Searching for realtor in Northern NJ

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Searching for realtor in Northern NJ

Vaughn Smith
Property Manager · NJ · Member since 2017 · 786 posts · 396 votes

Hello all

Can anyone refer me to a realtor in Northern NJ? I'm looking for my first REI a house hack on a 3-4 plex Im primarily concerned with cashflow on the property and ease of management as this is my first property. I am going to need to close on my deal by the end of December 2017. Any help you can provide would be appreciated. Thanks

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Account Closed
Investor · Clifton, NJ · Member since 2017 · 53 posts · 54 votes
9y
I'd consider Lyndhurst, Wallington, Garfield, Carlstadt...the taxes in those towns are substantially lower than most of the towns you mentioned, so from an investment point of view it makes your cash flow easier. There's a light rail in Bayonne that makes it attractive to commuters, and jersey city is only bad in some(or most) areas. I'm no agent but that's just my two cents being from Rutherford.
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  • Johnathan Boyle
    Real Estate Agent · Belleville, NJ · Member since 2015 · 408 posts · 94 votes
    9y
    Vaughn Smith what areas are you looking into and how do you plan to purchase?
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  • Vaughn Smith
    OP
    Property Manager · NJ · Member since 2017 · 786 posts · 396 votes
    9y

    @Johnathan Boyle I'm interested in a few areas Hoboken, Weehawken, Secaucus, Rutherford, Lodi, Montclair and to a lesser degree (because the areas can be a bit rough) Jersey City, Union City, Bloomfield and a few others. I'm interested in investing in a town with easy access to NYC as I spend a lot of time there with my W-2 job in addition, I would like to attract commuters. I plan to purchase the property using a FHA loan I'm also not opposed to purchasing a foreclosure/short sale using an FHA 203K loan if the deal makes sense. I haven't been pre-qualified yet as I cant leave my apartment until December.

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  • Account Closed
    Investor · Clifton, NJ · Member since 2017 · 53 posts · 54 votes
    9y
    I'd consider Lyndhurst, Wallington, Garfield, Carlstadt...the taxes in those towns are substantially lower than most of the towns you mentioned, so from an investment point of view it makes your cash flow easier. There's a light rail in Bayonne that makes it attractive to commuters, and jersey city is only bad in some(or most) areas. I'm no agent but that's just my two cents being from Rutherford.
    2Reply
  • Jordan Gregg
    Rental Property Investor · San Diego, CA · Member since 2016 · 42 posts · 22 votes
    9y

    Hi @Vaughn Smith I think your budget will play into the picture here.  There is a big difference between Hoboken and Bloomfield for example.  Also, if you are primarily concerned with cash flow, I think you'll have a very tough time finding it in some of those markets - Hoboken, Weehawken, and nicer parts of JC have a lot of cash buyers looking for a place to park money as well as appreciation players.  Montclair and Rutherford you will face competition from owner occupants who are less interested in cash flow and more interested in simply offsetting expenses to live in one of those desirable towns, send kids to better schools, etc.

    I agree with @Account Closed on the towns he listed based on your need to have an easy commute.  I also like Bloomfield personally.

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  • Vaughn Smith
    OP
    Property Manager · NJ · Member since 2017 · 786 posts · 396 votes
    9y

    @Account Closed thanks for your insights, I agree the budget is a MAJOR factor I will get pre approved in the coming months, I'm waiting on getting the pre-approval done as I know they are only good for a limited time. Do either of you gentlemen have any knowledge of the investment/rental landscape in Central Jersey? From what I understand properties/taxes are less expensive but im not sure if house hacking/investing down there is the way to go.

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  • Account Closed
    Investor · Clifton, NJ · Member since 2017 · 53 posts · 54 votes
    9y
    I won't pretend to know a lot about Central Jersey, but if you're commuting to NYC that's a stretch depending on how close you are to a ferry. Plenty of places in jersey you can save money on taxes and housing, but you probably don't want to live there, especially if you're a commuter. If you were buying strictly as an investment it gets broader.
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  • Jordan Gregg
    Rental Property Investor · San Diego, CA · Member since 2016 · 42 posts · 22 votes
    9y

    @Vaughn Smith I grew up in Matawan NJ but I don't really have any knowledge from an investor perspective.  Taxes in Central NJ can also be pretty steep though.  As far as commuting, Iselin has the metropark which can get you to Penn Station in ~30 minutes.  Study the NJ Transit maps and you'll get an idea of which towns to target if that's your goal.

    Thinking some more.. North Bergen also has more reasonable taxes (compared to union city, jc) and is a pretty short bus to Port Authority.  Still, I'd say bigger picture higher taxes can yield higher rents.. run the numbers and focus on the complete picture.  Regarding pre-approval, my Dad is a lender - I'd be happy to put you in touch if you need anything on that front.

    Hope this helps

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  • Anthony Perna
    Insurance Agent · Hoboken, NJ · Member since 2016 · 13 posts · 1 vote
    9y
    I would highly recommend Edward Verdel . I have worked with him personally and professionally and have always had a great experience. He is based out of Hoboken and services the northern NJ area
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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    9y

    You might want to touch base with @Darren Sager and see if he services the areas you are looking at.

    [email protected]301-893-4635Podcast Guest on Show #192
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  • Edward Verdel
    Real Estate Agent · Jersey City, NJ · Member since 2015 · 55 posts · 7 votes
    9y

    Thanks @Anthony Perna.  @Vaughn Smith, I'd be glad to begin a discussion.  I'm very familiar with the area.  My office is in Hoboken and I live in Jersey City.

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  • Vaughn Smith
    OP
    Property Manager · NJ · Member since 2017 · 786 posts · 396 votes
    9y
    Thanks Anthony Perna I'm going to reach out to him shortly
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