Nj multi-family help

8 Replies

Hey looking to get a multi family and I am a completely new to all of this. I want something in the areas outside of ny . So I was thinking Elizabeth, Paterson , Passaic , Newark , Irvington. Not sure exactly where I should be focusing. Any advice and experience knowledge would be greatly appreciated.

Me personally being from NJ my whole life would avoid pretty much all of those areas. I would classify most of them as D areas. I'm also more far south and focus in smaller towns. 

Passaic has okay parts,the rest are D areas and most wont touch like George said. Myself included, garbage. 

@Jonas Garcia Personally, I am a fan on Elizabeth, NJ. Granted, there are quite a few areas that aren't great, but certain parts have really turned around the past few years. That said, like many cities, you can have a nice section, and then the next street over is.... let's say "rough".

There has been a ton of investment as of late. The second of the train stations is under a $71 million renovation, set to be completed in 2022. The old Elizabeth Medical Center has been demolished and the 'Jersey Walk' development has officially begun, new home development has steadily increased several years in a row, and renter ship is over 50%.

All that said, taxes are increasing, and home prices have skyrocketed, even during this pandemic. It isn't a market for everyone, but since I live close by, it works for me.

@John Walter Yea i feel like it would work for me too I work in New York and I wouldn't mind being no more than an hour out but I am not gonna lie if I saw a deal somewhere else that would require more of a commute I would probably take it. I drove by Irvington and Newark and some parts are crazy looking. Almost reminded me of what movies potray the ghettos areas in new york from the 80's lol. But then again I hear sometimes those are the best places to rent.