Lender · Essex & Union County · Member since 2018 · 45 posts · 36 votes
Hello, fellow investors and developers, my name is Jacques and I am a beginning real estate investor & developer focusing in Essex County NJ. As we all know, all real estate is local and my ultimate goal for this thread is to bring serious investors, developers as well as other relevant market professionals together to share our current research, ideas, and strategies specifically in the Essex County New Jersey area.
5 Core Ground Rules for this thread:
1. Please keep it professional and on the topic of investing in Essex County NJ
2. Try to filter out political comments and keep it positive and productive
3. Make sure to introduce yourself, we're a family with similar goals and aspirations
4. Ask questions, be honest as we all start somewhere and we're all here to learn and share
Rental Property Investor · Northern New Jesey · Member since 2016 · 15 posts · 4 votes
7y
Hi Everyone,
My name is Kareem I recently closed on a multifamily home in the port section of Elizabeth. I'm aware that's not Essex but extremely close. I've been looking to add wholesaling to my arsenal. If there's anyone in here with wholesaling experience I'd love to discuss.
Lender · Essex & Union County · Member since 2018 · 45 posts · 36 votes
8y
Newark NJ is becoming a very interesting area for re-development and is attracting multiple big developers and upcoming deals for development proposals being filed with the local zoning and planning board.
For the last year or so we've seen some key deals made downtown by Prudential and other big players. I have started to do some research and will be canvassing the neighborhoods, talk to locals to get a better sense of their view about the upcoming changes. I'll keep you all posted on my findings and update this thread as I go along.
128-Year-Old Newark Building Could be Expanded Into 25-Unit Development
Site of proposed redevelopment: 36-38 William Street, Newark. Photo via Google Maps.
Hello! I am from the Essex County Area and will be closing on a 3 Fam property soon in the area. I am looking for recommendations for contractors that can help with an upgrade in one of the units. I will also need to replace the roof so send over recs for that as well please. Thank you
Lender · Newark, NJ · Member since 2016 · 695 posts · 252 votes
7y
Great thread. I See the progress they have and will continue to make in Newark. I have a owner occupied 3 family in Newark and under contract to close on my next property. Will love to meet new people with similar mindset to discuss the area. Best of luck to everyone.
Lender · Essex & Union County · Member since 2018 · 45 posts · 36 votes
7y
@Jonathan Soto Yeah I really like the activity brewing there at the moment and can definitely see a surge in re-developed and new units over there in the near future. Great to see investors like you already invested in the area! Keep in touch
Northern NJ · Member since 2018 · 128 posts · 39 votes
7y
Thanks for giving opportunity to network with like minded individuals in our backyard. However, I heard that pretty much all of existing construction in Newark (unless constructed in last 30 years) is under rent control. Is that true?
I currently have two developments in Essex county, a single family new construction flip in Montclair, and a three family new build in the ironbound section of Newark which we will hold and rent out.
I'm bullish on both areas, though very different, the proximity to the city has a lot of appeal. We sold our first new construction SF home in Montclair to a family from Manhattan, as it seems a lot of the NYC crowd would pay a million for a 2,800 sq ft home vs. a 900 sq ft apartment in the city. The taxes are always a concern in that town, but a lot of the prospective buyers did not seem to have much of a concern.
The ironbound section in Newark has been a hot bed for a lot of investors and prices have risen significantly over the years, but you can still find value if you look hard enough. To your point before, the big time developers are really building up the area around Prudential. I'm sure you know Shaq is a partner with one of the big projects, so i'm curious to see how the demand all plays out with many new rental high rises coming into the picture. Promising sign for the city itself...
Lender · Essex & Union County · Member since 2018 · 45 posts · 36 votes
7y
@Ronak Shah This is excellent information that I will have to look more into when I network with current builders and developers, I'm currently in my initial research phase now, so I will let the group know if I find anything regarding rent control as you mentioned.
Lender · Essex & Union County · Member since 2018 · 45 posts · 36 votes
7y
@Ryan Paltridge thank you for sharing your perspective and current project experience in the Essex County area. I'll shoot you a message so we can discuss some more, and maybe set up a quick coffee meet in your area to share ideas.
Lender · Essex & Union County · Member since 2018 · 45 posts · 36 votes
7y
Saw these while exploring around Newark yesterday in the bordering neighborhood in Harrison NJ (East Newark). Doing more research on the neighborhood now.
Rental Property Investor · Northern New Jesey · Member since 2016 · 15 posts · 4 votes
7y
Hi Everyone,
My name is Kareem I recently closed on a multifamily home in the port section of Elizabeth. I'm aware that's not Essex but extremely close. I've been looking to add wholesaling to my arsenal. If there's anyone in here with wholesaling experience I'd love to discuss.
I was an agent for KW back in 2014 but left the field for a salaried position in marketing.
I'm currently getting back into the RE game this time on the wholesale side, specifically targeting Essex county.
