New to BP, looking to invest in NJ currently in the Marines.

30 Replies

I’ve been researching for some time now mainly books and podcasts, looking to make my first deal within 12 months. Since I’m only 22 I’m not in a rush, just anxious to get going. Looking for other investors in Central Jersey to bounce some Idea’s off of.

That's great that you're getting educated Nicholas. Can I ask why you are looking to invest in NJ? Have you evaluated other markets as well? 

@Dan Barli I’m from New Jersey and plan on staying there for atleast another 5-10 years. I would like to but and hold within an hour of my residence. I’m currently in for another year, I plan on going to grad school around here after with the GI bill. I was thinking of house hacking while in college, but I’m not positive yet. Do you feel New Jersey is not a good area to get started in? Also do you invest in New Jersey? Thanks for your time, Nick

I think that there are a lot of negatives with NJ, such as higher price point of entry, tenant-friendly court systems and high property taxes. To me, those factors make it prohibitive to invest here. Now of course, there are people who do and have done well, I just didn't think that was best for me. I invest in other states than NJ, though I live and work here. 

@Nicholas Dinis welcome to BP. You've come to the right place to learn about REI. Also, try reaching out by searching your area to find other members to network with.
@Dan Barli That’s interesting, which other states? (if you don’t mind me asking) My main concern would be the tenant friendly laws, though I will budget for having an issue, I feel most tenant issues can be avoided with good tenant screening. As for taxes and entry prices, as long as I have a thorough property analysis a cash flowing property isn’t impossible. It is more dependent on the deal. Looking into long distance investing would not be a bad idea either though, my only issue is that it would be much more risky on my first few investments. I would like to make a few deals close by first, so I could be more hands on. Learn what I can with them, build up some equity, and then possibly try venturing out to other markets. Would you disagree with that?

I'll PM you so we can discuss it further.

@Nicholas Dinis. Welcome to Bigger Pockets and Thank you for your service. I invest in northern New Jersey (Bergen County). However my most recent acquisition, a multi-family, is in Stony Point, New York (Rockland County). It has fabulous views of the Hudson River.

@Dan Barli hey Dan Nj sounds similar to where im located in Nyc with higher price point of entry, tenant friendly laws , and high property taxes can you PM me to discuss further. 

Welcome @Nicholas Dinis I'm a rehab investor here within New Jersey.  I'm an Army guy so I won't hold you being a Marine against you:)  I rehab homes throughout the state and I believe New Jersey is a great state to invest whether you're a buy and hold guy or a rehabber.  Just let me know if I can help you out.

Gary

@Nicholas Dinis Welcome to Bigger Pockets, I’m still new haven’t invest yet but still analyse at lease one property a day and watch webinars. Did you find your niche ?

@Nicholas Dinis Welcome to BP! I am also new and looking to make my first deal within the next year. I recommend attending a BP meet up next week in New Brunswick. I went once and gained a lot of good ideas. I'm planning on attending the next one as well. Meet up details can be found here: https://www.biggerpockets.com/forums/521/topics/611374-northeastern-nj-real-estate-investors-networking-meetup

South Jersey investor here. Welcome to the group! Anyone looking for deal please send me a DM! 

@Nicholas Dinis I’ve been investing in northern NJ for a while and with regards to the tenant friendly laws I don’t find it to be that bad as long as you are in the right side of the law. No you aren’t going to evict someone as fast as you can in other states but as long as your paperwork is in order and the law is in your side you should win the case and have the tenant out pretty painlessly. Be aware of rent control laws in various cities as those can limit how much you can raise rents. I think that’s a factor a lot of people don’t consider when they start. That being said I’ve done well in Jersey and I hope you do to. And thank you for your service!

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