Multi family investing in New Jersey

[Sidney Garcia]

Hello everyone, I'm looking to purchase a multi family property in New Jersey. Preferably a duplex to start out my investing. I'm trying to find areas in NJ that have positive job growth and economic development but the google searches aren't giving me anything substantial. What sites or methods do you guys use to truly investigate your market? And to any NJ investors out there, what places in NJ support multi family rental property investing? I'm looking to house-hack. The financing would most likely be an FHA loan.

[Steve Schulman]

Hi @Sidney Garcia. Best advice is to get out and see the area and market that interests you. Drive around, observe, and take notes. I lived in Jersey City prior to starting my investment journey in Bayonne which is a town over. While renting, I saw the development, turnover, and gentrification if you will happen all around me firsthand. From being "in the trenches", and also taking my motorcycle out a couple of weekends for the day, I got a good sense of the local market and streets/location to be, which helped me comfortably and smoothly transition from renter to homeowner.

I think you have the right idea with little down FHA house-hack. If you are willing to take on the work, I recommend taking it a step further and going the FHA 203k route, which is what I did on my first investment purchase. As a NJ Realtor, I mainly focus on working with first-time investors in north Jersey region, but would be glad to chat further and tell you more about my overall market view, and what I am seeing from an agent/investor perspective.