Newark Investing

[Claudia Fernandez]

I am on the market for some multifamily homes to hold and I was considering Newark. I have read here that Newark is very hit or miss. Anyone have info on what areas in Newark I should look into? What are the rents in Newark? Also should I be looking for newer homes? I'm assuming the rents on the newer properties are higher and better. Any help appreciated. 

[Paul Birkett]

I only know the market through the note business. We don't buy the actual home, we buy the note and work with the homeowner to get them paying again or acquire the property through foreclosure.

if we end up with the property, its at 30% below market. .... so there is a margin built in at purchase. I would move very carefully if you plan on buying the actual RE. I would look at 100 properties before I bought one - really. Its just so easy to end up in Losstown when you rush into a truly difficult market without all the expertise you'll need