Hey Guys-I am needing some help here. My friend is moving to New Jersey & he is needing to know decent areas where to buy a multifamily property. Thanks in advance & any suggestion/advice is appreciated.
Good places to buy is all relative to what you can afford and what your tolerance to adverse conditions. Is your friend chasing ROI or lower work? And what budget? Those all will change suggestions once you have that information. Anyone else just giving advice without it probably hasn't' been in the game very long.
@Darren Sager -How about class B properties for long term hold-are there few pockets that investors focus on as far as locations?
@Toby Khan Where is your friend moving to? If he plans to self-manage, I would assume distance to the property is a consideration
@Kevin M. -he wants to live in 1 unit and rent out the other.
@Toby Khan asking for a B neighborhood in New Jersey, even though we are geographically small, isn't much to go on. North, Central, and South Jersey all have different price points and parameters and the price point determines the renter. If he is planning on house hacking, he needs to pick a general area first because think about it - someone wants to house hack anywhere in a state where there is a good deal? That's not a good use of an agent's time. Close to city? Near the shore? Budget?
@Jonathan Greene -Fair enough. How about neighborhoods to avoid. and lets say Budget isn't an issue-what neighborhood would you love to buy a duplex, triplex or fourplex.
Hey Toby! Congrats on your friend's new move! There are definitely a few questions to clear up to get your friend into the right home for him. First, will he be a cash buyer or financing? Has he thought about what neighborhood - Trenton, Seaside, Hoboken, etc? Will he be willing to fix up a house or want to buy something that is renovated? I would like to learn more if possible, just send me a message if you have any additional questions.
@Carlos Albarracin -It will not be a flip, he is looking for something already renovated. He doesn't know much about neighborhoods so asking where to buy and live-he wants to live in 1 unit and rent out other units. It will be bank financed but for the right property he can pay cash.
How about neighborhoods to avoid. - realtors can not answer questions like this as it could be construed as steering.
Budget isn't an issue - this is never the case. Have you vetted the funds of your friend? If budget isn't an issue, I can think of plenty of better places to invest than NJ where we have the highest RE taxes per capita in the country
what neighborhood would you love to buy a duplex, triplex or fourplex. - Again, Northern NJ, Central NJ, or South NJ. You can't just like a whole state as an investor.