Rutherford, NJ · Member since 2016 · 5 posts · 2 votes
Hello all,
Any suggestions where to buy MFH in Bergen county NJ? The majority are SFH's.
Looking for a minimum 3 family so i can house hack. I prefer to stay in Rutherford where I currently reside but have been unlucky finding anything yet. Much appreciated guys!
I don't think there are many properties in Rutherford / Lyndhurst / North Arlington area that are 3 family plus, I've seen mostly 2 families, and there aren't many of those either. I think the zoning limits the 3 families in those neighborhoods. I am from Harrison, I know there are 3 families+ here - are you considering any other areas?
I don't think there are many properties in Rutherford / Lyndhurst / North Arlington area that are 3 family plus, I've seen mostly 2 families, and there aren't many of those either. I think the zoning limits the 3 families in those neighborhoods. I am from Harrison, I know there are 3 families+ here - are you considering any other areas?
Real Estate Investor · Paramus, NJ · Member since 2016 · 22 posts · 9 votes
9y
I have similar advice as Michael Lee and Dave Cali . You will be better served looking at areas outside of Bergen County. The reason for asking about your sources for your property search is that the more creative you can be about sourcing properties, the more successful you can be in this very competitive market. Good luck Nikolaos Makridakis
Real Estate Agent · Parsippany, NJ · Member since 2013 · 186 posts · 71 votes
9y
MFs are far and few between in Morris County as well. If they hit the market you can expect to battle many others for the same property. How are you going about finding your properties? Low inventory is causing bidding wars all round. You need to strike before anyone else is conscious of what's happening around them.
Rutherford, NJ · Member since 2016 · 5 posts · 2 votes
9y
Thank you all for the great advice. Loopnet, Zillow and MLS listings have been my main source. Have also just recently started using local real estate agents to help me as well. Your all correct about the limited inventory in Bergen County. It's very difficult but if I stay persistent i am sure something will come my way.
Agreed with the others. I'm in a North Bergen duplex now, but Bergen county Multi Fams are incredibly overpriced unless they are in need of serious work. I'm sure you will find something if you keep looking but also keep an eye on the taxes as the rates in Bergen are in the sky. Also worth mentioning, some areas in Bergen are very strict with occupancy laws so be careful with what you may do in relation to house hacking.
Real Estate Agent · Emerson, NJ · Member since 2013 · 182 posts · 34 votes
9y
@Nikolaos Makridakis how's the hunt going? Hackensack and Palisades Park probably have the most 3/4 unit properties but other towns have them too. Cheapest one in Bergen right now is a 349k 3 family in Hackensack. It goes up quickly in cost from there.
Lender · Anaheim, CA · Member since 2017 · 64 posts · 32 votes
9y
I just got back from that area, my cousin got married in Woodcliff and by that area I mean northern NJ. I don't know the county lines. Its been a while since I've been back to NY/NJ. I don't know the real estate game to well over there living here in CA, but I am familiar with the finance game. Oh but if you're interested I found a really good pizza place over there :) Right in woodcliff. Grandma's special nearly knocked my socks off. (And I was wearing only sandals!)
Investor · Cresskill NJ/Pigeon Forge, TN · Member since 2014 · 83 posts · 41 votes
9y
Has anyone looked at investing in multi-family properties in Englewood? I have one 3 family property in Weehawken that does well but I live in Cresskill, NJ and am interested in potentially investing closer to home. Also would love to hear from anyone building Spec houses in Cresskill and Tenafly area. Wondering how you make the math work.
Investor · Cresskill NJ/Pigeon Forge, TN · Member since 2014 · 83 posts · 41 votes
9y
Thanks Jessica. I will take a look there. Are you thinking Garfield and some of those areas are better for building spec houses or for Multi Family Rentals?
Attorney · NJ · Member since 2016 · 1k+ posts · 794 votes
9y
I don't know if they are better. Both could be successful. In most of Garfield you have less land, so higher density usually lends itself well to rentals. There's also a train station right there, so renters like the proximity to transportation. There's a lot of new construction there, retail and apartment buildings, so I think it will become a more desirable place to live in the next year or two, but who knows!
The Passaic areas a lot of people move to from Bergen County to get more for their money. They still want a nice home but it's much cheaper, and taxes are better up there. There is a lot of open land compared to Bergen, too, so you get more property, a lot of the towns have hiking trails and lakes, so it's a more rural feel (by no means rural... they have stores and supermarkets everywhere, but just relatively) and slower pace, so a spec house actually may do well up there if you can find the right property.