Modular Multi-families in NJ

[Kyle P.]

Hi All,

I am new to to real estate. I don't have any property as of now, but I will be looking to purchase something in central NJ sometime in 2018. I am interested in the idea of a live-in multi-family rental, but the multi-families in central NJ are generally not in good neighborhoods. I was thinking about purchasing a lot in a good neighborhood and putting a multi-family modular home on it. As long as that specific township doesn't forbid new multi-families, I can't think of any issues with this. Does anyone have any input or experience doing anything like this? Also, is the total price of a lot and construction combo cheaper/more expensive/about the same as buying an already existing property?

Thank you for your help.