Is now a good time to investing small multi family properties?

[Michael O Hanlon]

Hi Everyone,

I've been looking to invest in a small multi family in Jersey City for a while, specifically the Jersey City Heights area, my first preference would be a 3 family, live in one unit and rent out the other two however I would also settle for a 2 family if the numbers in the deal were right. I'm very existing to start my REI journey and walk away from renting, however with the current climate I'm unsure where it's the right time or if it makes more sense to wait for another 6 months to see if the market dips? Any advise is very much appreciated!!

[Alex Olson]

Originally posted by @Michael O Hanlon:

Hi Everyone,

I've been looking to invest in a small multi family in Jersey City for a while, specifically the Jersey City Heights area, my first preference would be a 3 family, live in one unit and rent out the other two however I would also settle for a 2 family if the numbers in the deal were right. I'm very existing to start my REI journey and walk away from renting, however with the current climate I'm unsure where it's the right time or if it makes more sense to wait for another 6 months to see if the market dips? Any advise is very much appreciated!!

 Do not over pay right now. Work with a great agent that knows the area and can provide comps of sales. If necessary, you can pay your agent a 1% commission on top of his other commission to make sure he keeps you on the books and finds a deal for you. Still, now is a great time to buy because of very low interest rates. Unlikely that MF prices come down much if any.