Multi family home investment, Brooklyn Qns or NJ?

I vote for Brooklyn.

Where in Brooklyn have you looked for multi family homes?

Thanks Truth. I have looked at areas like Bed-Stuy and Bushwick. The prices for multi family homes in Newark are very attractive (compared to brooklyn) but the real estate tax is sky high compared to brooklyn.

Brooklyn!

Hi Truth!

You can get more $$ in rent for Brooklyn than Newark. There a plenty of people who, unknowingly, end up in the war zone areas of Brooklyn paying a significant premium of what anyone else would pay. Not so in Newark.

superwoman:
Mutombo owns a home in Williamsburg. He lives, very happily there.
I sold my Manhattan condo in Feb. and have been renting in Bay Ridge.
I love it, it's a beautiful neighborhood. Very safe, clean and convinient.

You don't need to buy a multi-family in a "war-zone" Brooklyn neigborhood (as ab put it, in his comment, above).

There are some nice 2-family homes in Bay Ridge for sale.
Also, check out:
Dyker Heights and Bensonhurst.

You will get a good deal there now and will have renters paying very good rents to live there.

Good luck!
P.S.:
If the property you purchase needs some reno, contact Jeff(Primer) at Primerenovations.
You can trust him to do excellent work for you.

Hi mutombo!
Next Saturday at the Barclays Arena: THE ROLLING STONES!!!

THANKS Truth, very helpful information, I never thought about Bay Ridge and Bensonhurst, will check it out for sure.

As a matter of fact, I do need some repair work for my apartment, I will definitely check out Jeff at Prime too, hope his price is reasonable. Shall I say Truth from SE refers me :) ??

I see you like what Barclays has done for Bklyn! Enjoy the show.

superwoman, keep in mind the neighborhoods that were ravaged by Sandy.

superwoman:
Yes, Jeff knows me in real life.
I PROMISE YOU, THAT YOU CAN TRUST HIM FOR TOP-NOTCH QUALITY RENO WORK.
He charges less for Brooklyn renos, as there are fewer restrictions as compared to Manhattan.
If your current apartment is in Manhattan, you will get the best quality for every dollar you pay.

Also check out:
Bath Beach (near Bensonhurst), Midwood and Marine Park.
Express bus service to Manhattan is available.
Bath Beach and Midwood aren't far from the subways (they also have the option of Express bus service nearby).

Very nice two/multi-family homes there with driveways, backyards and porches. Some have garages.
These are not crappy neighborhoods and you and your tenants will feel safe there, at least MUCH safer than
Bushwick and Bed Stuy -- no comparison.

poor jeff,

very, very awkward for him.

mutombo: The neighborhoods I suggested were not affected by the hurricane.

I love the Barclays Arena: Great sound-system , excellent sight-lines from the seating areas.
Take the subway. Go out before/after the concerts to the nice restaurants in the neighborhood.

superwoman: The troll, cloumbiacounty, has arrived on your discussion thread.
Please ignore him, as I have always done.

truth is a genius.

the smartest of the smartest.

be sure to follow her advice in all things.

All hail our savior columbiacounty!

Be careful with Newark - it has lots of potential but there are too many problems with crime, etc that aren't going away. The houses in Newark aren't particularly attractive. I think Harrison has more potential. I'm just amazed at prices in Bed-Stuy and Bushwick

i bought a multifamily building in hudson country nj for around 350k. the rent roll is about 65k per year, expenses half that. neighborhood is safe, clean, and desirable and full of nyc commuters. truth, if you can find that kind of return on investment with that low a cost of entry in any of the brooklyn neighborhoods mentioned you could make a lot of money in finders fees. which is another way of saying it doesn't exist.