Bloomfield NJ multi-family investing

Bloomfield NJ multi-family investing

Member since 2024 · 2 posts · 2 votes
Hey BP community!

I am today years old in terms of this forum and it's already provided a wealth of super useful information. I've been on the sidelines with real estate investing for about 2 years now given this highly volatile and high interest rate environment (at least relative to recent years). I'm lucky enough to have a seasoned investor on my team of 30+ years in my father-in-law. I recently moved to Montclair near the Watchung Plaza and know that area very well. However, I identified a deal in the southern part of Bloomfield (near Watsessing NJ transit station) I am interested in and do not know that area as well. The numbers look good all around, my lingering question mark is around general safety of the area. I plan to spend some time during all times of day to familiarize myself but I have read a ton of info and it is generally not considered to have a stellar reputation in terms of crime and such. It would not be owner-occupied so my concern only goes as far as the area not deterring potential tenants from wanting to move in. Any thoughts on that specific area?

Thanks in advance!
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  • Real Estate Agent · Ridgewood, NJ · Member since 2015 · 114 posts · 43 votes
    2y

    Hey Charles, 

    Congrats on making the jump and diving into a specific area and strategy! My first place to go would be check how long units similar to the one you're looking for are listed for lease. I'm sure you've seen but rents are still pretty high in NJ which means tenants are having a tough time with short inventory. If you really see potential and like the overall quality of the property you may need to get creative on making sure you're covered if the units take longer to lease there. 

    DM if you have any other questions I could help out with!

  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    2y

    Hi @Charles Antoine Malenfant I have been doing business in the area for over a decade and I will let you know if done right you can attract very high rents with proximity to train.  If property has good layout I have seen many cash cows pop up there. Just be aware cash cow on one street may not be one on the next.  

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