I'm a total newbie to real estate investing. I've read a lot about Journal Square and aim to start investing in that area in the next 6-12 months. I'm hoping to network and meet a real estate agent that has good knowledge in the JSQ area and someone who's an investor themselves.
He's not an investor but check out Steve Ferreira. He works with a lot of big investors in the Jersey City area and knows the market really well. He'll be honest with you. He's also good with finding you renters as we used him for that after our other realtor didn't do a good job with our property purchase.
Welcome to the Journal Square area. We just bought a House Hack in the Marion neighborhood!
@Andrew Cheng I’m Not trying to demotivate you but I think if you’re looking to buy a cash flowing property Journal Square might not be the neighborhood, Journal Square might be great if you want to bank on appreciation, Or to house hack it might make sense.
Anybody correct me if I’m wrong
@David Lichtenstadter I would agree. With an FHA loan and paying PMI we're still paying about $1500 per month for our PITI after our renter is paying $1600 so it's tough to cash flow but we have a home to ourselves. We've force appreciated it quite a bit, we have a backyard for our dogs, and we're very close to NYC. Once we move out, we probably won't cash flow if you factor in vacancy and all other expenses but it works for us right now and are hoping for appreciation over the long term.
@Stu Basham thanks for the tip on Steve! I'll definitely reach out to him.
Thanks for your feedback - I'm actually new to the area (just moved to downtown Jersey City a couple months ago). What about Newark? I've read lots of redevelopment happening there and due to PATH, seems like the next logical "opportunity".
I think Newark is the next great opportunity ive been investing thee for years but theres finally been interest from developers and larger investors in the last 2 years id say. Theres still time to get in but prices for investment grade properties have shot up in the last year.
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