Hoboken, NJ · Member since 2017 · 17 posts · 2 votes
Hello everyone,
I am new to Bigger Pocket and have been educating myself through books and podcasts over the past month. I am interesting in networking with local investors, wholesalers, Agents, and lenders in northern New Jersey. I would love to hear about other peoples experience and how they got started in there perspective area. Any information about your markets and what opportunities you have found that helped accelerate your invests or career.
A little bit about me, I am a resent MBA graduate working in NYC at Pricewaterhouse Coopers. I have been interested in real estate for many years, but recently have considered pursuing real estate as a business opportunity. I am interested in buying multi-family homes and renting them out. I have also found the BRRRR strategy very interesting and have considered this as a way to fund my properties. Please feel free to connect with me or message me, I would love to talk.
Welcome to BP! I think you'll find that this is a tremendous resource and people are generally willing to share their experiences and knowledge readily.
For me, I house hacked my first property many years ago and have been hooked on REI ever since. I implement the BRRRR strategy and work primarily in urban markets in Northern NJ. Happy to share some of my experiences and insights on the markets where I'm active. PM me anytime.
Investor · Parksville, NY · Member since 2017 · 7 posts · 3 votes
9y
I'm moving to and apt in the Bergen Lafayette area of Jersey City. I'd spent some month's looking at multi-families there over 10 years ago but didn't pull the trigger. Bought some rowhouses in Philly instead. Took a beating during the crash, and now I'm walking around the "old neighborhood" I'm really wishing I'd bought JC then. Now, I'm looking around again... but I'm concerned prices don't leave much margin.
Hoboken, NJ · Member since 2017 · 17 posts · 2 votes
9y
I have been looking in Jersey city and union city. I like that the path runs there marking it's easy to get in and out of NYC. I'm currently renting in Hoboken but it's super expensive and buying there would leave very little room for profits. That's the main reason why I have been looking a little bit more outside the NYC area.
Welcome to BP! I think you'll find that this is a tremendous resource and people are generally willing to share their experiences and knowledge readily.
For me, I house hacked my first property many years ago and have been hooked on REI ever since. I implement the BRRRR strategy and work primarily in urban markets in Northern NJ. Happy to share some of my experiences and insights on the markets where I'm active. PM me anytime.
Real Estate Agent · Bloomfield, NJ · Member since 2015 · 89 posts · 80 votes
9y
@Andrew Wenman welcome to Biggerpockets!!! I started getting serious with real estate investing while working for Ernst & Young! both are great companies... Having a W-2, some savings and good credit can get you jump started in real estate. As you said multi-families is what I would definitely focus on, and if you are open to living outside of Hoboken, you have opportunities to purchase in Jersey City, Union City, Weehawken, etc... Feel free to connect..
Developer · Little Ferry, NJ · Member since 2016 · 426 posts · 226 votes
9y
@Andrew Wenman Hey, welcome to BP. Buying where you are trying to look is VERY tough because everyone is there. Go outside where there is no one yet and start to build a market there, if you go into an already saturated market, the sharks will eat you alive. I won't tell you where I am buying and where the HOT markets are that most people wouldn't believe but I will let you know that the market of JC, UC, NB, are all over saturated and people are willing to pay a HELL of a lot more for units than you are because you can't afford to pay more as a beginner. Personally I can tell you this, because I bought a house in NB and I am never doing it again, I had to pay a hell of a lot more than I wanted to because there was quite a bit of competition.
If you're looking to start flipping on the other hand, maybe we can do some business together, I am always looking forward to helping a fellow NJ Bp'er out. I am relatively new to the business (less than a year) but I have 9 flips under my belt that I manage myself and I have my own crew that does most of my jobs. I'd like to think that I know what I am doing, and if you're seeking advice and maybe getting started in flipping, we can work together in one way, shape, or form. Connect with me if you have any questions or interested in meeting some time.
Howell, NJ · Member since 2016 · 87 posts · 56 votes
9y
I have to wonder why everyone is trying to work the same areas of Northern NJ. The markets up there are not even very good anymore. If you want to have success, look west to Morris County or south towards Middlesex.
Hoboken, NJ · Member since 2017 · 17 posts · 2 votes
9y
@Jason Timmerman
I have been looking in Morris county also. I grew up around Morris, Sussex and Bergen county so I know the area pretty well. I have also looked at Middlesex and Somertset but, I don't know the area as well and what towns have NJ transit. It will just take a little research.
Real Estate Investor · Paramus, NJ · Member since 2016 · 22 posts · 9 votes
9y
Hey Andrew,
I got my start in REI from meeting people through BP. I was able to offer my skills in technology to build the brand's website, create real estate scripts, and automate other parts of the business. In exchange, I gained a very valuable mentor. I recommend this route. Offer to help someone (bookkeeping, accounting, RE Valuations, etc.) in exchange for som education and hands on experience. You will learn a lot, not only about the Northern Jersey market, but about real estate investing in general.
Brooklyn, NY · Member since 2017 · 39 posts · 13 votes
9y
Going to buy Duplex in NJ looking for cash flow rental for students lets start sharing and networking interested in flipping and learning from others in the area.
Jersey City, NJ · Member since 2012 · 93 posts · 32 votes
9y
Hey guys. I'm in Jersey City as well. Nice to meet you all! I definitely know what you're talking about for price. My wife and I just bought a duplex to House Hack in Journal Square and it was a bit pricey and a LOT of work but we're happy. Would love to connect with all of you especially @Mateusz Prawdzik as maybe we can partner on some things. I'm also trying to start an informal meetup in Journal Square that I can get you the details once it's locked in.
Investor · Caldwell, NJ · Member since 2016 · 8 posts · 1 vote
9y
I haven't house hacked but I own 2 condos in Journal Square that I've rented for the last 7-10 years and now am looking to pick up another condo. Journal Square is too pricey now to make it work. Looking for suggestions for other areas near public transportation that work well.
Lender · Berkeley, CA · Member since 2017 · 1k+ posts · 549 votes
9y
Sean Cina what are rents like in JSQ now?
I had a 2 bed in Hamilton Park with yard and two floors. Landlord was unable to raise rent when I was there at $1036. Was crazy inexpensive for the place.
Investor · Caldwell, NJ · Member since 2016 · 8 posts · 1 vote
9y
An average 1 bedroom is going for 1200-1300 per month now. If the building is more modern the unit could potentially get close to 1500 per month. I can remember struggling to get 950 for my first condo and barely covering my costs!
Developer · Little Ferry, NJ · Member since 2016 · 426 posts · 226 votes
9y
@Stu Basham Hey Stu, let's connect. Maybe we can talk about doing business some times. I will love to come to your meetup as long as it fits my schedule. I wish you all the best with your house hacking, I try to stay far away from the saturated places because there is plenty of room to invest else where, where the sharks won't eat you alive. I usually stay in the area of Union County and Morris County.