I'm reaching out to my fellow South Jersey Landlords/Investors. I'm looking to change markets and looking for recommendations. I'm searching for C/C+ towns. Currently I'm have a number of properties in a D/D+ town but I'm looking for something new. Any insight would be much appreciated. Typically I invest in single family and multi-family homes but I'm open to new ideas.
Atlantic City! Anything from A-F here, still cheap but rebounding.
Thanks Kurt. I'm in Pleasantville now. Looking to invest closer to the Philly area, Burlington or Camden county.
You in Gloucester City now?
Haven’t researched Gloucester City yet
Gloucester city has a lot of inventory. I'm also looking at Woodbury which I would call a B-. Rowan college in glassboro is growing tremendously so if college students don't scare you there could be some great opportunity in glassboro/pitman. Collingswood/haddon township in Camden county are becoming THE place to live now. 20 minute train commute via PATCO in Philadelphia, along with a younger demographic are causing that. Perfect towns for flips.
Hey Chris, I have been looking at all those places you mentioned. I like Woodbury and have been researching Haddon Township. Collingswood is great too but prices are high there. If I came across a home run deal in Collingswood I would jump on that in a second. More research on my end needs to be done in Gloucester City.
also, the Rowan area seems to be flooded with rentals. Not really an avenue I have explored. Chris, do you have any experience with the college rental market?
Anyone have anything in Paulsboro?
Saw an opportunity and was wondering about the area.
I agree with you, I have a very hard time finding rentals in collingswood that are cash positive enough for me to consider. Gloucester city does scare me a little, the proximity to Camden. I do not have any experience with college rentals, I have a client that is a large investor in glassboro that swears by it. They rent by the "bed" as opposed to the unit, which I know nothing about, more tenants per unit. Also Audubon/barrington has a large duplex market. And probably an even better market to flip in. I'm currently looking for 4 plex's and I am not finding much in Camden county at the moment.
@Izzi S. I don't have anything in paulsboro. I would compare the town to Woodbury. But I would say it's probably on a faster decline.
I spent almost two years looking for a good deal in Collingswood and couldn't find anything that was cashflow positive after accounting for capex, vacancy, repairs, etc. so I expanded my search to the surrounding towns and closed on a duplex in Haddon Township that we're just finishing up renovating. I agree that Collingswood is the "it" town right now but it's hard to find a deal that works.
While I don't know too much about college rentals, I did attend Rowan University and rented from an investor who arguably owns most of the rentals in town so I'm familiar with the renting by bed concept as apposed to the unit. More on investing in the Rowan area can be found in this thread here.
A friend of mine invests in Gloucester City and I've looked into the market but the town as a whole doesn't seem to be thriving. It would strictly be a cash flow play with no sign of appreciation anytime soon.
Just my two cents. Hope this helps!
Haddon township, in my opinion. Is probably just as good. I'm right around the corner in Erlton-cherry hill.
@Chris Connery Yes, I agree!
@Lauren C. I have looked into Haddon Twp. Great area! There was a great deal there on a duplex that I learned about too late. What I have noticed about Haddon Two is that there are two sides. One side closer to Gloucester City with lower house prices and then there is the other side with home prices that are higher than I would typically invest in. How much experience do you have in Haddon Twp.? Would you recommend one side of town over the other.
As for Gloucester City, I've heard the same thing. Good cash flow but that's about it. At this time appreciation isn't there. My current properties are in a similar area in Pleasantville and that's why I'm trying to research new markets. I've found some house in Audubon that would be great investment properties but as quick as I find them is as quick as they are off the market.
Anyone else already investing or looking at Gloucester City? I’m out of state but have family in and near-by that invests or rehabs some. I’ve been flirting with getting something there strictly for cash flow. A bit scared due to the area but I’ve found a few that the numbers would work assuming decent tenant(s).
Any other towns nearby?
Yes, there are two sides. My property is on the West side of Haddon Ave, closer to Oakland and Audubon. I haven't seen many 2-4 family properties on the east side of Haddon, closer to Cooper River park and Haddonfield. In the area where my duplex is, yes home prices are lower and that is why we purchased there.
With that, I don't want to claim I have much experience there. This is my first property and we're just finishing renovations so we haven't even placed a tenant yet. Based on market rents, I should be able to cashflow quite nicely, but we'll see what happens when I actually list the property.
In regard to Audubon properties, they have been flying off the MLS. A little over priced if you ask me but perhaps these buyers have a different strategy.
Hope this helps and feel free to reach out with more questions!
I have also been looking in Haddon Twp and Collingswood area....but really concentrating on Oaklyn, that town really intrigues me but haven’t found “the deal” yet. Any other thoughts on Oaklyn?
@Daniel Kent Don't know too much about Oakland except that they have a a redevelopment plan in the works but the plan can be just that- a plan.
What intrigues you about the town? Just curious since my property is borderline in Oaklyn.
@Lauren C. What really intrigues me about Oaklyn is it is a lower price point than neighboring Collingswood/Haddonfield, and from looking through the area seems like a nice town, close to the train with a small downtown mainstreet feel. I think also with the corporate development going on in Camden (Connor Strong, Subaru, Campbells, Cooper, etc), I think it may increase the rental market in the area for those working on Camden, but not wanting to live in Camden.
@Daniel Kent You're definitely right about the lower price points for a nice town. The main street is nowhere that of a Collingswood or Haddonfield though. Hopefully getting there but there are a few abandoned commercial fronts and a lot of driveways making it not the ideal walkable "downtown" so many are after.
Fingers crossed though!
Hey guys! Great stuff, i have invested in most of these locations. See my comments below:
1. Haddon Township is appreciating through the roof. I did a flip on the neighborhood just off of Cuthbert Blvd near Cooper River park in 2015 and sold it for $323,000. Based on recent sales, the house is definitely worth somewhere around $375k-$400k now, its incredible but very hard to find deals. I know a couple investors who flip primarily in that area who seem to have a strange hold on getting those deals. The Oaklyn side of Haddon Township and Oaklyn itself is on the rise because the Collingwood/ Haddon Township side is growing that way.
2. Rowan is all BOOOOOMING.. The college is constantly expanding and i don't think it has any plans on stopping. Tough to find good deals close to campus, the key here is to find properties within walking distance to the school. You can get $400-600 per student on a rental.
3. Woodbury is a C neighborhood for the most part, houses are fairly cheap but the taxes are higher than the should be so be careful with that. Woodbury Heights is the next step up as far as quality of location. I just completed a flip there.
4. Gloucester City is a step and a half above Camden. Low income and a lot of section 8. I know an investor who has two duplexes here that he is looking to sell and is offering partial seller financing. Let me know if you're interested and i can put you guys in touch. I personally would not invest here because of the location. However, if Amazon comes to Philly, the Gloucester City / Camden and other river front areas in Jersey will probably see some increase in value.
5. Collingwood is great for flips and rentals, especially in the right location. Hard to find good deals. Its becoming an attractive location for people looking to move out of philly because of the Patco.
6. I am wholesaling a duplex in Audubon this friday. Good rental market, taxes are high. If you an get near the downtown its attractive because there are some shops and stuff which people can walk to. Some sections of Audubon are really good for flips too.
Feel free to message me and we can talk more! I am looking to set up a BP meet up for south jersey after the new year!
@Justin Eaton thanks for the great info. I'd have to agree with Woodbury, taxes seem higher then expected for the area. Gloucester City is an area that would bring cash flow but as for value I'm not too confident about that. The college area seems like there is a lot of competition from investors that have established themselves well there over the years. I'm going to keep looking in the Haddon Township area because what I have found I have liked. Thanks.
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