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New Jersey Real Estate Q&A Discussion Forum
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Updated over 3 years ago on . Most recent reply

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Eric D.
  • Maplewood, NJ
8
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38
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Seeking North Jersey Strategies

Eric D.
  • Maplewood, NJ
Posted

I own two multi-families (Maplewood and West Orange) free and clear that I rent out. I feel like I need a strategy if I am to continue with real estate investing. 

I look at the MLS and everything seems overpriced and not worth it. My knowledge is kind of limited - I bought these two homes off the MLS through real estate agents. What would you do in my situation?

It doesn't seem worth it to buy a third off the MLS for a high price and with a mortgage and not clear that much money. I also do not want to invest far from this area.

Any suggestions?

Most Popular Reply

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6,630
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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
7,598
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6,630
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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
Replied

The cliff is coming in North Jersey, not a big one, but a little one. A cliff meaning the edge where sellers still think they can get pandemic prices once the demand lessens a little and they start overpricing when they also want or have to sell. This will create some desperation and blame games from sellers, but it won't be a ton. The markets here are still steaming for multis and because so many people want to house hack (and can pay much more bc they are occupying), it skews against a ton of affordable stand-alone multis. There are plenty of options off-market, but they are overpriced and mis-evaluated and need work most of the time with the shoddy wholesalers we have here.

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