My wife and I took the step of going out today to get pre-approved from the bank. In turn, it will take a couple of days to hear back but we are anticipating anywhere from 300-350k approval with a 10% down payment for the conventional mortgage we are applying for.
That being said, and currently living in Brooklyn, we are hoping to find a three family somewhere in Bergen County to BRRR. I am assuming for that price it would have to be a foreclosure or some type of wonder deal to squeeze out a decent three family in Bergen County.
My question is for fellow investors that are more familiar with the county, any areas to look into for that price (safer neighborhood, decent commute to the city, 1,200-1,400 for a 2 bedroom)? Is Union City / North of Lincoln Tunnel possible? Or would it have to be farther from the city, Garfield, Hackensack?
Also, are my estimates way off or is it more than doable? Thanks!
Congratulations of your first steps towards a financial freedom.
You can find a three family in some parts of Bergen county. I can only speak about whether to invest in Bergen county. I believe that there are towns like Garfield Hackensack East Rutherford and areas near here that can provide you the kind of deal you are looking for.
Your next step is to find an agent to provide you the most accurate information in the region you are intending on investing in. This agent can provide you comps and advice as to which area to go to.
If you need anything please don't hesitate to contact me
@Milan Obradovic Hey, great to see that you finally took a step forward and are making things happen. I live in Bergen county but I don't deal with rentals, I am just a flipper and do most of my business in Union county as finding good deals in Teaneck is not easy... with that being said, I do have 3-4 deals in Bergen county but they were off market so I got lucky. Finding something good on the market in Bergen County will be difficult for sure, I can vouch for that, and if you are looking for something that will cash flow after expenses so you can live for free, that will be EVEN HARDER.
Are you looking for something that needs work and can be refinanced or are you looking for something that is ready to go? Where specifically are you looking for in Bergen county?
Just so you know, Union city is Hudson county, and finding something for 1200 in Union city... I wish you good luck. Go out more to Bergen county because the commute to the City will only be like 10-20 minute difference as all the buses from Bergen county to NYC have their own lane so they don't sit in traffic during the Morning commute. Are you in a time crunch to move? If you are not, I would wait the market it out slightly and then maybe buy for cheaper in a couple of years, if you are looking to move rather soon, you just need a good agent that is on the MLS all the time to look for good deals for you where house hacking can be possible (if that is your goal of course).
I am in the same position as you are with the 3 family in Bergen county.. but I am not in a hurry and want something that I can develop or rehab myself and live in after and refinance.
If you have any questions, don't be afraid to connect with me and reach out, I can shed some insight as well on the market here around me and what I think would be the best option for you.
@David Michael Thank you David. That was my next step to contact a real estate agent as soon as we find out what we are working with. I have a friend who is a realtor in Montclair so I will be reaching out to her first.
@Mateusz Prawdzik Thank you Mateusz. Great to hear your input and feedback. If you do not mind how did you find the deals, through word of mouth? As for my situation, we are in no rush, we do not need to move, it is strictly something that I am pursuing as a longer term buy and hold investment. My profession is general contracting but mostly exterior work, I do have experience in renovating apartments, so finding something that needs flooring, sheetrock, paint, a kitchen or bath would not be a problem for me. The main goal is to find something that will cover the costs and leave some cash flow once its occupied. Out of the areas farther away from the city (Garfield, Lyndhurst) or north of Union City (Cliffside, Edge Water) would you say are relatively safe neighborhoods? Also, if you are interested for meeting up over coffee or lunch sometime, I would not have a problem at all. Thanks
@Milan Obradovic I would definitely be interested in meeting if you can make your way to NJ, just reach out to me via PM and we can schedule something. In regards to the areas, just like any town, there is good and bad parts. The towns that you named are all good though but there are the worse parts and the better parts. But even the worse parts are not bad compared to like Newark and such.