the back, pool, etc. It was our cheapest Real Estate Purchase, but a great property just 1 hr from NYC.

I just listed it on Airbnb and our plan is to list it for rent whenever we travel to hopefully make money while worldschooling our kids but still have a homebase to return to.

 I love the story Sunny,  My wife and I are 4 kids 2 dogs financially free since 35 via house hacking in North Jersey.   What really jumped out at me in your story is the similarity.  Especially when you mentioned Airbnb your primary residence for vacationing.  Our goal is to fully have a system in place for this June 2025 to be able to have tenants locked in while we travel.