Investing in Multifamily properties in Bergen County, NJ

[Jennifer Weiss]

Hey everyone!

I am fairly new to the BP community and I am just starting my investing journey in New Jersey. I have mainly been looking in Bergen county for duplexes and triplexes up to 700k and have put in 6 offers, all over asking but haven't gotten one! I am getting discouraged and not sure if I should be looking elsewhere in New Jersey. Any advice would be greatly appreciated and I look forward to networking with other investors.

[Alan Asriants]

Hey Jennifer, don't get discouraged the market is extremely tough. As an agent and investor I have found a few ways that makes my offers stronger.

1. Waive all contingencies - understand the consequences if your property doesn't appraise, if you're mortgage doesn't close on time, or if you don't do inspections. The offers that are winning now are the ones with no contingencies
2. Increase your Earnest money deposit
3. Offer to complete any U&O requirements, pay transfer taxes, etc.

Remember, do what you feel is comfortable for you. Don't just jump into something. Seasoned investors can waive contingencies because they understand the consequences and know what they are looking at. Purchase price isnt the only thing that matters, some Realtors and sellers get discouraged by FHA. Waiving your mortgage contingency gives you an edge and lets you obtain financing (In PA).

If it feels like to big of a jump, stick to what you are doing and keep trying. Best of luck.

ps. i am not recommending to waive contingencies, i just understand with how competitive the market is that thats what people are doing to secure deals.