Investing for a rental property in New Jersey

[Steve Saussier]

Hi guys,

Thanks a lot for sharing amazing information on this site. I couldn't have asked for a better mentor than you guys.

I have been thinking of buying my first rental property. I have been based in NJ, hence investing in NJ has been my natural preference. I have following things in my mind when analysing the property:-

• Area in North Jersey. What I have concluded that areas/cities within North Jersey have natural tendency of having more rentals as they are in close proximity with NY
• Three family house.
• Price within 500,000. Having it within or under half million would ensure that I have a relatively better property. 
• Financing with 40% down, and paying off the property in 2-3 years.

Now my question is do you think North Jersey is a better investment option. I am hoping to have at least over 5K from rent.

Is there any other thing I should be thinking off? Am I being too optimistic?

Any pointer would be hugely valuable.

Thanks.