Which class are Clifton, Garfield and Lodi, NJ? Are their multifamily properties pr

[Kristina Korosec]

Hi All,

Which class are Clifton, Garfield and Lodi, NJ? Are the multifamily properties in those places profitable? Please share tips on how to stand out for rentals there. I will be looking at purchasing a multifamily turn-key and living in one of the units for a year. Then, repeat the same they year after. Any other advise is welcome. Thank you!

[Shawn Mcenteer]

Hi @Kristina Korosec house hacking is great way to go.  All of North Jersey can be profitable, what matters most is finding a property that makes sense for the strategy you want to implement.  For example most single family homes converted to multi family tend to not preform well for long term rental but if you are open minded to MTR strategy that same property may produce well. 

[Kristina Korosec]

Quote from @Shawn Mcenteer:

Hi @Kristina Korosec house hacking is great way to go.  All of North Jersey can be profitable, what matters most is finding a property that makes sense for the strategy you want to implement.  For example most single family homes converted to multi family tend to not preform well for long term rental but if you are open minded to MTR strategy that same property may produce well. 

 Hi @Shawn Mcenteer thank you for this! My plan is to get a 2 family property that is ready, I don't want to do renovations or conversions, minor cosmetic work may be ok. I don't have experience with purchasing outcomes in MFs, is it as competitive as with SFH (outbidding and similar)?