New to BP and Question about Newark and Montclair

[Christine P.]

Hello All,  

First, I wanted to give a quick intro- I'm new to BP and although I've been in the real estate field for 20 years, I'm a newbie at real estate investing.  For right now, my focus is on holding 2-3 unit multi-family properties.  

I'd like to purchase my first multi-family in Newark or Montclair by February.  I will live in one of the units for about a year, longer if need be.  Of course a positive cash flow would be great but a break even is also acceptable.  More important is long term rental stability.  

The question I have is:   Based on your experience, would you buy in the better parts of Newark (ex: Ironbound) or the "questionable" areas in Montclair (ex: Mission) ?

My must haves are:  walking distance to train, buses and shopping.  My price is $300,000 but since I'll be living in this property, I am willing to go higher.  

I appreciate your feedback and I look forward to being a part of the BP community!

Christine