Hi Everyone involved in Jersey City
I'm trying to figure out if their is potential in Jersey City... For a beginner.
As it sounds to me that properties went quite up over their lately
Please share your thoughts about it.
Jersey City is going to be very expensive. It all depends on your budget. If you have the capital to do it then Jersey City could work for you.
I know when I started with $40,000 in my bank account I couldn't invest locally and I was forced to invest out of state.
From one beginner to another (I haven't done a deal yet, but am in the process of raising capital), I agree with Antoine. I've been watching houses for a while there and there's just no way I have enough money to get involved. Even house hacking is tricky because the monthly payments can be so high. Unless you have capital, then it might not be up your alley.
Currently, I'm reading Long-Distance Real Estate Investing by David Greene and in his book he talks about how some markets are just not conducive to certain strategies or people. I think the JC market is definitely not for many beginner investors given that we lack capital and can't buy affordable multifamily units. That's why I think I'll have to agree with Antoine again and say that maybe you should look into long distance real estate investing. I highly recommend you read David Greene's book too :)
@Lip Weiss Unless you know JC with your eyes closed, it will be very challenging to find a good deal. Tons of people including large groups from Brooklyn and Queens.
Key is cash flow. Make sure the rent pays more than the expenses.