Jersey City - Greenville, New Jersey

30 Replies

Hi Everyone,

Does anyone invest in Greenville, NJ? I know it is not the best area.

I just bought a two family right near the Danforth Ave light rail station, and I have considered getting my license for a while to help other investors.

So my question is, is there a need for investor focused agents in Greenville?

Thanks,
Danny Bloomstine

Good question Danny... getting your license is a blessing in that you can maximize your income... and a curse in that you must disclose so much. As an investor/agent, you MUST be honest and hold no information to yourself. This reduces profit from the deal but allows you to make up for it in commissions on the deal. ... Wierd huh?

As far as needing investors in your area, look around. Do you see abandoned buildings anywhere? If in one place, investors are needed. Your job as an investor is to improve the area and make America better in all its corners.

Originally posted by @Account Closed :

Hi Everyone,

Does anyone invest in Greenville, NJ? I know it is not the best area.

I just bought a two family right near the Danforth Ave light rail station, and I have considered getting my license for a while to help other investors.

So my question is, is there a need for investor focused agents in Greenville?

Thanks,
Danny Bloomstine

 I invest in Greenville, mainly the better parts of it.

Congrats on your purchase.

Of course there are needs for investor focused agents.  This city is very lively in terms of real estate transactions.

What are you offering?  You mean potential deals to buy?  You have a buyer here ;)

Hi Che - I am getting the NJ RE license exam this July. Then I plan on being more involved in the market. I hope we can help each other out in the future.

I don't have anything for sale at the moment as a wholesaler but let me know if I can help you with anything else.

Danny Bloomstine

814-881-5660

Originally posted by @Account Closed :

Hi Che - I am getting the NJ RE license exam this July. Then I plan on being more involved in the market. I hope we can help each other out in the future.

I don't have anything for sale at the moment as a wholesaler but let me know if I can help you with anything else.

Danny Bloomstine

814-881-5660

 Best of luck on your exam.  Should you come across any listings like these, let me know and we can make it happen.

I'm a realtor and do business in Greenville.  There's a lot of activity going on there now. There are approx 600 vacant properties in Greenville and it's a shame for the neighborhood and for the city. 

Of course, as we all know, getting vacant properties is one of the more difficult tasks for the investor/agent.  There are multiple reasons for this and there are multiple strategies for finding the owners.  

And, frequently, there are issues with the property, such as mortgage liens being greater than value or title issues.  With a ton of persistence, these are all solvable issues, but it's a pain in the butt. 

Google "finding owners of vacant properties" for good ideas on this. 

My advice on short sales is this: it's not rocket science, but takes persistence and diligent record keeping and follow up. Banks just toss files on a pile and frequently make mistakes. Keep digging, pushing and calling, calling, calling. Trust me, they won't call you. Additionally, be aware that a short sale requires a licensed real estate agent, per most banks protocols. The short sale must be marketed on the MLS in open competition to obtain the best price for the bank. At least, that's been my experience. Your mileage may vary...

Greenville is not for everyone, many investors shy away from there. However, I think the ROI on Greenville is probably the highest of any area in JC. You can get good rent rolls there if developed properly.

@Andrew Elkins - Andrew, thanks for this post. Insightful stuff. I'm in contract for a property in the West Side Ave/Bergen-Laf section right now, and have been hesitant to look into Greenville for all the reasons you usually see everywhere. I would love to connect further and learn a little more from you. Feel free to shoot me a message.

@Account Closed I'll definitely entertain Greenville. I grew up in JC, so I'm selective to certain areas of Greenville that I'll dip my toes in. Let me know if you come across any multi-family residential properties. 

Hi,

I plan on building a small portfolio in Greenville over the next few months, looking to buy a handful of small multi-familys. Can anyone recommend an agent who really knows the ins and outs of the neighborhood?

Hi @Adam Offman , PM me for a referral. My friend works at a property management firm out there and is well connected in the neighborhood.

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Hi I am interested in investing in Greenville. Message me if you would like to partner up

I owned 3 multifamily in the Greenville neighborhood of Jersey City for 7-8 years.  It is not an easy task.  If you understand what it takes to make it happen and buy at the right price, it can be profitable, but will take a lot of efforts.

PM me, if you are interested in learning more.

Hi!  I am new to BP and real estate investing in general.  Currently living in JC and would love to make my situation permanent by way of house hacking.  Greenville has its rep and not a good one but it has the more affordable deals in JC.  Has the neighborhood improved or is it a huge gamble still?   

Greenville is still a more of a war zone, IMO. I know an investor who purchased a property there and finally lost it to foreclosure, coz he couldn't collect the rents from the tenants living in there.

That being said, like in any neighborhood, there are good pockets just as there are bad ones. 

Vinit, 

Thank you for the info.  Is there any spots in JC that you see decent opportunity?

@Charles H., I'm currently looking in the Heights area and that has experienced a bit of a revival over the past few years. New bars, trendy restaurants, and other attractions are opening up which is definitely a good sign. Message me if you're interested in partnering up.

@Marc Weisi I've got a property that maybe a good fit for a cash flow investor. Prime area in the heights, 41 South street, one block from the 9th street light rail station. 2 family, 500k, needs about 75k of work. Can rent it for about $4,300 per month. 

@Marc Weisi @Charles H. @Ben Rutkevitz Why don't you guys come closer to me in Bergen County or Union county? I feel that unless you are very well known, getting deals in JC will be really tough for good cap rates.  There is definitely still lots of upside in JC especially in Greenville but I feel that better returns can be made more inland and around the areas where I am flipping. What kind of investing do you guys want to do? Passive or Active?

@Mateusz Prawdzik , i prefer passive buy and hold investing but will do an active flip if the numbers make sense. What kind of opportunities are you seeing?

@Mateusz Prawdzik , I am also looking for a buy and hold opportunity in the area. I'm looking ideally for a fixer-upper multi-family that's throwing off (or will throw off once rehab is done) positive cash-flow in the area.

@Ben Rutkevitz I'm looking for 10% returns (pre-tax) per year. I figure that the ROI should be higher than stocks or else I'd happily stay invested in ETFs and not give up my weeknights/weekends. I just saw your post on the property on South Street. Are you available to speak offline?

@David Lichtenstadter I don't do buy and holds, I am sorry if my previous post made it sound like I do. I stick to additions and rehabs to sell, cap rates don't make much sense to me right now for the deals that I get presented and I am known more as a rehabber so I get better deals on the flipping side than on the holding side. With that being said, I will definitely pick something up if the deal makes sense, I am actually currently looking for a 2-3 family with a Garage for myself to live in and rehab and house hack. I need a place to move to shortly and right now there are not many deals for me to go with, so it's a waiting game right now. If anyone know's anything please let me know. 

@Marc Weisi Would this be your first deal that you would be picking up? 

I am asking who is passive and active because there is other ways of making money passively if there are no deals around for the buy and hold investors. It's just about being in passively in the flipping business. 

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