How To Find Wholesalers In North Jersey

[Paul Jurczyk]

Hey everyone,

I'm new here, so I apologize if this isn't where to ask this or if this isn't something that should be asked here, but I'm trying to find a deal in North Jersey for 6 - 10 units. Jersey City, Union City, Harrison, Hoboken, Weehawken, etc.

It seems like finding a good deal online is difficult. So I'm guessing there's better ways. One way I hear is to get in touch with some wholesalers. Or do most wholesalers stick with smaller properties?

Or maybe you guys could recommend a better way to find a good deal? Appreciate any help! Thanks :)

[John Errico]

@Paul Jurczyk to second @Diana Tian's comments: you should be aware (if you're not already) that all of the cities you mentioned have very different rent control laws, many of which are quite unfavorable for larger multi-units. (Notably, say, Union City). You can find, on the MLS, deals that look great if you assume market rents for all the units, but the reality is often that rents are way below market (and you can do virtually nothing to change them). Market rent, cash-flowing larger multi-families are quite difficult to find (and, even then, it's not really a value add play, since you're not able to increase rents).

I see wholesale "deals" for smaller multi-families in Hudson county not infrequently, but truly good deals are (obviously) more difficult to come by.