New to BP and Question about Newark and Montclair
Hello All,
First, I wanted to give a quick intro- I'm new to BP and although I've been in the real estate field for 20 years, I'm a newbie at real estate investing. For right now, my focus is on holding 2-3 unit multi-family properties.
I'd like to purchase my first multi-family in Newark or Montclair by February. I will live in one of the units for about a year, longer if need be. Of course a positive cash flow would be great but a break even is also acceptable. More important is long term rental stability.
The question I have is: Based on your experience, would you buy in the better parts of Newark (ex: Ironbound) or the "questionable" areas in Montclair (ex: Mission) ?
My must haves are: walking distance to train, buses and shopping. My price is $300,000 but since I'll be living in this property, I am willing to go higher.
I appreciate your feedback and I look forward to being a part of the BP community!
Christine