Making #s work in New Jersey (Bergen/Hudson County)

[Mike Adams]

I am trying to figure out how realtors are pricing multi-families that do not cashflow. There are some properties I've looked at in Edgewater and Cliffside Park that bring in 3k for a 3 unit, but are asking 1.2m+. How do they think anyone could get a mortgage on the property? We've not been able to touch NJ real estate for a few years due to this. I can make numbers work in Westchester, but Bergen and Hudson counties, nope..

Any suggestions? How are you guys dealing with it?