Newbie from NJ
Hi BP!
Very excited to find this website, and love this community a lot! I currently own a townhouse in Essex and would like to have an investment property this year. I'm interested in Northern or Central Jersey, and open to all others. It seems Multi Family is best choice in Northern NJ, but why they're better? From loan perspective or rental management? And what are the pros and cons for SFH? We have around 60k down payment, and like to have positive cash flow.
Thanks everyone in advance.
Hi Dawn,
I am a resident in central NJ, and positive looking for a investment opportunity, I'm instered in same area as you, almost same suitation. Let's share all the information if you don't mind:)
Welcome to Bigger Pockets @Dawn Fu
Greetings from Central NJ, @Dawn Fu ! My husband and I own a couple of rentals in Trenton. Not sure if that's an area you're considering, it's quite challenging.
Welcome to the community @Dawn Fu. There are lots of articles on this site waxing the merits of multi's versus SFH. Be sure to check them out. Plus there's a meaty podcast where Josh and Brandon talk with Ben Leybovitch at length about this very topic. I don't remember what number podcast but they cover a lot of territory in their discussion.
Greetings @Aly L. What are the challenges your encounter in Trenton. I was a contemplating looking down there as my business partners lives close by there and there seems to be so much inventory available.
Cheers everyone!
Originally posted by @Aly W.:
Greetings from Central NJ, @Dawn Fu ! My husband and I own a couple of rentals in Trenton. Not sure if that's an area you're considering, it's quite challenging.
hey aly, if you dont mind me asking what made you and your husband invest in trenton as apposed more local. like around keansburg, or union beach area? im asking because im currently looking at homes in that area and want to hear opinions from others about it.
Hey Joe,
Welcome fellow Monmouth-ite property seeker. I sent you a brief welcome intro. Be well, Wally
Welcome @Dawn Fu ! I hope you find what you are looking for. I search loopnet.com often but it seems there are only listings around the shore area that have been impacted by Sandy. In addition the website focuses on commercial property (4+ units). I hope you find the resources you are looking for!
@Dawn Fu Hey, Im an investor and realtor in the Norther NJ area. I for one like 2-4 unit multi families because you can get more units under 1 roof and still be considered residential. I have never even considered single family rentals in this area because we are fortunate enough to have a ton of multis around us. I do not think that there is anything wrong with single family homes because I am sure that someone is out here making a killing on them. With 60k liquid, you can definitely pick up a good cash flowing 3 family. If you ever want to link up and look at some properties, feel free to give me a call.
Dashon Jones
Wow, there already so much information from the post, thanks a lot everybody! Let me first figure out how to @someone in the reply. :)
Originally posted by @Jennifer Wang:
Hi Dawn,
I am a resident in central NJ, and positive looking for a investment opportunity, I'm instered in same area as you, almost same suitation. Let's share all the information if you don't mind:)
I was looking at Jersey City Height since I lived there for a year, also thought about Union City, but a little hesitate about the property tax. I haven't started to research Essex, but I guess there would be good ones as well.
Originally posted by @Aly W.:
Greetings from Central NJ, @Dawn Fu ! My husband and I own a couple of rentals in Trenton. Not sure if that's an area you're considering, it's quite challenging.
Thanks Aly! Interesting... I know nothing about Trenton except where my state tax went. :P 'Challenging' you mean it's hard to find a good deal? or hard to manage your investment?
Originally posted by @Account Closed:
Hey Joe,
Welcome fellow Monmouth-ite property seeker. I sent you a brief welcome intro. Be well, Wally
Thanks Wally!
Originally posted by @Regina G.:
Welcome to the community @Dawn Fu. There are lots of articles on this site waxing the merits of multi's versus SFH. Be sure to check them out. Plus there's a meaty podcast where Josh and Brandon talk with Ben Leybovitch at length about this very topic. I don't remember what number podcast but they cover a lot of territory in their discussion.
Greetings @Aly L. What are the challenges your encounter in Trenton. I was a contemplating looking down there as my business partners lives close by there and there seems to be so much inventory available.
Cheers everyone!
Thanks Regina! I will check them out.
Originally posted by @Brian C.:
Welcome @Dawn Fu ! I hope you find what you are looking for. I search loopnet.com often but it seems there are only listings around the shore area that have been impacted by Sandy. In addition the website focuses on commercial property (4+ units). I hope you find the resources you are looking for!
Brian, thanks for loopnet. Currently I don't consider commercial property, but shore area is good enough. thanks again.
Hey there! @Dawn Fu Jersey City resident, currently looking to getting into multi-family properties in the Jersey City, Bayonne, Hoboken area...Let's link up!
Hi @Dawn Fu - I mean it's a challenging tenant base, if you're looking to landlord. Low price point of entry, though.
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Hey @Dawn Fu welcome to the site! Definitely start jumping into the community here! Be sure to read through The Ultimate Beginner's Guide to Real Estate Investing to help you get started.
Also - here's a couple articles you might enjoy:
The 21 Best Real Estate Investing Books Ever
How to Rent Your House: The Definitive Step by Step Guide
How to Be a Landlord: Ten Tips for Success
Finally -be sure to setup some keyword alerts - especially for "Livingston" so you can jump into local conversations.
See you around the forums!