My partner and I invest in multi-families in Central New Jersey. So far we've done really well with the 2 rental properties we have and we're now beginning to look at investing in our next multi-family. We think we'd like to buy a multi-family with 5 or mor units in the Lehigh Valley area. We thought this forum would be a great way to connect with people who are like-minded and want to create a passive income stream.
I'm in the same boat as you. Multi-Family is the way to go. The nice thing about 5+ units is you can add value really quickly by increasing the income since 5+ is appraised based on income rather than comps. Focus on looking for good value add buildings that are mismanaged but have potential to increase rents or decrease expenses. Be careful when running numbers though because the financing differs when you get into commercial properties. Usually the terms are shorter and the closing costs are higher.
Welcome to the site @Ashley K.
Hello @Ashley K. , welcome to BiggerPockets! It is great to have you and please feel free to jump in the community - there are certainly great people around here!
Hi Ashley! I am also looking to invest in central NJ multifamily homes. If you have any good, trusted, investor friendly realtors that you would be willing to share contact info about, I would really appreciate it!
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