Buying in NJ - close to NYC

[George Samios]

Hello,

I am new as a real estate investor and I was just wondering where are good areas in NJ to buy a multi-family property for a buy and hold type investment near NYC? I understand prices are higher closer to NYC, but where would be the areas that people are migrating too? and is it worth the time and effort too look into these areas?

Any advice will be greatly appreciated. 

[Vaughn Smith]

@George Samios My $.02:

-Define the specifics of what you want to invest in, what rate of return you expect etc. Be as specific as possible

-Analyze as many deals as you can find that fit into your strategy, learn the market and visit your target area 

-Assemble a team (tradesmen, attorney, Realtor, CPA)

-Find funding(I placed find funding last here but it could easily be first depending on your strategy if you're using a traditional bank loan not a commercial loan or hard/private money the get your financing together first.)

For a traditional loan a bank will pre approve you without a subject property, hard/private/commercial lenders are more concerned with the deal so you shouldn't approach them for a pre approval until you have one.