Hi BP world!
I'm a newbie investor based out of Hudson County NJ, and I was wondering what markets people have noticed are really picking up steam for investments? One thing I'm struggling with is to narrow down my search for the market I'd like to make my entry point into. I'm looking to buy & hold a multi family property, and now my budget is anywhere from 100-200k. Considering house hacking the property as well. Any advice is appreciated. Thank you!
That price range is going to be tough in North Jersey. Newark and the surrounding area might be your best bet in that price range.
@Romeo Kaado Appreciate the feedback! How do you usually learn about the markets and price ranges? From browsing BP or sites like Trulia, Zillow and the MLS? All of the above?
Most of my homework is done through the mls. Let me know if you need help
having same problem hard to find great deals in nj being the #1 state in property tax doesnt help us but there are def deals out there i have been looking hard into the cherry hill area some good value if your are looking to flip
@Romeo Kaado I appreciate that! Thanks!
@Joshua Braskett right now I think I'm primarily interested in buy & hold rental properties. Once I become more familiar with that niche I'll eventually broaden my knowledge of other categories of REI, but for market knowledge sake i'll be sure to check out the Cherry Hill area. Thank you!
100K-200K is not a realistic budget for multifamily in Hudson County. The lowest priced / decent areas of Hudson County may be Kearny or Bayonne, and greenville area of Jersey City, but it would be hard to find a single-family (one that does not need to be completely renovated) for that price range, let alone a multifamily. Even in the worst neighborhoods that price range may be too low. If that is your price range I would try Newark, Orange, East Orange, or towns in Passaic County like Passaic or Paterson. Garfield is also appealing with their relatively low taxes but the price would have to bump to 200-300k at least.
@Christopher Gerena That's why I love this community! For info like that that I won't necessarily find in a book. I've also considered looking for a partner to help me finance the purchase. Again, I'd likely house hack the property so I could potentially be looking at a very low down payment. We'll see though, still a lot to be learned!
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