Posted by Walt_FL on July 12, 2004 at 14:10:03:
Me Too, I am in Florida Now, Still interested in North Jersey Wholesalers and Investment Properties, though. Thanks, Walt
Newark…? any idea? - Posted by bykasif
Posted by bykasif on July 05, 2004 at 19:19:04:
Hi,
I would like to get your opinions about investing(buying rental income properties and hold them.) in Newark, NJ. It seem that there can be good deals which you have a positive cash flow. However, some people say that: “this is not a good area!! don’t go for it…!!!”…??? well…what do you say??
Thank You
A.
Re: Newark…? any idea? - Posted by bykasif
Posted by bykasif on July 27, 2004 at 14:44:09:
Hi,
Thank you guys for your comments. I appreciate that. I have a question for those who has been already investing in Newark,East Orange-NJ: Is there any real estate agent that you work with in your transactions , who is honest, has enough time for me, and experienced in investment property buying? I am kinda having difficulty to find the right person.Thank you in advance.
A.Y.
IB is right… - Posted by Ben (NJ)
Posted by Ben (NJ) on July 06, 2004 at 11:41:02:
Newark is clearly on an upswing. There was a time when I wouldn’t go near Newark, Paterson,Orange, East Orange or even Jersey City but now I have no problem
acquiring properties there. I still wouldn’t touch Irvington or Camden with a ten foot pole though. IMHO, they aren’t coming back for a long time.
Re: Newark…? any idea? - Posted by IB (NJ)
Posted by IB (NJ) on July 06, 2004 at 09:26:51:
Newark, NJ is an up and coming inner city. There are TONS of investors who are too short sighted to see the opportunities in areas like these. To them, EVERY inner city is a “war zone”. Don’t be like one of them.
There are good opps. for rentals and flips in Newark, NJ. But many landlords will only do section 8. NJ is a pro-tenant state. I see many landlords losing their rental properties because a tenant decided they aren’t going to pay the rent. It can take 3-6 mos. to get the tenant out if they put up a fight. In the meantime, you’re responsible for the mortgage.
The street crime that Newark USED to be famous for is not NEARLY as prevalent as it once was. Most of the street crimes are gang related and even that’s dropping. Newark is a good area for investing. East Orange and Irvington (to a lesser degree) are getting better as well so be on the lookout.
Irvington and Camden - Posted by IB (NJ)
Posted by IB (NJ) on July 06, 2004 at 15:25:25:
Yeah I used to speak really bad about Irvington myself Ben. But I’m set to close on a 12 unit apartment building there due to the HOT commercial RE market up here in Central/Northern NJ. Plus we have a good rapport with the Mayor who’s really looking to attract Investors to Irvington. In fact, it’s hard to find commercial buildings anywhere, incl. Irvington, because the big boys are buying everything up for top dollar. While I still wouldn’t touch Irvington 1 - 3 family homes with that same pole, I’d look at an apartment building or two.
Also, I found out that comps from Newark are used to evaluate Irvington commercial properties.
So it’s a risk, but I’m gambling on the upswing.
Now Camden? It would probably have to be a huge commercial building in a strong market for me to touch it. I don’t think either are happening in Camden.
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Re: Newark…? any idea? - Posted by Sadi
Posted by Sadi on July 07, 2004 at 10:43:18:
I currently live in NYC and want to buy my first property in Newark. I was priced out of Jersey City and originally thought Newark was not a good idea. But my thoughts have definetly changed over the past few months. I am still searching for the right deal, and I would love to hear from any wholesalers in the Newark area.
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