Duplex Investing: NYC, Nassau County vs. NJ, Journal Square
Hi all, here it goes.
I currently work in NYC and it has been my dream to invest in an area where I can commute into work and live in part of the duplex. The only close to practical scenarios that I have found are in Nassau County and Jersey City- Journal Square specifically. Of course, I would leverage an FHA loan but unfortunately I was not able to make the numbers work/did not want the taxes to crush my bottom line and so ultimately I looked to Raleigh NC for my first investment where I now have a turnkey property.
As I continue to look at the numbers in these areas, under the assumption that both units would be rented out so that I can have an accurate perspective of the profitability, it seems that in all cases I can not even break even. My question is this, does anyone know of a situation/individual that was able to invest in Nassau County or Journal Square for an entry price of under 350K where they are able to breakeven/generate a cash flow?
I have done my due diligence, but would love to hear any perspectives concerning anyone who has invested in the area, is in a similar situation, or can simply speak to these areas.
Thanks guys!