Paterson Area

[Joseph Scrafani]

Hello.

New to the forum.  Just starting my knowledge path to owning rental income properties. Now that I have a well paying career (at least it will be in a couple years) i am starting to learn the basics on starting out. I plan on house hacking my first property in about 2 years ( saving now). I am looking for a 3 family ideally one of the units being a 1 bedroom for me because i am not married or kids or anything like that.

I want to get some input on the best places for owning in paterson area. I was looking in clifton, lots of multifamily but have been neglecting paterson because of the stigma but feel like i am leaving a big piece of the market out as paterson in the biggest city in the area ( newark to far right now as i want to stay local in the beggining). I am pretty familiar with paterson and know what areas to avoid(inner city). Any suggestions about Paterson and the surrounding area( mostly  west of paterson cause i am not familiar with towns west of paterson).

Like i said I dont plan on being financially ready for about 2 years but i want to start looking and getting practice on what to look for. Thanks.

[Darian Harris]

I've been to Paterson a few times to check on some REO properties that we have listed with my office and don't see the growth in the area that I was expecting to see due to the fact that its not that far outside of Manhattan. I work primarily in Essex county so its hard to really see the progression of the area the same way that I see in a city like Newark, which I'm in everyday.

[Tim Pagano]

@DarianHarris , what kind of progress are you seeing in Newark?