MultiFamily investing in Jersey City area

[Karell Nixon]

Hello BP, I am new to investing and am looking to start with multifamily properties in the Jersey City area for cash flow. Multifamily seemed easier to get cash flowing conditions than investing in SFHs in Jersey. I have never owned a home or had tenants before so I am curious about how other people have broken into this  area of investing.

I appreciate the information and would love to discuss this!

[Jonathan Twombly]

@Karell Nixon The best way to get deals is by building relationships with brokers.  This takes time.  But it is more productive than spending time on Loopnet, which is where the bad deals go to languish when the brokers' good clients have turned them down.  Start Googling the brokers in Jersey City, identify from their listings which ones deal in multifamily, reach out to them via LinkedIn, and start to build a relationship.

Reaching out cold and asking for deals will be useless.  They will ignore you. They get dozens of inquiries from unqualified buyers a week.  To get through to them, you need to build a relationship and demonstrate that you are qualified to buy.   You can demonstrate this with a professional looking package that describes you, your qualifications, your team and, very specifically, the kinds of deals you want to buy.  But you only send this to the broker after you have established a relationship with them.  

The best way to start a relationship is to get an introduction from someone you both know.  A personal connection is even better than a professional one.  But be sure you are 100% ready to meet the broker before you take a meeting, because if they perceive that you are a time-waster, you will never get another chance.

There is no rush in this business.  Success comes to those who take the time to do it right.