I would like to ask the advice of my fellow BiggerPockets members in the South Jersey area.
What markets do you think are the best for rental properties? I currently live 10 miles outside of Philadelphia, and I'm willing to move as far north as Trenton if the right opportunity comes along.
Certain towns I've looked into include Collingswood, Haddonfield, Morrestown, Freehold, etc. However, some of these towns (ie, Collingswood) maybe have already hit their peak.
Any opinion or experience any of you could share would be beneficial. Thanks in advance!
I am not sure about Haddonfield and Moorestown for cash flow because of the expense that the house price and taxes would be. I could see someone investing their for capital gains.
I think as far as cash flow, and not being in an area too dicey, I would look into areas like Gloucester City, Pennsauken, Clementon and other blue collar towns.
Thanks Greg. I've also considered Glassboro due to Rowan University being nearby. But you're right, taxes are the biggest obstacle in our area.
Do you go to any of the SJREIA meetings? Where are some of your properties?
Forget to tag you in my response above @Greg Wake
I run the Mercer Subgroup for SJREIA. You should come out next time. Third Thursday of the month. I am very active in Trenton and have good luck there. If you want to pick my brain about Trenton some more let me know. We also invest in NE Philly.
Thanks @Matt Faircloth
I see you're having your next meeting on 10/16. I'll make sure I come to that. I'll introduce myself and perhaps pick your brain a bit. I've heard great things about Trenton, I just don't know the area as well. I am familiar with Philadelphia a bit though.
Looking forward to meeting you in person.
Not yet, I usually just attend Philly REIAs.
I also live in Collingswood. I missed the last SJREIA meeting (at Holiday Inn , Cherry Hill NJ). My wife is a realtor and we were both excited to attend. ...only one thing. ..I wrote down the wrong day! Was looking forward to seeing Matt Faircloth. I work in Philadelphia and I look forward to attending future SJREIA meetings. Nick - like you, I'm looking to do OO Multifamily. But you're right..it's really tough to find..so I may just have to bite the bullet and crunch the numbers on a single family that I'd stay in for a year or two and then rent that out. The cashflow may not be as great as a duplex but it will have to suffice. Times like this.. I miss north jersey (where I'm from) where there were tons of triplexes and quads!
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