Multi Family in New Jersey

[Jake Drappi]

I have recently been looking at multi families, as I intend on making my first deal when this virus is all over.  I am open to doing a deal during this, but I believe it will be difficult to find tenants during this time unless I can find a really good deal.  I have been at least reaching out to agents with listings that I would consider, but within a day or two of these listings being posted, they all typically have deals over asking price within a day or two.  I am asking for feedback on just how competitive this market is.  I have checked on roughly 7 listings and every time, the agent tells me I am too late, she has multiple offers above asking, etc.  And this is within 24-48 hours of the listing being posted!!!! Any advice would be greatly appreciated.  Also, if anyone has any books they would recommend, I am using this down time to study and learn, so I am very open to suggestions.  Just finished Rich Dad Poor Dad, Grit, Start with Why, The Little Red Book of Selling, and a few others.  All great reads.

[Christian Estrella]

@Jake Drappi I found that to be the issue for me as well when looking in the Elizabeth market, it was pretty competitive and the properties were going for above asking price, this was before the COVID happened.