Investing in New Jersey

[Anthony Madle]

I'm brand new to real estate, have read a few books on the subject and want to start learning more in the hopes of purchasing a rental property within a year.  Would love to hear someone's thoughts on purchasing in NJ.  From what I've read, taxes are very high in the state.  Could potentially house-hack if I stayed in the area, otherwise I'm thinking of a long-distance rental in possibly Florida.  Anyone have advice on purchasing in NJ (close to New York City).  

[Alina Trigub]

Anthony,

You should go where it makes sense. Here're a few questions to kick off the thought process for you.
1) consider how much money you have to invest
2) what #1 can afford you to buy 
3) where can you buy for this much
4) if you're a W-2 employee, how long is your commute going to be
5) if #4 is too long, then can you change jobs?


Originally posted by @Anthony Madle:

This is all good to know. Right now I'm considering house-hacking in Bergen County or buying a single/multi family unit down in Wildwood (a beach town near Cape May) where I was raised. I know the area very well & although it is only summer rentals typically, the math works out where I could profit. In that case though, I wouldn't be able to take advantage of an FHA loan since I wouldn't be living there. Property on the bright-side is very cheap comparatively down there.