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I just bought Assault on Black Reach to create my starter army. What would you recommend to supplement my army?

I assume you're playing the marine half of that kit?

Anyways, you're probably going to want to figure out what kind of marine army you want to play, as you're going to have to buy some very different models if you're going with a drop pod assault, versus if you're going with a bike list, or with a razorspam list, etc.

What you should buy depends on what kind of a space marine army you're trying to create.

I like to tie up the enemy in close-quarters while simultaneously picking them off with precision fire from afar

That's rather... contradictory. You're probably going to have to focus on one of those and then include a small support element of the other.

Which is more important?

or you buy a assault squad and a devestator squad...and find which floats your boat.

In the long run all units are useful, and fun to use.

If all you have is Assault on Blackreach, and your intending to build Space marines, then you should pick up Dark Vengeance as well,

I thought about getting dark vengeance but the space marines are all dark angels and though I could just paint them into my faction, I'd rather add more in one squad at a time.
I am definitely going to but in a devastator squad, a scout (sniper) squad and some piece of heavy armor, which brings me to my next question:
Predator or Land Raider

Land raider.

Two twin-linked lascannons and a multimelta is nothing to sneeze at, especially on such a survivable platform. Plus, you get PotMS to split fire.

Plus, you can also use it to keep scoring units safe until the end of the game.

And, if you really want, you can throw a bunch of terminators in there at some point to deliver that personalized face beating you were talking about earlier.

Don't buy a Land Raider. Expensive, schizoid, and eats a silly amount of points for one vehicle until you get to a big list. Predator is wonderfully cheap and can spit out/take a silly amount of fire at under a hundred points if you don't invest in lascannons (Hint: don't invest in lascannons).

Depends if you're using vanilla Marines or Dark Angels for the Marines detachment; both should probably get more Tactical Marines and Devastators, but Dark Angels should get more bikes and Terminators as well, while vanilla Marines should get Land Speeders.

The Chaos detachment needs more regular CSM and/or Cult Marines if you feel like using them (my personal favorite are Thousand Sons, but all the Cult Marines are interesting and viable with the new Codex) and probably a Heldrake, since they're awesome.