East Brunswick, NJ · Member since 2016 · 13 posts · 3 votes
Hey all, I'm just learning the ropes on investing. I live in NJ where taxes are high. Anyone have thoughts on area where there are single family or duplexes under 150K with reasonable cash flow in the NJ /Eastern Pennsylvania area?
Taxes are high, but rents are, for the most part, commensurately high. Just run the numbers. You'd have to look in the lower income areas, such as paterson, newark, irvington, trenton, and the like. Personally, I am not bold enough to go there. But some people are making tons of money in those areas!
I also am interested in the Phillipsburg/Easton area, but it is a little too far for me at this time. Hopefully one day. I've been there a couple times and I really like it.
Taxes are high, but rents are, for the most part, commensurately high. Just run the numbers. You'd have to look in the lower income areas, such as paterson, newark, irvington, trenton, and the like. Personally, I am not bold enough to go there. But some people are making tons of money in those areas!
I also am interested in the Phillipsburg/Easton area, but it is a little too far for me at this time. Hopefully one day. I've been there a couple times and I really like it.
Cranford, NJ · Member since 2016 · 15 posts · 3 votes
9y
Welcome to BP @Louis Friedman! I'm also new the NJ market. I agree with @Simcha Davidman and @Louis Friedman that there are some good deals in those areas but make sure you get to know the permit lag time if you are doing any rehabs. Some hard money lenders won't lend to you if you are buying some of towns like East Orange which has good deals but takes a long time to obtain permits. Good luck!
As @Simcha Davidman noted there are some lower income areas that offer cheap duplexes and single family homes. The only issue is that some of those places can be like a war zone. Like Simcha, I wouldn't invest there especially if you're just starting out.
I wouldn't discount Sussex county. I've seen duplexes up there for 60k-100k. Some need work and extensive rehab but again it could provide a good ROI. Depending on the quality of the unit and location, rents for a 2bd 1ba could go for 1k-1200/mo. I'm pretty familiar with the area and am a local agent so if you need anything feel free to send me a PM.
Rental Property Investor · Stewartsville, NJ · Member since 2016 · 24 posts · 12 votes
9y
@Simcha Davidman Phillipsburg is an up and coming area that I invest and specialize in. If you ever are interested in owning in that town, I would be happy to share what I know.
Rental Property Investor · Yardley, PA · Member since 2012 · 436 posts · 198 votes
9y
I am a full time investor in Trenton NJ. Feel free to reach out to me with any questions. The cash flow game ia strong there, along with fair eviction process in mercer county.
Easton, PA · Member since 2015 · 12 posts · 3 votes
9y
Simcha,
If boots on the ground would help in the Easton area let me know. I am finding a lot of solid BRRRR, fix and flips and multi-unit deals. I am an excellent Project Manager and can help you through the entire process for your own deals and would entertain partnerships, etc. on those deals as well.
Congrats in finding biggerpockets its a great site. I live very close to you and I almost do all of my investing in bethlehem pa which is the town next to pa. I have been investing in this area for many years and I think it is a great area to invest right now. Its like a mini new jersey right over the boarder with cheap houses. I am picking up most of my houses between 65-85k. Let me know if you have any questions.
East Brunswick, NJ · Member since 2016 · 13 posts · 3 votes
9y
Wow, interesting. I guess the are single family homes. B or C? Do you invest do you invest for rentIng or flip? If renting, do you self manage? How do you see the growth potential for the area?
Rental Property Investor · Baltimore, MD · Member since 2014 · 408 posts · 209 votes
9y
@Louis Friedman I went to Easton with my family (Crayola Factory WOOHOO! - I have three little girls) and I chatted up the parking garage attendant. She was telling me all about how she grew up there and the last few years they've tried to revitalize the downtown. Also, just driving through Phillipsburg gave me a pretty decent feeling. There is a small mall and lots of other big name stores. I think I once heard follow the big names - Target, Starbucks, etc would not put there money into dying towns.
@Deborah Moser and @Vic Stezin thank you very much. I will definitely keep this in mind. If I ever get myself out there I will be sure to reach out.
Also, just a quiiiiiiiiiick tip. To tag a user, use the @ sign, then press space, then start typing the name, and you should get a drop down sort of thing to choose a user to tag. This way, they'll get a notification that they've been tagged.
Dallas, TX · Member since 2015 · 17 posts · 3 votes
9y
Hi @Louis Friedman, I am from NJ (lived there for 26 years). I would love to help you out regarding your search for a great market to find an awesome Duplex but what are some of your goals? Are you looking to Buy and Hold or Flip SFH/Duplex's in NJ? I'd be more than happy to point you in the right direction.
Blairstown, NJ · Member since 2016 · 11 posts · 1 vote
9y
Hi all, I am very interested in investing in NWNJ. This is a new venture for me. No real estate experience. I would like to invest in a duplex but have little to no money to put down. How do you start out in this business?
Rental Property Investor · Baltimore, MD · Member since 2014 · 408 posts · 209 votes
9y
@Account Closed If you're trying to house hack, you might be able to qualify for a very low money down mortgage, but your debt-to-income ration would have to be sufficient.
Otherwise, you need to network and provide whatever services possible to people already in the business so that they would learn to rely on and trust you, and you would learn as you go and build connections. When you give to others, you will receive. Eventually, it will lead to great things.
However, based on my limited experience, the single most important factor in all of this is nobody wants to give you a free hand out if they think you don't deserve it. Meaning, you cannot expect anything in return if you're not serious about it. Get serious and be able to objectively demonstrate that, through knowledge and experience.
Blairstown, NJ · Member since 2016 · 11 posts · 1 vote
9y
@Simcha Davidman Good advice thank you. I'm currently not working and handy. Willing to do maintenance...painting yard work snow plowing etc. Does that help?