I'm looking for a good wholesale purchase agreement that's more than 1 page and works in NJ
A lot of opportunity in the area! Wishing everyone the best of luck and if there's anything you think I can help you with please feel free to reach out!
Lender · Essex & Union County · Member since 2018 · 45 posts · 36 votes
7y
@Brian Adams thanks for checking the thread out and offering your help. I'm not a wholesaler myself but I've heard others obtain their purchase agreements through their Title agency, ask them for their "For sale by owner" sales agreement packet, they should be able to send it to you if they have one, once you get it run it by an RE attorney to make sure all is good, and obtain an assignment addendum. Hope this helps!
Real Estate Agent · South Amboy, NJ · Member since 2018 · 10 posts · 1 vote
7y
Hello BP,
I want to say I am very green to Real Estate investing world, but very interested in learning and applying the knowledge. I current have a Rental property in Middlesex County I Know that is not Essex but I am looking to get into the Essex county market. That said what is the groups take on Irvington NJ? I have access to a property being sold on 70 Campfield Street(I can give more details for anyone interested) This is a multifamily home, that currently has tenants paying on the property. Any advice as to how the market is doing in Irvington is greatly appreciated.
Lender · Essex & Union County · Member since 2018 · 45 posts · 36 votes
7y
@Stefan Grossett it all depends on what cap rate an investor is looking for in a specific area. For me, Irvington would be a no for now, as I'm looking for slightly more stable and lower cap rate areas like Maplewood NJ. However, for an entry investor, it can be a great way of entry because the property prices would be lower. My best advice is to drive the neighborhood and see what it is like, talk to neighbors and ask good questions, nothing beats that. Good luck!
Real Estate Professional · Maplewood, NJ · Member since 2014 · 38 posts · 10 votes
7y
I have lived in Maplewood for past 17 years, and for past 1-2 years have seen a lot of orange license plates cruising around town (i.e NYC transplants). Town has a good rep, Midtown Direct to Penn Station. If one buys right you probably would do well. Am starting to see some big bumps in prices in nearby homes that are part of my comparable set. Expensive Maplewood is still cheaper than expensive Brooklyn and Manhattan.
Lender · Essex & Union County · Member since 2018 · 45 posts · 36 votes
7y
@Craig N. I agree with you on this. It's one of Jersey's most desirable suburban townships. 80% off ARV deals are hard to find, but they are there. If you can buy right and get that 20% sweat equity, you'll do well there.
East Orange, NJ · Member since 2013 · 12 posts · 2 votes
7y
I want to get in on this. I know people won't like it but I'm living in East Orange and loving the property prices for multiunits. I need an investor to start. Anyone got the deets?
Rental Property Investor · Member since 2018 · 70 posts · 21 votes
7y
I'm looking possibly to partner up in the area on a multifamily or flip- I'm local to essex and hudson county, lifetime resident, and decently new to BP. Have some ideas I want to act on and ready to move forward, great to meet everyone here!
Lender · Essex & Union County · Member since 2018 · 45 posts · 36 votes
7y
@Kendra Gaines East Orange has seen some action from flippers lately, very decent market to start investing in Essex. If you live in the area, driving around and talking to local experts can help find your next deal in the area. If I see anything, I'll be in touch for sure.
@Kendra Gaines East Orange has seen some action from flippers lately, very decent market to start investing in Essex. If you live in the area, driving around and talking to local experts can help find your next deal in the area. If I see anything, I'll be in touch for sure.
Seconding East Orange as a good entry point for Essex. I'm currently rehabbing one multifamily and I'm on the lookout for other deals. Safer bets are properties west of the GSP and north of 280. However, it's the 280 corridor near NJ Transit stations and the southeast that look to gain the most in the long term.
Lender · Essex & Union County · Member since 2018 · 45 posts · 36 votes
7y
Originally posted by @Edward Paulino:
Originally posted by @Jacques Simon:
@Kendra Gaines East Orange has seen some action from flippers lately, very decent market to start investing in Essex. If you live in the area, driving around and talking to local experts can help find your next deal in the area. If I see anything, I'll be in touch for sure.
Seconding East Orange as a good entry point for Essex. I'm currently rehabbing one multifamily and I'm on the lookout for other deals. Safer bets are properties west of the GSP and north of 280. However, it's the 280 corridor near NJ Transit stations and the southeast that look to gain the most in the long term.
Nice! Great insight. I was also interested in developing near the rails in Orange, around Highland Ave stop .. currently look for deals around that area myself. Great communication guys, I appreciate your contributions! let's keep it going.
Maplewood, NJ · Member since 2018 · 4 posts · 1 vote
7y
I've been extremely bored with my day job (IT Security Sales), and came across BiggerPockets a few days ago. I was thinking about East Orange, and i'm extremely pleased to read that others are thinking about it too. It looks very promising from the train.