Would you invest in Irvington NJ ?

Question

Hello BP Family

I wanted to start a discussion regarding Irvington NJ ? There are certain sections that have zero crime & others that are really scary neighborhoods to invest. For all my northern NJ landlords , would you buy a multi family in this town ? Transportation in some areas can get you into NYC under 50 minutes. It’s right off the parkway...

Michael Wilches · Answer

@Jonathan Greene Jonathan thank you ! That was so insightful & makes a lot of sense ! I appreciate taking your time to write that post.

Sami Gren · Answer

Based on which history? That it went down by the 2008 recession? There is no other history proof in this town besides that era

and even if yes, you can definitely not rely on that,  I mean obviously to buy in a class A area is more attractive and wIll probably go up, but doesn't mean that more weak markets won't go up.

that's the difference between a typical investor and business person, you need to be able to take risks and know where the risk has an opportunity and a big one to grow,

and yes I truly believe the market Is going up, look at the

HISTORY of the past 4 years, and no it will naturally not go down,  the area In fact is now way way better than even just five years ago, crime is much much lower and many people moving out from NY these days, whoever was wise enough a few years ago has a gold mine.

IF YOU KNOW ANYONE THAT WANTS TO GET OUT OF THE AREA PLEASE!!! SEND THEM TO ME I'LL  GLADLY BUY ANY GOOD DEAL IN  THAT WHOLE AREA

Jonathan Greene · Answer

@Sami Gren that is not growth, it is perceived growth. It's what is happening on flips in East Orange now. It's topping out because no one can find a deal in other areas so they are overpaying in these areas. But the history shows that these areas will go up and back down given what areas surround them. If I don't trust the appreciation in a town, there is no good deal.

Jonathan Greene · Answer

I am a no on Irvington. All my friends who have larger buildings there are trying to get out. Which does mean there are plenty of "deals" there, but I don't want them. I am fine with many areas in Newark, East Orange, and Orange, but you have to know the blocks very well. The problem with Irvington is that there isn't growth potential there, the market isn't going to go up. In areas of Newark and the Oranges market values have gone up. Irvington has not and will not because there are too many distressed areas and it's not big like Newark to be able to withstand the amount of distressed versus a market level.

Peter Tverdov · Answer

If you don't know that town, I personally feel you'll get eaten alive. The state police are in that town for a reason. I have a buddy who owns 15-20 units there and I think he does well but my guess is it's primarily Section 8. Good luck finding a property manager to service that area, that's another thing to consider. We do management in Central NJ but there are some areas/neighborhoods we won't manage. Not worth it.

Sami Gren · Answer

You will always have people wanting to get out from any area, you can't take that as a sign what the area is,  and yes Irvington isn't an upper class area and you might have some people not wanting to deal with it, but for any investor that can handle anything more than just sitting comfortable in office and just taking out rent checks from your mail box, if you gave a good deal there Grab it, screen your tenants be patient and you'll make beautiful money.

that brings me to the other point it is hard to find a good deal these days even in Irvington THE PRICES HAVE IN FACT GONE UP TREMENDOUSLY Over the past 3 years just like the other cities. check the history online you'll be shocked on the gtowth Irington had  just in the past few years

Michael Wilches · Answer

@Peter T. Thank you Peter ! That’s the same feedback I got for investing in Newark so I’m staying away from those areas￼. I’m looking for my first house hack so I don’t want my first experience to be terrible￼

Would you invest in Irvington NJ ?

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