Hello BP! Newbie investor from Parsippany, NJ

[David Chin]

Hello BP Community!

I've been a lurker for maybe a month or so now and thought I'd at least introduce myself.  My name is David Chin, I'm 30 years old and married over a year now. I grew up in north Jersey not far from NYC, now living in an apartment in Parsippany, NJ for a nice commute to my job as a Quality Engineer.  I've only recently started wrapping my head around real estate investing and have been trying to inundate myself with all the great podcasts and books out there.  

I think everyone knows NJ taxes are awful here and I've been inspired by members in this community taking advantage of multifamily housing to make the numbers work here.  So right now my goal is to find a 3 or 4 unit house ideally around Clifton or neighboring towns since my parents and family are also nearby and I'd like to be close by for when we start a family in the very near future.  After some rough looks at the numbers on duplexes here, I don't feel too confident about being able to positively cash flow them while house hacking, which is why I have more interest for 3-4 unit properties.  

However, I've also pondered the idea that since duplexes are so much more common to find, maybe I can find a deal on one purely for investment instead of owner occupying. I think it would have a better chance of cash flowing in that case with 2 rented units, depending of course on the loan and expenses. I'm not yet sure what all the consequences are for not living in my first home purchase besides losing access to FHA loans, so any advice there would help while I am continuously trying to research and understand it all.

I'd like to find a deal on a multifamily in the next year so ideally and until then will also be trying my best to find ways to save up more since I feel so limited right now in the locations I can make a deal in.  Or if anyone has advice on areas of Passaic and Paterson that they've had success with investing in, maybe I can find numbers that work there sooner than later.  I'm looking forward to this journey and appreciate all the help provided by this community.