Specialist · New York City, NY · Member since 2016 · 97 posts · 24 votes
Hey my partners and I are looking to invest in Essex county and we have particular strategies for different economic areas and so we are focusing in going into Irvington, Newark, east/west orange and we were wondering if anyone is aware of any specific war zones to be wary of here. to be clear we want the low-income to moderate income neighborhoods we just don't want the complete war zones. Any advice and tips would help.
Newark, NJ · Member since 2015 · 162 posts · 102 votes
10y
This is a question that is asked in some form or other at least twice a month in BP, typically by a new New York-based investor excited by the "low" prices in some of Essex County's more historically neglected and difficult areas (Newark, East Orange, Orange and Irvington).
Why not do a quick search before asking? (It just baffles me that folks don't.) At the very least you'd get to see the vast array of versions on this very question ranging from the overtly naive, lazy and borderline offensive to the very sharp. The forum is rich with previously offered insight. Some of it very very recent, a lot of it very detailed and insightful.
Anyhow, what I really think would help you is to visit. A couple of hours on the ground is a good investment of your time anywhere, but specially in struggling communities. If you have experience working in poor, inner city communities, you'll know what too look for. Take a drive by those neighborhoods you're considering, get out of of the car and talk to a few people. If you don't have the experience yet, at least you'll have a better sense of the area and the kind of financial and personal investment it'd take.
Investor · Verona, NJ · Member since 2014 · 1k+ posts · 832 votes
10y
Look on Trulia for the property you are looking at, they have the crime map for the area and it will show you the bad areas and you can zoom in by street
Newark, NJ · Member since 2015 · 162 posts · 102 votes
10y
This is a question that is asked in some form or other at least twice a month in BP, typically by a new New York-based investor excited by the "low" prices in some of Essex County's more historically neglected and difficult areas (Newark, East Orange, Orange and Irvington).
Why not do a quick search before asking? (It just baffles me that folks don't.) At the very least you'd get to see the vast array of versions on this very question ranging from the overtly naive, lazy and borderline offensive to the very sharp. The forum is rich with previously offered insight. Some of it very very recent, a lot of it very detailed and insightful.
Anyhow, what I really think would help you is to visit. A couple of hours on the ground is a good investment of your time anywhere, but specially in struggling communities. If you have experience working in poor, inner city communities, you'll know what too look for. Take a drive by those neighborhoods you're considering, get out of of the car and talk to a few people. If you don't have the experience yet, at least you'll have a better sense of the area and the kind of financial and personal investment it'd take.
Wayne, NJ · Member since 2012 · 17 posts · 20 votes
10y
I agree with Ro Maga somewhat. It's good to see the areas yourself sometimes. Especially in the Newark and Irvington areas. Every street varies even if it's in a not so good area. One street may be horrible where just across the intersecting street on the other side may be ok or even pretty good.
Everyone's perception of a "bad area" is different! Based on what you feel most comfortable with is what you can decide based on you getting a feel of the area. Some investors don't care the area just the cash flow or return, some do. It's all up to your preference. Every street literally is different and varies.
Specialist · New York City, NY · Member since 2016 · 97 posts · 24 votes
10y
@Patrick Liska Thank you, I'm utilizing it now I was always wondering how accurate it is and will still make some calls to several departments just to be sure.
@Danielle Hayes-Ward very true that why I'm trying to hone down on the more objective means but will definitely have to check it out my self. At least now there's more of a vision in my head of what to look out for.
Specialist · New York City, NY · Member since 2016 · 97 posts · 24 votes
10y
@Tyrone Parkerthat's another one I heard to watch out for but it sounds so general but definitely lights up some red flags. Also with change in market I'd like to see how true that holds. boots on the ground
New Jersey, NJ · Member since 2015 · 327 posts · 137 votes
9y
Kedian Jimenez how has the Essex county been treating you from your last post? I'm looking at those areas you he mention and just looking for some insight