I'm based in NYC and would love to invest in one of the boroughs but feel that as a new-comer to REI I'm probably priced out of the market.
I'm looking at option in Jersey City (specifically JSQ area) as I have lived there before so am familiar with the area. Also have been hearing some noise about major growth potential in Harrison NJ over coming years.
My target is to pick up a duplex by year end in the 200-300 range so am keeping my eyes peeled and reading as much as I can on the side to equip myself with as much knowledge as possible before plunging in..
Would be interested in hearing from any other local investors to get their feedback on JSQ and Harrison as investments for a newbie investor.. My aim is to start with 2 units and try grow it from there!
Hey @Brian Whelan welcome!
I think you may be hard pressed to find a duplex in the immediate JSQ area right now in that price range. Prices have jumped significantly in the past 2-3 years, both in the JSQ area and in Jersey City Heights. You may find some properties that are listed as being in Journal Square, but, if you actually look at them, they're quite far away. I guess it depends on what you consider Journal Square to be... either the neighborhood which is sort of broadly construed, or stuff around the actual "square" in Journal Square.
I live and invest in Union City (city just north of Jersey City) which definitely still has duplexes in your price range, although prices have been going up in the past year or so. You might also look deeper into Jersey City, like in the Bergen-Lafayette area (the further south in Jersey City, generally, the more dangerous and correspondingly more affordable, so definitely look around the neighborhood and do your research about what you're comfortable with).
Best of luck!
Thanks @John Errico ! and great to hear from you.
I lived in the Weehawken area for approx 2 years in 2010 when I first moved to the US from Ireland and loved it. I almost closed on an apartment there earlier this year but the lender at the last minute fell through because they needed 70% owner occupancy in the building (it only had 55%- I'm staying clear of Co-Ops going forward!)
I will definitely look into Union City...
Welcome to the Bigger Pockets community.
cheers Brandon much appreciated!
Have been doing lots of research on Bergen Lafayette & I'm sure you can find something in that price range! Visit the area, i've been doing so for the past two months. Change is evident. Would love to fwd you two promising articles that might make you consider Be-La.
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