New York City investor looking at Jersey City for properties. Good idea?

2 Replies

I am new to the forum, and new to real estate investing.  I am interested in multi-family properties, and I am thinking that areas outside of NYC might be the best place to start.

I found a property in Jersey City that seemed like it was in the price range I could handle--$400,000.  It had four units.

Has anyone had experience with investing in this area?  Do you recommend any other surrounding communities?  By "surrounding," I mean outside of New York City.

Thanks!

Hey Kevin ,

How are you doing, Jersey City does have great places to invest, also depends what you are trying to do with achieve with your property. I just saw a 4 family in downtown Jersey City, price was 1.3 MILLION, rent was not able to justify the cost , but that area has been apperciating about 10 percent the last 3 years. TMe personally am closing on a 3 family in Bergen Lafayette section for 395000. Im guessing the property you looked is at Bergen Lafayette, Greenville or the Heights. The areas that I feel have the most potenial in Jersey City is the Journal Sq area and the Heights, basically areas that are connected to public transportation. 

Tony

@Kevin Johnston

Welcome to the community! I am born and raised in NJ, but just happen to live in California. I focus my investing in North Jersey. Jersey City has a lot to offer, however, you want to make sure you are not in any "war zone" areas. I know when I was looking in JC, I was trying to be within walking distance of the PATH stations for easy NYC commuting.

BP has a tremendous amount of information to help you, but it is only available if you seek it out. Be sure to be as active as possible. Read blogs, post questions, and the podcasts are the greatest. The best free education you can get. Good luck!

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