Investor · Lodi, NJ · Member since 2013 · 487 posts · 179 votes
Is anybody currently investing in the Newark NJ area? I know the city has been improving and trying to drive in new businesses over for last 10 years. Just wondering if anyone has been investing in properties here recently and has seen a difference in potential..
Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
13y
I'm not however what type of investing are you looking to do: Flip or rent out? I do have access to heat maps which show what areas of Newark have increased or decreased over the past 12 months. Just let me know.
Rental Property Investor · NJ · Member since 2017 · 28 posts · 3 votes
8y
Investors looking to expand into Newark MFs. Please reach out if you are willing to lend some advise on areas, finding tenants, and rent control laws. @Ibrahim Hughes, we’d like to join your next meeting.
Rental Property Investor · Jersey City, NJ · Member since 2017 · 104 posts · 53 votes
8y
@Lucas Polski , sorry for the late response but I unfortunately don't know that exact block. More generally, what I would do to understand any neighborhood is travel there during different times. Take a trip at night, during the day, during the work-week if you can and see what kinds of activity is going on in the area. In certain areas, simply observing the neighborhood when your agent shows you the house is not sufficient in my opinion.
So glad to have stumbled upon this thread. I’m from NYC and have been looking since May to buy a two family in Newark. I would live in one unit and rent out the other and have been looking at properties in Lower Broadway along with Lower and Upper Roseville. I chose Lower Broadway due to the proximity to broad St station and the light rail and have seen development plans for that area TBD. I also chose Lower Roseville due to the light rail all along the park and because it’s also near by to University Heights, which is booming atm. Currently looking for properties less than 300K with little repairs needed. Can anyone give me some insight if these areas are positioned to grow? Any other insight on other areas would be great as well. This is my first time buying so somewhat anxious and overwhelmed!
New York City, NY · Member since 2015 · 23 posts · 9 votes
7y
Jumping on this Newark thread - MF investors in Newark - who are the most active lenders (banks) in Newark for 3 and 4 families. Esp interested in North Newark. Would love to hear from you all. Thanks!
I am looking to invest in my 1st rental property in Newark NJ. Any tips on the area for a budget of $200K (partial bank loan) would be appreciated. I would prefer something which is not in the prime crime zones.
Newark, NJ · Member since 2018 · 26 posts · 20 votes
7y
Hey guys, I hope all is well. I wanted to ask the group and see if fellow investors/developers/realtors are getting the same feelings about Essex County/Newark that I am getting. Over the last several months I have seen a rapid increase in competition and many buyers over paying for assets. In some instances paying close to retail prices for full guts. I suppose these buyers are able to turn a profit somehow and this has to be attributed that the market has been doing well and interest rates have been low for quite a while. But at what point does it end? What happens when investors can no longer service their debt?
Rental Property Investor · Cliffside Park, NJ · Member since 2019 · 5 posts · 1 vote
7y
Hi i am also a new investor looking into newark. I am still learning and i have been reading up the laws( rent control etc )
I am currently looking into at a MF by S orange ave on brookdale. The purchase prices was 385k which seemed very high, we are at 355 and its had electrical, bathroom and kitchen renovated in 2 of the 3 units( tenant lives in 1st). My question is are these numbers common in this area? The area or block better yet, doesnt seem so bad as i have been told Newark is pretty much block to block.
Real Estate Consultant · Bloomfield, NJ · Member since 2010 · 2k+ posts · 1k+ votes
7y
Brookdale Avenue, particularly close to the South Orange Avenue, is a rough area. I actually lived at 42 Brookdale Avenue back in the 80s. The block is only slightly better from back then. One of the issues is that you have a few apartment buildings on that end of the block. I'm not too familiar with the exact sales prices and rents in that area but I would have a realtor pull sales and rental comps specifically for that block to find out what's going on. You want to make sure you're going to get a decent hard-working tenant to occupy your property ( you didn't say exactly what your plans were for the property).
also are you familiar with the lead water problem in Newark? It only affects homes within a certain Locale. I'm not sure if yours is affected but you want to make sure that the service line between your house and the main service line in the street has been replaced and it's not an old lead pipe.
Rental Property Investor · Cliffside Park, NJ · Member since 2019 · 5 posts · 1 vote
7y
@Ibrahim Hughes
Im using FHA so im looking to occupy and rent other units until i can move out. Ive noticed that the block is not so bad until you get close yo S Orange ave and its only a few buildings closer to avenue.
I’ve looked at rents in the area and they vary from 1.1k all the way 1.7k depending on the block, most south of S Orange.
Yeah I'm not sure exactly where on the Block you are. Closer to the beginning of that block further away from South Orange and it's really not bad.
And That's wide-ranging rent. I would imagine $1,100 are for existtinh non renovated Apartments. But make sure the $1,700 isn't for new construction. Existing yet renovated Apartments won't get as much as a new/newer construction ones.
I am new to both Newark and REI so I'd appreciate any pointers. I spend some time in most if not every area and saw about 20 30 properties. Of course my knowledge did not scratch the surface. I am interested mostly about which parts of the city or better/worse.
I am closing two deals:
- 4 family in Weequahic
- 3 family on West Side near Home Depot
- I also have an opportunity for 4 family in Lower Vailsburg - This is the one I am worried the most. The street looks decent, but current renters have extremely low rent. I saw other blocks in this neighborhood which were much worse ( and I wouldn't buy there)
@Ibrahim Hughes - I would like to pick your brains on that if possible. Will be happy to share more info
@ Omar Ismael - you seem knowledgeable about the area, any thoughts would be really helpful.
Professional · Parsippany, NJ · Member since 2013 · 384 posts · 262 votes
7y
Hey guys check this link out. I called this two years ago from a Newark appraiser standpoint, in addition my broker who is based out of Newark has been calling this for years
Hey Guys, bringing this post back for the hundredth time. Same story, new investor with two partners excited about breaking into the Newark buy and hold small muti-family arena.
Would enjoy the opportunity to connect with people to discuss their experiences starting out in Newark and am interested to hear if there are any meetups still active in the area.
Hey everyone, new to the board and really excited. Bought a two family in the North Ward back in May and was wondering if anyone had a good CPA to recommend. Kinda nervous about taxes and how everything works with an owner occupied. Hoping someone here has a name or even a site I can look at to familiarize myself with taxes.
I don't think this violates the rules, but please let me know if it does.