A Brooklnite newbie investor

12 Replies

Hi am a newbie investor living in Brooklyn NY where something next to zero available in the area (the mediam value is more in the 850,000 range!) anybody got any ideas {perhaps somewhere in new jersey}?

Glad to any type of advice!

@Yosef Katz A lot of fellow Brooklyn people are investing in Northern NJ especially Jersey City, Bayonne, Newark, Elizabeth, and the Oranges. All great places to consider you can still find good deals that cash flow nicely.

Brooklyn as well - I've been researching basically anything off the NJ transit/PATH. Not a lot out there, at least on the MLS. Probably need to expand my search to off market deals or get a realtor involved.

yes, plenty of multifamily in Newark area, if you have time to come out this weekend, would be more than happy to show you the area, where we and our clients buy & hold, walk through our 3 family rehab/hold and share with insights. Our main focus is Newark/East Orange/Irvington and surrounding towns

Hi Yosef, I own 2 three family properties in Newark, NJ, one of which I just purchased last month. I'd be happy to connect with you, walk you through my analysis, and answer any questions you may have from an investor's perspective who did not grow up in the area.

@Yosef Katz I recommend staying local until you are sure it won’t work for you. Being able to stay on top of your properties is a big advantage versus out of state and a lot of people are having success locally so it’s worth trying to make it work closer to home.

Originally posted by @Allan Szlafrok :

@Yosef Katz I recommend staying local until you are sure it won’t work for you. Being able to stay on top of your properties is a big advantage versus out of state and a lot of people are having success locally so it’s worth trying to make it work closer to home.

 I have listened to a few of david greenes podcasts and he makes it sound pretty simple, no?

And do people have success in this area? (newbies?)

@Yosef Katz I’m just a believer that ideally you should be close enough to the properties to either manage them yourself or stay on top of the person managing the property. Plus it’s easier to do acquisitions locally as you can see the properties for yourself and more then once if need be. Weigh the pros and cons of your local market versus one farther away. Things like historical trends and demographic changes as well as how hands on you’d like to be with your investment.

@Yosef Katz house hacking is always a good idea when starting out, you just have to make sure that you are in the area that you can afford to do that, you may even need to consider relocating to the new state in the future so you would be able to scale your portfolio and get good returns for yourself and your investors.

This is really good advices here I'm a Newbie too just started learning about 2 months ago everyday readying and hearing in my way to work and in my job all day podcast attending to webinars even looking at property's to check the price market learning everyday something new of the same topic a want to do as right now I dont have much cash but been saving and most importantly being building my credit cus starting next year will be my journey this 4 more months will be learning more and more and if I could only meet people around the tri state or nj to keep learning I'll really appreciate it a lot I have my Big Why. Anthony from bronx ny and I'm willing to help and learn the more I can thanks all in advance 👍🏻