Trenton NJ
Edison, NJ · Member since 2012 · 28 posts · 2 votes
Searched through biggerpockets and was surprised to see very little discussion on Trenton NJ.
I am seeing the 2% rule all over the place here and am tempted to make the jump.
Anyone on BP investing here? Advice?
I have been looking at several properties online the last few days/ weeks in Trenton as well. As an outsider, it is kind of hard to see where the rather save neighborhoods are and where not, I feel.
Therefore my questions:
- Could you help me with names of rather good/ close to good neighborhoods?
- what ROI do you have & expect for these areas?
- Could somebody suggest a property manager?
- and have you seen already improvements in Trenton overall?
Thank you all very much already in advance. I will do further research now and would be very happy to get to know someone people who are interested as well.
Sandro
Thanks for the detailed intro to this area. I'm wondering if you think things are improving in Trenton in the past two years? Any new jobs, new projects, and reduced crime rates etc?
Also, typically how long does it take for a SFH to be rented out? Not sure if there is enough demand for housing in Trenton.
@Stephen Chatto - what's your take on Stuyvesant/Prospect and Berkeley Square? Are you seeing any signs of progress towards that end of River Road?
@Stephen Chatto - what's your take on Stuyvesant/Prospect and Berkeley Square? Are you seeing any signs of progress towards that end of River Road?
Prices are going up a bit, But that's overall... I don't see anything special going on in that area.
Thanks @Stephen Chatto! Sorry I didn't reply earlier! I went to see the property - it was a total gut job, which is more than I wanted to take on at the moment. Thanks for your insight!
Thanks @Stephen Chatto! Sorry I didn't reply earlier! I went to see the property - it was a total gut job, which is more than I wanted to take on at the moment. Thanks for your insight!
Hello Tracey - I’m under attorney review on a property in Berkeley Square. We conducted the home inspection on Saturday and it turned out to be a complete gut job. Not what we were expecting nevertheless we are asking our contractor to review report and initial itemized bid to get an high-level sense of cost so we can re-negotiate price.
@Rashonda Montgomery - congratulations! Yes, the way the listing read, it sounded as if some of the units were rentable. But they weren't in the least and it would be many months before you could start bringing in tenants smh. But it's a good idea to bring in a contractor just to get some more realistic estimates on cost. It looks like a huge job and I don't see signs of investment in the surrounding area which makes me wonder how much rent it could command. We may be talking about the same property lol.
How is situation now in Trenton due to COVID? are they on time with rents? Planing on buying multifamily there, looks like a city with a ton of potential.
1%, 2%, don't really matter. What matters is the actual cost to run a building in any specific area. Every area is a different and has their own nuances. Speak to people who have owned for a few years that have achieved some scale (50+ units) and they will tell you the pros and cons of your area.
Many area that seem like great buys according to the percentage rule, are horrible areas when you get real numbers from owners (and not TK sellers and agents). Usually maintenance is much higher, turnover is very high; etc etc.
My husband and I owned 2 rowhouses in Trenton for 10 years. The first 5 years was a real learning experience, with a few good tenants and a few evictions. We finally got good, long term tenants in both houses for our last 5 years of ownership and sold them both 2 years ago. Very low entry point of purchase, and if you get decent tenants that stay, you'll make money. But it's still a tough area, and a vacant house in between tenants is a target. We had the pipes stolen from one house. Property insurance is high, and so were taxes. We appealed years ago and won, but I understand the city recently raised the tax rate. We had a good contractor there that did all the repairs and showed the properties for us. He eventually became disabled, the good tenants moved out within 2 months of each other, and we sold.
Hey All,
We have owned properties in Trenton for the past 10 years - I also own and occupy an office building here. For those looking at it from the outside, it doesn't look promising. To investors that have their boots on the ground in the city, it has been a gold mine.
Yes there is some section 8 housing (which we don't shy away from) but there are plenty of other tenants available that are perfectly capable to pay the rent on their own and have decent jobs.
I remain bullish in the city - there is a newly elected mayor that is looking to make some radical changes (the last mayor ended up going to jail and ruined any momentum the city had before he was elected). There are several multi million dollar redevelopment projects (not affordable housing ones either) in the pipline that will change the city for the better also.
at anyone on this thread, shoot me a message on BP if you want more info on what we have learned on investing here.
Matt Faircloth
Matt - how is your sentiment w/r/t Trenton 6 years later? Do you still own in the area and have any additional feedback? I feel like I've heard your name before, did you know anyone over at Slatehouse PM (before they became Home 360?)