New to Real Estate · Brick, NJ · Member since 2020 · 115 posts · 39 votes
Hello BP community,
I am a rookie investor looking for multi-family properties in Central NJ market that I can house hack for a year or so. I am also looking for a property that I can add value to with some sweat equity (paint and carpet, not a full rehab). The markets that I am starting to evaluate are in Middlesex, Monmouth, and northern Ocean counties. I am looking at school districts, city rent control policies, annual incomes, neighborhood class, etc. I am curious to what cities/areas experienced investors in this market are looking at and why and also what areas to avoid. I will be putting together some data that I can share on BP for others as well after I finish up my market analysis, but figured it couldn't hurt to see what information I can dig up here on BP.
In Middlesex, Perth Amboy, Carteret, New Brunswick and Highland Park are some of the best rental towns. Can't speak for their school systems but that's our experience as a property management company in the area.
I'd Say the "best" market is subjective to what you paid and cashflow. Sure there are tons of great towns around Monmouth with good schools, strong rents and higher income levels than others but a MFH will be hard to find let alone cashflow monthly in the "best" markets. I've lived in ocean and Monmouth counties my entire life and theres only a handful of towns that I wouldnt want anything to do with.
@Jake Drappi I big on Long Branch for beach rentals. Schools are not great as far as I can tell, but in my view it’s one nice beach town close to NYC where you can find relatively affordable properties.
In Middlesex, Perth Amboy, Carteret, New Brunswick and Highland Park are some of the best rental towns. Can't speak for their school systems but that's our experience as a property management company in the area.
@Jake Drappi Its kind of tough to evaluate entire counties as markets, in order to do a thorough analysis on these counties you would have to take a deep dive into each of the 107 towns that comprise them. Can you provide more info on your search criteria? Number of units? Level of rehab you're willing to complete? Area class your in search of etc?
@Vaughn Smith Thanks for sending this. I am looking for 2-4 families, class B, light rehab (paint and carpet, bathroom & kitchen) with decent school districts.
@Vaughn Smith I'm also new investor. Live and work in NYC and looking to invest NJ. In the process of opening a HELOC account to use as capital for my first investment purchase in US. My wife and I own a few condo units overseas.
Below is my search criteria:
Property Type 1-2 family residential Unit
Market- New Jersey Class B-C neighborhood. Looking to be run by property manager
Condition- Light to medium rehab. From simple cleaning to cosmetic upgrade and fixtures no major mechanical work.
Price Range $100k-200K with 20% Down Payment
Profit- Looking to make $200/mth per unit on mutli or $300 on a single
My co-worker and I work in NYC commercial construction for supermarkets. Looking to create an LLC for flipping houses and buy n hold units in NJ. So the above search criteria will also work for units that need upgrading to be resold on the market. Have connections with architects and contractors who can do the rehab.
Not here to get rich quick but gain some experience and start building up a portfolio. Any counties in NJ that I should be looking in I would greatly appreciate.
@Vaughn Smith I'm also new investor. Live and work in NYC and looking to invest NJ. In the process of opening a HELOC account to use as capital for my first investment purchase in US. My wife and I own a few condo units overseas.
Below is my search criteria:
Property Type 1-2 family residential Unit
Market- New Jersey Class B-C neighborhood. Looking to be run by property manager
Condition- Light to medium rehab. From simple cleaning to cosmetic upgrade and fixtures no major mechanical work.
Price Range $100k-200K with 20% Down Payment
Profit- Looking to make $200/mth per unit on mutli or $300 on a single
My co-worker and I work in NYC commercial construction for supermarkets. Looking to create an LLC for flipping houses and buy n hold units in NJ. So the above search criteria will also work for units that need upgrading to be resold on the market. Have connections with architects and contractors who can do the rehab.
Not here to get rich quick but gain some experience and start building up a portfolio. Any counties in NJ that I should be looking in I would greatly appreciate.
Thanks,
Hi Rick, we do brokerage, property management and construction in Central NJ so we are super niche with this stuff. You're not buying investment property in NJ for under 200k unless it's reallllllly far in South NJ or maybe some stuff in Trenton. Anything north of I-195 is going to be 300k+ to get started.