New Investor looking to start in NJ

[Alex Houser]

Hey all,

I'm brand new to BiggerPockets (incredibly thankful for such amazing resources!) and looking to invest in my first multifamily property in New Jersey. Just wanted to say hello, and perhaps ask for any advice you might have for a newbie in Real Estate.

My wife and I are hunting for our first property (currently renting in Morris country), and we're hoping to find a good deal on a 2-4 unit multifamily property somewhere in the Morris, Passaic, Essex, Bergen, or perhaps even Sussex counties. (North Jersey, in other words.) We plan to "house hack", getting in with an FHA loan as owner-occupants.

The only question I really have is what should I be paying attention to? My only concern with stepping forward into real estate investment is that I don't know what I don't know. I've seen the "it's too expensive in my area" narrative all over the forums, and I hate to sound like a cliché, but the market in New Jersey seems especially challenging. Good multifamily properties in the area are expensive, with incredibly high taxes, while the "deals" to be had are in the slums, where no quality renters would usually consider renting.

Any advice?

Thanks to everyone for this BP Community! Incredibly grateful to be a part of such an excellent cohort.

- Alex H