Bayonne, Jersey City, Newark NJ Multi-Family?

[Brittany D.]

My boyfriend and I are seeking a multi family, 330k or below, and would prefer (but not limited to) NYC commuter-friendly towns. We currently reside in Rutherford and it's a dream- we get to NYC in 25 minutes! We just checked out Bayonne and saw a few properties. Really liked the area a lot and we asked a few people in the community on their thoughts of the area and everyone had great things to say- also saying that it's had such rapid growth. I know the commute will be an hour, but we would be open to it regardless.

Although we liked the area, I was concerned that the rent might not be great for the location? Any other suggestions on towns? 

We were also thinking of looking into Newark and Jersey City? We would be living in one unit and renting the other. Your investor expertise would be appreciated!

[Marc Weisi]

@Brittany D.   The areas you mentioned all have viable multi-families in your price range, but it depends on what neighborhoods/quality/conveniences you're looking for. The best piece of advice that I can give you is to find an agent that specializes in one or more of these areas and pick their brain about these communities. Ask them about the rental clientele, prices, areas that are poised for growth, future development, etc. They are literally paid for their expertise in this space, so lean on them to provide you with market color.  The second best piece of advice that I can give you is, when dealing with agents generally, adhere to Reagan's popular quip "trust but verify."  They're in the business of selling so take everything with a grain of salt. Hope that helps.