Moving From NJ to North DE & Looking for BP Friends

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Moving From NJ to North DE & Looking for BP Friends

Mario CiccarelliPro Member
Investor · Newark DE · Member since 2017 · 45 posts · 25 votes

Hey, everyone! Even though I've been on BP for a few years, I've yet to buy my first deal. I have been patiently saving and reading, and now it's about time to start investing. I live with my parents in central NJ but it's much too expensive and way too tenant friendly, for my liking, to stay here. The company I work for has an office in Wilmington Delaware and I'm looking to transfer there. I got the "ok" from my boss so now it's just a matter of planning and waiting for the COVID-19 quarantine crisis to calm down. 

My hope is to move down to the northern Delaware area by early 2021 if not this fall. Since my employer's office is in Wilmington, I'd like to house hack in the surrounding area. My first choice is Newark since it has a younger demographic and nearby state parks. I love being outdoors, hiking, and I'm 26 so it seems like a good fit. I would also like to rent by the room so it seems like a good town for roommates. My ultimate goal is early financial independence and I'm hungry for work, networking, friends, and learning experiences.

So anyway, do any of you live in northern Delaware? I've only just begun my market research so any tips or advice you may have is greatly appreciated. If any of you live and invest in north Delaware, I would love to connect and network, and I'd love to buy you a drink when I finally get down there!

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Eric Armstrong
Investor · Wilmington, DE · Member since 2013 · 394 posts · 123 votes
6y

@Mario Ciccarelli Newark is be a good area for a younger renter, possibly a grad student. Watch closely where you purchase though. Inside the city limits of Newark there are restrictions on how many unrelated persons live in a home. You would need to get a permit, which aren’t easy to get from my understanding. To avoid these restrictions, also consider the Trolley Square, and surrounding, areas of Wilmington. This is generally an area for a younger group of working professionals, often just outta college. Know that these are both high demand areas and priced accordingly. If you are in need of a realtor reach out to @Vincent Garman as he is very familiar with both areas and an investor himself. Good luck.

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  • Rumen Mladenov
    Investor · Newark, DE · Member since 2014 · 245 posts · 198 votes
    6y

    Hey Mario. Let me add one more major benefit of Delaware over NJ - our property taxes are much more reasonable! That's beginning to change a bit with all the school district referendums that passed lately, but we're still far better than NJ. 

    The rental demand in Newark is pretty strong. Renting by the room is a feasible strategy if your property is close to UD. I personally prefer to rent to families, some of  my tenants have been with me for over 5 years. You don't get that kind of stability renting by the room. But if you're single, house hacking is a great way to start - that is how I started myself :)

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  • Eric Armstrong
    Investor · Wilmington, DE · Member since 2013 · 394 posts · 123 votes
    6y

    @Mario Ciccarelli Newark is be a good area for a younger renter, possibly a grad student. Watch closely where you purchase though. Inside the city limits of Newark there are restrictions on how many unrelated persons live in a home. You would need to get a permit, which aren’t easy to get from my understanding. To avoid these restrictions, also consider the Trolley Square, and surrounding, areas of Wilmington. This is generally an area for a younger group of working professionals, often just outta college. Know that these are both high demand areas and priced accordingly. If you are in need of a realtor reach out to @Vincent Garman as he is very familiar with both areas and an investor himself. Good luck.

    1Reply
  • Mario CiccarelliPro Member
    OP
    Investor · Newark DE · Member since 2017 · 45 posts · 25 votes
    6y

    @Rumen Mladenov oh trust me I know you guys have better taxes, I think most of the country has better taxes than NJ. It's bad enough with the taxes on income and goods, but property taxes are astronomical in many areas as well. I'm certainly looking forward to keeping a little more money.

    It's good to know the rental demand is high in Newark, if I can get started investing around where I live it would be a lot less daunting. Staying in NJ my best prospect would be out of state investing. I just want to rent by the room for my primary residence/house hack since it seems to be the best ROI. But once I start building a portfolio, I like your strategy of renting to families much more.

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  • Mario CiccarelliPro Member
    OP
    Investor · Newark DE · Member since 2017 · 45 posts · 25 votes
    6y

    @Rumen Mladenov oh trust me I know you guys have better taxes, I think most of the country has better taxes than NJ. It's bad enough with the taxes on income and goods, but property taxes are astronomical in many areas as well. I'm certainly looking forward to keeping a little more money.

    It's good to know the rental demand is high in Newark, if I can get started investing around where I live it would be a lot less daunting. Staying in NJ my best prospect would be out of state investing. I just want to rent by the room for my primary residence/house hack since it seems to be the best ROI. But once I start building a portfolio, I like your strategy of renting to families much more.

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  • Mario CiccarelliPro Member
    OP
    Investor · Newark DE · Member since 2017 · 45 posts · 25 votes
    6y

    @Eric Armstrong do you happen to know offhand the restriction number? Though I'm not opposed to offering college housing, I really only planned on doing a rent by room strategy for my primary house hacked residence. But I will look into Trolley Square as well thanks!

    Thanks for the agent recommendation as well, I will be sure to reach out to him.

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  • Eric Armstrong
    Investor · Wilmington, DE · Member since 2013 · 394 posts · 123 votes
    6y

    @Mario Ciccarelli it might be as low as 3 unrelated individuals. Definitely not a prob if you’re only renting one room. Gonna need to check the city website for more specific details.

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  • Mario CiccarelliPro Member
    OP
    Investor · Newark DE · Member since 2017 · 45 posts · 25 votes
    6y

    @Eric Armstrong hmm I may have to look for a home outside the city limits then. My hope is to fill the house with enough roommates to cover the mortgage if not cover and cash flow.

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  • Vincent Garman
    Real Estate Agent · DE · Member since 2019 · 82 posts · 38 votes
    6y

    Thanks @Eric Armstrong hey @Mario Ciccarelli just sent you an inbox!

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