All Forum Posts by: Kevin Manafi

Hi @Mike A.,

You would need to contact the respective Housing Authority for each city. 

Newark Section 8 Overview: https://newarkha.org/Housing/H...

Jersey City Section 8 Overview: https://www.jerseycityha.org/h...

Hi @Brooke B.,

Congrats on starting the journey toward getting your first investment property! To find out which areas/zip codes have multi-family inventory without a real estate agent, all you can really do is search, search, search--either by driving for dollars, using Google (or ChatGPT), and using listing websites like Compass, Zillow, Redfin, etc. and filtering to multi-family.

Instead of focusing on trying to narrow down by zip code which can be pretty daunting if you're unfamiliar with the areas, I would recommend trying to narrow down by county first. That will also make it easier for you to find an agent in the area as most agents will probably cover the whole county or counties surrounding the towns you're interested in. 

Hi @Account Closed, congrats on getting that listing as a new realtor! 

In terms of what your friend should invest her profits in--that really depends on her, her investment objectives, and whether she's looking for something more active or passive. If she feels like being more on the active side, she could target a value-add project like a BRRRR or flip. If she wants to be more passive and collect cash flow while living in her apartment, she could invest in a multi-family or single-family buy-and-hold rental.

Hi all,

I'm an investor and investor-agent in North Jersey (Bergen County). Looking to expand my horizons into larger properties and different types of commercial real estate, so would love to connect with anyone involved on the commercial side in the Northern NJ area.

Hi @Josh Shapiro, welcome to the BiggerPockets community and congrats on your first post!

Speaking specifically for North Jersey--you are spot on in that prices are not falling and inventory is extremely low, leading to intense competition for what's available. Strictly from that perspective, you're probably better off in an area with more inventory so that your pricing power is greater and competition is lower. 

On the flip side, a lot of the things that make North Jersey a more expensive market are what make it a great area for rental property investing: proximity to NYC, high rent prices and rental demand, appreciation, etc.

I'm an investor and investor-agent born and raised in North Jersey. I'd be happy to connect and chat more about your goals.

Hi @Brian McGuire, 

FHA loans can indeed be used for rental properties, as long as you are occupying the property as your primary residence (you must intend to occupy the property for about a year). Also, generally speaking, you can only have one FHA loan in your name at a time.

If you're interested in learning more, I can connect you with some knowledgeable lenders.

Hi @Joval Mathai,

I know it can be easy to get discouraged when you make offers like that and still nothing is getting accepted, but keep your head up--the Northern NJ market is just very competitive and tough right now. 

As others have mentioned, price is not always everything--you have to take into account the whole package of terms that you are offering, and how attractive the combination of price + terms is to the Seller. These can be things like Closing Date, Contingencies, taking the property with or without tenants, amount of deposit, down payment amount, etc.

Having an agent that knows what they're doing is absolutely essential in a highly competitive market like we're in now.

Hi @Hiral Lai,

I'm an investor and investor-agent in Northern NJ (Bergen, Hudson, Essex, and Passaic Counties). Happy to connect and chat more about your investment goals.

Hello @Dawid Smolenski,

You are correct in that the Heights has emerged as a popular area for rental property investors in recent years, and is definitely benefitting from some nice appreciation. $450k is a bit low to get into a solid property in the Heights, although relative to other popular areas of JC, the Heights does have more reasonable entry-level pricing. 

I'm an investor and investor-agent in Northern NJ. I'd be happy to connect and chat more about the market.

Hey @Tony C.,

Given the current market environment (limited inventory, higher rates), it's difficult, if not impossible, to find a rental property in Northern NJ area that will cash flow while you're occupying it, especially with just 3.5% down. The low down payment combined with the PMI will eat up a good chunk of what could be cash flow.

A more reasonable goal for the time being would be to find a property that allows you to live for as little as possible while you're occupying it, but would cash flow once you move out and the building is fully-occupied (and/or when you refinance into a conventional loan).