The best NJ markets for Multi Family Investing?

[Adam F.]

Hello everyone!

I'm a rookie multi-family investor who currently owns 2 small MF properties. However I'm really looking for some better return on my next deal. I'm trying to a find another small MF property that doesn't require any serious rehab, but also produces at least an 8% COC Return with 30% down on a loan. However I'm having some trouble finding this. The counties I'm particularly interested in are Hudson, Essex and Middlesex, but open to surrounding areas as well. I live in Hudson and work in Middlesex, so any areas within a 30 min drive of those 2 points is ideal.

I've been looking a lot in the better areas of Jersey City Heights, Bergen-Lafayette, North Bergen, West New York, Union City etc. I can never seem to get that type of return when running the numbers. I'd have to offer some real low-ball offers to get the cash flow where I want it.

Is the type of return I'm looking for only possible in less desirable areas where I can buy for less, or simply in more southern markets of NJ? I'm starting to think that a BRRRR type strategy may be the way to get those types of returns in today's market and in these growing areas, in order to buy lower and force up the rents.

Any advice from fellow NJ investors would be appreciated. Thanks!