Hello All, newbie here from Bergan County, NJ. I've found a bunch of deals for Multifamily properties in Paterson, NJ, and was interested in understanding if anyone had experience investing in this area? As some of you may already know, this is not a great area and have pockets of high crime. Any feedback would be greatly appreciated. I am going to look at two properties tomorrow! Thanks!
@Andrew E Ferrara Sounds to me like you have already answered your own question. You know the area and if it is not a good area then don't invest in that area. Not sure what you're looking for here.
I have a two family in paterson and its cash flows 1k a month after expenses. Im born and raised in this area so I know the area like the back of my hand.
@Naeem Boucher is investigating in a multi family building in paterson worth the risk...given the high crime rate?
I invest in Paterson, although in vacant land, a small commercial building, and tax liens at the moment. My wife is from there and a large part of her family still resides there. You can't write off the entire city as "bad", which is why local market knowledge is important. Neighborhood investing is extremely important here. As a rule though, the 4th Ward (North of Broadway to River St) and the north side (north of the Passaic River to the Prospect Park/Haledon/Hawthorne border) are the highest crime areas. Secondly, the north side floods horribly as well.
Paterson is a great city to invest
Only invest in areas within 20 min drive to Manhattan.