Investor · NJ · Member since 2020 · 2 posts · 0 votes
I have one rental property (in Jersey City) and setting myself up now to purchase my second rental. Does anyone have suggestions on locations in Hudson and Essex County that might be a bit cheaper but solid for rentals? Looking for anything under 300k.
Hi, the only places in Essex or Hudson county you'll find anything under $300K are in Irvington and the most dilapidated parts of Jersey City and Newark. Unless you have experience investing in those areas I wouldn't suggest it. Save some more money and begin looking in North Newark where you will be able to find some decent deals that need work above $400k
Hey @Matt Berte, hope all is well. Are you looking for condos? Multi fam wise I haven't seen anything in these areas for under 300K. Condo wise, I'd just keep an eye out for West New York or even Weehawken. Only issue is..a decent amount of them have a 2 year minimum owner occupancy and the HOA's tend to ruin the CoCROI unfortunately. Maybe some parts of Newark but that's difficult as well.
Hi, the only places in Essex or Hudson county you'll find anything under $300K are in Irvington and the most dilapidated parts of Jersey City and Newark. Unless you have experience investing in those areas I wouldn't suggest it. Save some more money and begin looking in North Newark where you will be able to find some decent deals that need work above $400k