Investing in Union City/Bayonne NJ

[Marta K.]

Hello dear BP members! I am looking to buy a multifamily property in North NJ and have been looking for a good town to invest in. Recently I have been analyzing deals in Bayonne and Union City NJ. Does anyone invest in these markets?

I like Union City neighborhood but I have heard that this town has strict rent control laws. I came across deals where the rent for 2 bedrooms was between $400-900 which I think is extremely low for Hudson county (6 units, 1930-year build, purchase price 630K, NOI 31K, cash on cash return ~2%). I wonder how hard would it be to raise the rents there?

Secondly does anyone invest in Bayonne NJ? I have heard that this area is beginning to grow and have a great potential for r.e. investors.

Would love to connect with like-minded people from the area. Thanks so much for your time and advice!

[Jason Lee]

If you're looking in JC and Bayonne I'd try to get something closer to the Light Rail.

Also, if you're not that familiar with the area the Trulia crime map can give you decent idea of how things change block to block, particularly if you're set on looking in Greenville. Not sure how accurate/up to date the data is but it's good for a quick look.