I am a newbie investor looking to get in the game. I have been looking around Burlington City, NJ and the town seems to have the potential for an awesome downtown, although there is not much going on right now other than a few stores and restaurants making some investments to open business.
Can anyone provide insight on the RE market and rental market of the town? And has anyone invested or thinking of investing that could share there experience as well.
Hi @Brian Roddy !
Welcome to Biggerpockets! All the best!
Unfortunately, I'm not really familiar with the area but I've heard some areas of Burlington can be a little rough. Before investing in that market, I would do some research to find out the areas to stay away from.
I've heard of people calling the police department and asking for statistics about the area before moving there. Might be worth a try..
Hopefully this helps!
Im a invester in Burlington Township, I personally stay away from city, but you can find some good deals in the city, like the others said be careful where you buy. I prefer Township for the school system.
I had been looking in that area for quite sometime. I decided not to currently invest there but it does have potential.
There are four distinct neighborhoods, Old London, New London, Old Yorkshire, New Yorkshire. From doing my own research, in my opinion you want to stick to the old side of town within a few blocks to the newer part of the downtown.
If you get more serious, look into the Smith Group. They are the ones behind Brickwall and have locations in several areas.
I am a new investor looking to make my first deal as well. I was also interested in Burlington City based on analysis (CoCROI, 2% Rule, 50% Rule etc....) and the revitalization efforts, which I guess is all speculative. There are some really nice brick face row homes that remind me of Hoboken or Downtown Jersey City, and parts of High Street (the main shopping/dining street) are great. Outside of that though, the city is fairly run down. My realtor was very concerned about this area as a first investment and has been attempting to talk me out of it despite my enthusiasm.
Here were some of her reasons:
- Safety of the area
- Age of the homes (some were built in the late 1800's)
- Higher potential for bad renters
- Low potential that the revitalization efforts will succeed which will lead to difficulty selling in the future
I do plan on looking at a few homes before I completely rule it out, and am interested to hear where you land on it as well.
Good Luck! If you would like talk live at some point let me know.
I heard some prominent restauranteurs from Asbury Park bought a bunch of commercial property there. I'd be interested in sitting on some city council and development meetings.
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