Paramus, NJ · Member since 2016 · 7 posts · 4 votes
Hi everyone -
First time investor here looking for some advice on buying a MF home to rent out in the Jersey City or North Bergen area. Specifically, what are the best areas in JC that are close to Bus/Train/Lightrail besides Journal Square? Thought about the Heights as well.
Also, is it best to look for MF homes that already have tenants in place?
I've only started looking at listings online for the past month but want to get serious now. Currently live in Bergen County. Not sure if there are better opportunities there but would love to hear everyone's input.
I am an investor and I work in Hudson County as well. I own property in Jersey City, but I am familiar with areas like Union City and North Bergen as well. I'd be happy to discuss different areas and the different transportation options that could make sense for you as a first time investor. Send me a direct message and we can talk a bit further!
You'll definitely have a lot more multi-family options in Hudson County/Jersey City area.
Personally, I rather have the property delivered vacant. It will be tough to renovate with a tenant there and you might be inheriting a bad tenant that you never personally screened.
Thanks, I've been doing some more reading about JC and it seems that a good spot to start looking is Bergen/Lafayette near Liberty Park. However, I've also read that there are some bad parts to this area. Anyone have any input on this area?
I've also considered looking into Union City/West NY/North Bergen. Any chance of finding some deals in this area?
My budget is in the 300-400k range and looking to buy and hold.
I am an investor and I work in Hudson County as well. I own property in Jersey City, but I am familiar with areas like Union City and North Bergen as well. I'd be happy to discuss different areas and the different transportation options that could make sense for you as a first time investor. Send me a direct message and we can talk a bit further!
Joe G. Yes Bergen Lafayette is The nextup-and-coming neighborhood in Jersey City although you have to be pretty acquainted with the area since there are still some sketchy streets the neighborhood, The Heights is a great neighborhood but it is already overpriced by far, That's just my humble opinion, do we have any of their BP investors active in JC?
David
West Side has seen some activity near NJCU campus with residential/mixed use development underway (400M project) and the proposed restaurant row on West Side Ave. The West Side light rail station is also a plus for the area.
I know of an off-market 2-family for sale nearby this activity.
If you want some stellar returns stick to Bergen/Lfayette and Greenville. I own a MF there and over 10% cap rate, rented within 2 weeks, 7 bedrooms. Neighbor houses around mine are now getting evicted - so area is changing super fast. House across mine is going up for sale for almost DOUBLE mine. Unreal.
However, driving down even on my street is not for the faint of heart. Walking?? idk about that