New long time New Yorker looking at New Jersey O.o

[Yinna Wang]

Hi Bigger Pockets Community!

After multiple google searches about real estate kept leading to biggerpockets.com, I couldn't help but be pulled in. I do wonder though, shouldn't it have been called deeper pockets? :))

Regardless..this site is seems so healthy and full of information in every direction, I'm excited to get started!

After 27 years living and renting in New York, I'm finally ready to own and build my passive income. But NY is so overpriced that I'm actually thinking about New Jersey, specifically Essex County. 

I'm interesting in finding even cheaper (smarter?) ways of getting in, ie foreclosures, fha loans, brrrr, owner-occupy on multi-family properties. Any leads in these areas would be awesome!! x

[Joseph Scorese]

Hi @Yinna Wang,

Welcome to BP!

Best Suggestion: Follow the Train Stops going thru Essex County. Specifically the ones that offer express back into NYC. House Hacking - FHA is the play for you depending on what you qualify for and rents that are collected on the other units. Also, try and identify an asset that has more 2 to 3 Bedrooms more than the make shift 1 Bedrooms and Studios. Less turn over and better tenants. Tenants that take the train to work usually pay there rent.

Let me know if you have any questions and happy house hunting.

Regards,

Joe Scorese