Updated over 6 years ago on . Most recent reply
hard time choosing the right area for multiunit in NJ :(
I am a new investor, very motivated by all of the podcasts on bigger pockets and of course wanting to get much more involved with meeting members and being more active. I am currently actively searching for a multi unit in NJ. It seems that anything I find ends up being sold to offers that are at least 2-3x the asking price. Very frustrating. I was initially looking in Newark area. Now I am thinking maybe Tom’s River or a more rent stable area but I’m afraid it may not rent as fast as Newark. So I’m not sure what to do?
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Definitely agree with everyone on the Tom's River investment. Newark, the Oranges, Montclair (watch out for high taxes in Essex), Jersey City, Union City, North Bergen-those are some of the hot spots. I'm not sure about 2-3x asking, but these will go fast. Key is to get in to look right away and make a strong offer. Look at properties listed a little below what you can afford so you have the flexibility to bid higher and stay with the competition.