New to BP - Brooklyn New York. I recently Joined.

[Steve Faucette]

I am from Brooklyn, NY and i am very interested investing in Multifamily Units, I am currently looking in the Jersey City, Union City, NJ areas. I am told that these two areas are up and coming community's. I have also been looking down in Trenton NJ, were the prices on most properties are really inexpensive, but those neighborhoods are not so desirable neighborhoods. What are some ideas, regarding these type of neighborhoods?...i do know that all neighborhoods do change with time. I have 25k liquid capital to invest, i know that's not much....open to ideas!

[Andrea Coar]

Hi Steve,

Welcome to BP! I am an agent at Weichert in Hoboken & NYC! The real estate market is INSANE!! I am currently looking for my first flip in Hudson County. Don't give up on Jersey City!!! There is a lot of competition, but if you stay focused and determined I guarantee you will find something. I live in Bayonne and absolutely LOVE IT! Taxes are a little high, but you can find great investment multifamily homes. The light rail was built 5 years ago and it makes for a very easy commute. Try and find a house near it and you'll be GOLDEN! Union City home sales are up 48% from this time last year!! Crazy...right?? The only thing is that the taxes are out of control. If you can get over that and find a great deal GO FOR IT! 

Check out The Real Deal magazine from June 2015. It gives you more insight on the NJ market. You will LOVE the articles! So in retrospect, Hudson County is THE PLACE to invest right now! Figure out a way to get in and do it FAST!! Hoboken is the only one I would suggest to steer clear from. You need a lot of cash to compete AND....if you want to renovate the permit process can be tough. It took a friend of mine 2 years to renovate her condo bc she didn't "know the right people." She said it was a NIGHTMARE. Jersey City, Bayonne, Union City, and West New York are all booming areas and you will get a nice return. If you want to stay in the Trenton area, please reach out to my friend Stephen and introduce yourself. I'll inbox you his full name. If you need a knowledgeable dedicated agent I would love to help you. CONGRATS on saving $25K! That's a fabulous accomplishment and if your credit and income are good then you are well on your way to finding your first income property! I wish you the best!