Newbie here wondering about potential markets. Bear with me!
Good Evening!
A little intro about myself - I'm working in NYC and originally from North Bergen. I figured now's probably the best time to take some risks given that I'm financially stable and have build up a good amount of savings. I daydream about retiring early and being financially independent, but I know I have to front load my efforts in the next 10 years or so to reap the full benefits later on. While the slow gains on mutual funds and 401k and IRA are nice, I'm looking for more cash flow.
I've been doing research about real estate investing for a week or so now . I've talked to a few friends who are actively in the business and I'm very intrigued and I've blazed through the ultimate beginner's guide as well.
I briefly looked into some areas in northeast NJ, some close to the shore, some properties slightly north of the Bronx, some cheaper Connecticut areas, etc. I'm now focusing a bit more on Asbury Park and Long Branch, along with the surrounding areas, partly because my brother is moving to the area to be closer to work so that's an at least one potential tenant.
My question is- does anyone have insight into those local markets? Particularly the west of the tracks in Asbury Park? I visited the up-and-coming area by the beach (aka the 4-5 blocks) one night and loved it, and some properties west of the track are sufficiently close to the beach in my opinion. But I read that the boom is occurring almost exclusively east of the tracks and is very concentrated, hence the rise in median prices. Is there potential for that to boom to expand outwards across the tracks in the next coming years? Not that I'm trying to predict the future, but guidance from people who definitely know a lot more about the market is much appreciated.
And of course, if anyone has suggestions into what other markets I should look into, I'm all ears! I'm in the window shopping phase and it's fun =D
Thanks so much!