New Investor from Hoboken!

11 Replies

...Right now more Investor-to-be but if I believe it, it will happen! Hi everyone! I am a new member from Hoboken, NJ. I've been out of school for only 2 years but already am thinking about not having to work 8-6pm for the man. What better way than to be in real estate and work 24/7 for yourself! I've spent many hours the past couple months listening to @BrandonTurner and @JoshuaDorkin 's awesome BP podcast and educating myself on REI as well as lurking on the forums here at BP.

Well I can proudly say that I'm a lurker no longer! I want to say hi to all the wonderful people who are kind enough to share their experiences and help newbies like me start off on the right foot. While I do still have a bunch of student debt, my plan is to buy a small multifamily property in the Jersey City or Newark area (Since I work in Newark) and live in one while I start collecting rent and growing equity. I hope to learn so much on my journey and in the process also help people by telling my story and the successes and trials I will have on the way.

Get pumped!

Good luck and congratulations on the decision to get started. I am very invested in Newark, and warn you to be very careful about where you look, and make sure you understand the area you are going and the potential tenants you will have to manage. 

Hi @Barbora Oborna !

Your plan is similar to the one I took and I am right around the corner.  I bought a multi in Bayonne, live in the basement where my tenants pay my mortgage and then some =)

Jersey City has some good affordable 2 or 3 fams, also consider Bayonne if youre in that area.

Buying a multi in newark make sure you know the neighborhood well.  There are some nice places but also very rough ones.  Youre going to want to look at north newark forrest hill area.

Good luck!

Thank you everyone for your welcome and support! For any investors that are in this area I would be open to helping you out on the weekends if you ever need help with mailings or direct calling.

@John Cohen Thank you for the offer! I would definitely be down to grab coffee one weekend whether in the city or around here. Drop me a message and we can set something up!

@Erik Pedersen I haven't considered Bayonne but I shouldn't limit myself so I will consider looking around there. However, since I do work in Newark and don't have a car, staying near public transit is preferred though not an end all be all. Regarding Newark, my thoughts were to look in the areas around University Heights since that would be a pretty strong rental base of students. Though that brings the negatives of high turnover and less financial stability. Frankly my preferred location would be Jersey City Heights or Weehawken. I haven't really looked into Union City but plan to check out that area along with Bayonne. When you were looking for houses in Bayonne did you consider Greenville as well? 

Hi Barbara,
Welcome to BP! I am also a newbie looking to invest in Newark. I currently work in Pennington NJ but live in Newark and am very familiar with the area. I'm still doing my research and hoping to have my first deal within 6 months. It's great to see more people from the Jersey area joining BP and interested in Newark. Wishing you the best of luck!

Welcome @Barbora Oborna Jersey City and Union City are both great, up and coming markets. 

There is a group of us local investors to those markets that meet-up at a bar in JC Heights once a month to talk local real estate. Shoot me a PM with your email address if you'd like to be added to the email chain. 

Nick

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