New Jersey Multifamily Location Advice.

[Eric Fichera]

Hi all, I'm looking for some location advice. My goal is the invest in a multiplex (most likely duplex) in north Jersey area. I was looking in the garfield/passiac region as well as the jersey city area as well. My price range is 3-mid 400s. I was curious if anyone has any insider advice in terms of the neighborhoods as well as the basics like taxes. Thanks

[Jonathan Greene]

First, ask yourself where you do want to live. Property taxes here are much higher than people think. A 300k buy in some areas you will look in will carry 10+k in taxes. If you are looking to house hack, how much space do you need? Can you live in a small unit and rent larger ones? 300-400k can get it done in some areas, but they will all need work. Are you comfortable doing value-add work or are you looking for something more turnkey? If turnkey, your budget in Northern NJ may be a bit restrictive depending on where you would want to be.