New Real Estate Investor located in Northern NJ

12 Replies

Hello BP,

I'm new to Real Estate Investing but I am aggressively doing research to purchase my first ever property as soon as possible in the Northern / Central / South New Jersey area. 

I overcame BP by subscribing to the podcasts and have been listening to them over a month now. What really got me thinking about real estate investing is when my sister, who is moving to South Jersey for school, was searching for condos to rent. I do realize however that some real estate investors don't really like condos. 

I'm taking advice / suggestions! Lets chat if you do business in the NJ area! I would like to get more involved with new and seasoned investors in my area!

Thank you!

Hi Shivam,

I'm a flipper and wholesaler located in Northern NJ and flip/wholesale throughout New Jersey.  I'm always open to chatting about real estate.  Feel free to reach out to me if you want to chat.

Gary

welcome!  I'm buying distressed foreclosures in north nj, fixing and renting, with an occasional flip. I really love that brrrr model. Happy to help if I can.

Good luck!

Adam

Thanks guys for the warm welcome:

@Adam Anderson My biggest worry was about the costs of purchasing a property and then fixing it up, so I was mainly focusing on properties that were in good shape, so I can turn it around as soon as possible and starting renting it out. But I've never heard of the BRRR model until now, so I'm looking into it and see where I can go from there. Thanks!

@Gary Harris  Thanks for reaching out. I saw that you're involved in the NJ area and wanted to know what your experiences was like. What areas in NJ do you suggest that I should start looking in to make my first purchase?

I saw in Voorhees / Stratford there are a lot of affordable housing, mainly condos, that I can make my first purchase in, but I see a lot of debates on whether condos are a good idea or not. Can you weigh on what I should focus on as a beginner?

Thanks!

Hi Shivam,

I personally am not a buy and hold investor as of right now here in New Jersey, but I flip and wholesale real estate here in New Jersey.  My preference would be to buy a nice single family home in a nice neighborhood or a small multi-family in a okay area and better.  Single family homes tend to attract more stable and higher income individuals/small families while a multifamily would add some level of security if one tenant moves or stops paying rent.  As for a list of specific towns....there are so many options depending on what you're looking for I wouldn't attempt to give you a list based upon the limited information I have.  If you would like to meet in person or have a phone conversation about this subject in greater detail just let me know.

Gary

Hello @Shivam Patel welcome to the BP community

You gave a very broad idea for the neighborhood that you want to get started, If you don't have prior experience then I suggest you stick in the North region (as I see you are in North Bergen) 

You also have not mentioned what price point you are comfortable with? Also if you want to buy & hold or fix and flip. If you make yourself clear on these points then other BP'ers can give more accurate suggestion than just a welcome to the BP community. 

I will still try to give my 2c based on buy and hold which I think should be the way to go for any beginner. 

I say look around Jersey City - 07304 (up and coming and will change in the next 2-3 yrs) & 07305 (don't be scared if anyone tells you not to go to Greenville, drive on a Sat/Sun late afternoon and get a feel for the neighborhood yourself, trust me it will change every two blocks and big difference when you cross avenues) There are blocks where i wont invest but some where I definitely will.

Price points in north jersey (including above)  for a 2 family you are looking at $250-275K, decent livable condition/bank owned (yup its high) - excluding areas like Irvington, Newark, Paterson etc... 

2% rule in North NJ - Sorry you are talking a language that I don't follow.

1% rule - hmmm - it's still a struggle. 

Tax - awesomely high (8k - 10k std.) 

I am not demotivating or scaring you off but letting you know what to expect. 

Lastly, get on your toes start looking at houses, start making offers as you will not get the first one that you absolute love :-)  Then come back here to BP forums and post your questions for accurate advise. 

Hope this helps.

hello Shivam, like you I am new to the community but had some deals under my belly. My opinion is don't Be afraid to make your first deal, specially in North Bergen, where the rents are high enough to support your mortgage loan. I currently hold a 4 multifamily in nearby area with high cash flow.

Hello @Shivam Patel ,

I have done many fix and flip, and have many rental properties throughout New Jersey and Pennsylvania.  Feel free to contact me with any questions.

-Mark

Originally posted by @Matthew McAlarney :

What are you looking for as your first investment @Shivam Patel (buy and Holds or flips) ? 

 I want to focus on buy and hold method. My original idea was to focus in on condos, but quickly realized that the HOAs are fixed costs which I have to pay and isn't in my control. So I'm also looking for a single family home in parallel. In terms of location, ideally I would like it to be around my area, but I'm willing to look further down south. 

Originally posted by @Brandon Arce :

hello Shivam, like you I am new to the community but had some deals under my belly. My opinion is don't Be afraid to make your first deal, specially in North Bergen, where the rents are high enough to support your mortgage loan. I currently hold a 4 multifamily in nearby area with high cash flow.

 Hey Brandon, welcome and thanks for the input! North Bergen is a very established area and even though finding renters around here won't be too hard. Making that initial investment would be a lot more expensive than looking for a property in Central or South Jersey.

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