Real Estate Investor · Harrison, NJ · Member since 2013 · 17 posts · 2 votes
Does anyone have any recommendation to where in Central to Northern New Jersey would be a good spot to start out my search for good investment properties? I think a good starting range for me would be anything up to $500K
I, myself, live in Harrison, NJ, but found the price to be too expensive with very high tax rate - please do share if you have different view in Harrison.
Investor · Chantilly, VA · Member since 2014 · 249 posts · 31 votes
12y
Lot of things to consider.
One thing I would recommend is feel free to ask questions and post it on forum. Many a times we are hesitant to post a question, but surprisingly you will find there are lot of ways to answer the question and its always to get to have multiple perspectives.
Real Estate Agent · Hackensack, NJ · Member since 2014 · 321 posts · 412 votes
12y
Hi Steven, please provide some more details on what type of properties and what kind of investing you want to do. Are you looking for single family homes, or multi-families? Are you looking to flip or buy and hold?
Real Estate Broker · Northern, NJ · Member since 2014 · 97 posts · 15 votes
12y
Steven,
There are good investment properties in Northern NJ. A lot has to do with the strategy you're planning on. Rental prices are very healthy in Northern NJ given quick and e-z access into NYC.
Investor · Barrington, NJ · Member since 2013 · 83 posts · 9 votes
12y
@Steven Yang I don't know if you are interested in buying in South Jersey or not, but if you are, you can find some nice properties in that range, with not too terrible taxes. Let me know what you think!
Real Estate Investor · North Brunswick, NJ · Member since 2012 · 85 posts · 8 votes
12y
I would be curious as well about where to go next in New Jersey... I was looking in New Brunswick and bought one but now with all the new construction prices have gone through the roof, then i purchased one in Monroe but also i have seen prices go up about 50% off the bottom if not more... I am generally a buy and hold guy but open to flips as well... So any specific thought would be great. I have been finding that before when i put low offers in and people would at least consider them now people are in that "i am offended by your offer" phase...
Homeowner · Clinton, NJ · Member since 2014 · 34 posts · 14 votes
12y
Agree with Kevin Hill a little more information would be useful. Single or multi-family, owner occupied, etc. You looking to rent, or flip?
Price range puts you into a good amount of NJ area, are you looking for something with commuter traffic, there are even some areas in Central/Northern NJ where you have a lot of large companies, like the Bridgewater/Basking Ridge/Manville/Bound Brook areas, which are in proximity to Verizon, J&J, Merck and a ton of other companies, so possibilities of corporate relocation rentals come into play.
Real Estate Investor · Harrison, NJ · Member since 2013 · 17 posts · 2 votes
12y
Thank you guys for the reply.
I am looking to buy and hold for at least 2 years on the investment property. I would prefer my renters to be either student or working professional. I had done some looking around on northern jersey along the river, but the math just doesn't work there with 50%rule.
I am interested in edison, piscataway around the Rutgers area, as I went to Rutgers myself. That is my next area to search for.
But maybe you guys would have more insight toward some golden area which I am not aware of as I am still a newbie trying to score my first deal.
As for south jersey...unfortunately, I do not have interest in that at the moment.
Many thanks,
Steven
Real Estate Investor · Harrison, NJ · Member since 2013 · 17 posts · 2 votes
12y
Thank you guys for the reply.
I am looking to buy and hold for at least 2 years on the investment property. I would prefer my renters to be either student or working professional. I had done some looking around on northern jersey along the river, but the math just doesn't work there with 50%rule. I would prefer multi family more, but not restricted to that yet as long as the math works.
I am interested in edison, piscataway around the Rutgers area, as I went to Rutgers myself. That is my next area to search for.
But maybe you guys would have more insight toward some golden area which I am not aware of as I am still a newbie trying to score my first deal.
As for south jersey...unfortunately, I do not have interest in that at the moment.
Many thanks,
Steven
Real Estate Investor · North Brunswick, NJ · Member since 2012 · 85 posts · 8 votes
12y
I always keep an eye out in the areas you mentioned... Again depending what you are interested in different areas have different possibilities... New Brunswick prices have been very high for a long time and no sign of dropping because they are knocking everything down and putting up condos and high rises. Edison has some multi families but generally speaking you are going to have to do work on them and the same goes for highland park. Taxes are very high in NP but property vales are consistent because of the community. I think piscataway on occasion i see some good shortsale or foreclosure condos at a decent price but in general i dont think you will get the "rules" to work because taxes are so high and maintenance as well... Let me know what you come up with and perhaps we can help each other.
Investor · Chantilly, VA · Member since 2014 · 249 posts · 31 votes
12y
Lot of things to consider.
One thing I would recommend is feel free to ask questions and post it on forum. Many a times we are hesitant to post a question, but surprisingly you will find there are lot of ways to answer the question and its always to get to have multiple perspectives.
Bayonne, NJ · Member since 2013 · 90 posts · 27 votes
12y
If your budget is $500k you can do SO MUCH with that in a lot of areas. You can probably find a good 3 or 4 family with that in hudson or essex county like @Hasan Hamdan said.
Start by getting a realtor, tell them what you want and what your looking to do and start searching props.
Investor · Little Ferry, NJ · Member since 2014 · 45 posts · 6 votes
12y
@Lior Solomon I'm also looking for a duplex in Northern NJ to live in one unit and rent out the other. What do you like about Englewood? Are there any areas that you pay close attention to in Northern NJ?
Rental Property Investor · Saint Petersburg, FL · Member since 2012 · 38 posts · 10 votes
8y
@Lior Solomon I personally agree with your focus on englewood nj as the taxes are low and the rental demand is high. As a realtor myself I had a listing on grand Ave and had numerous inquiries. If anyone needs assistance feel free to Pm me as I know the area very well and have a few listed properties that offer good ROI.