Bergen County New Jersey housing market

[Samantha Santaniello]

Hello BP community,

I am in the process of looking into purchasing my first investment property (SFH) and i know from listening to the podcasts and reading the forums that a good deal would be to purchase a property utilizing the 2% rule. However, in my market of Bergen County New Jersey, i cant even find a deal utilizing the 1% rule. I would really appreciate some advice from those of you that live in the new jersey area if there are areas where you can find at least a deal with the 1% rule. The pricing of houses in the Bergen county area keep rising and its so hard to get a deal these days.

Thanks so much for any insight or recommendations

[Kevin Hill]

1% is more probable in Bergen County but that’s even hard to find. Most $300,000 single family homes aren’t going to be in good enough shape or have a good location to generate a $3000 monthly rental. 

Personally, I would wait until the market cools down and we go back into a declining market to find those good, buy & hold deals. When that would be? I’m guessing at least 1-2 years here in Bergen County.