Rental Property Investor · Lyndhurst, NJ · Member since 2017 · 47 posts · 13 votes
Hey everyone!
My wife and I have decided its time to start investing in a different market. We've been in the real estate game for almost 3 years and have acquired 5 two-family homes in Passaic, NJ. Rents are great and properties were in abundance. But now inventory is extremely low which increases competition which also makes Passaic very expensive at the moment.
We have family who live in Elizabeth, NJ and after looking into this market I can tell there is plenty of inventory and rents seem great. The question is, where should we invest? It's our first time getting out of our comfort zone, but we recognize we have to. We just want to make sure we invest in decent areas that are away from war zones. Neighborhoodscouts.com seems to be a good source to look into these things in terms of crime rates, etc., but I figured let me ask the BP community to see if anyone has any experience in this market. Where should we look? Where should we definitely stay away from? Success stories? Failures?
I got a little experience with the Elizabeth market , currently house hacking a triplex and my father use to own a property in the Elizabethport area that he had to let go of because tenants wouldn’t pay rent . This was around 2009. I would say stay away for Elizabethport unless you can find reliable tenants. Currently the Elmora/Elmora Hills section is too expensive to cash flow but maybe you can find a good deal. I’m personally looking to invest in the north side of town ,bayway area and Peterstown section. Let me know what you currently looking at maybe I can give better description of the neighborhood.I am still tempted to buy in the Elizabethport area , I feel like there are a lot of opportunities if you are willing to take the risk.
I got a little experience with the Elizabeth market , currently house hacking a triplex and my father use to own a property in the Elizabethport area that he had to let go of because tenants wouldn’t pay rent . This was around 2009. I would say stay away for Elizabethport unless you can find reliable tenants. Currently the Elmora/Elmora Hills section is too expensive to cash flow but maybe you can find a good deal. I’m personally looking to invest in the north side of town ,bayway area and Peterstown section. Let me know what you currently looking at maybe I can give better description of the neighborhood.I am still tempted to buy in the Elizabethport area , I feel like there are a lot of opportunities if you are willing to take the risk.
@Dalwin Garcia here's my $.02 I think investing in Elizabeth you have can realize solid returns there though your vacancy rate will probably be a bit on the high side as you should hold out and find the right tenant, with that being said, I have a few clients that have done well in the Elizabeth port area and on Magnolia street near the train station.
I used to teach in Elizabeth 2009-2012... I'm not that familiar with Real Estate there but happy to share insights in the schools/ neighborhoods if that's helpful. There were a bunch of multi-families there and always considered getting one while I was commuting from the Shore.
My wife and I have decided its time to start investing in a different market. We've been in the real estate game for almost 3 years and have acquired 5 two-family homes in Passaic, NJ. Rents are great and properties were in abundance. But now inventory is extremely low which increases competition which also makes Passaic very expensive at the moment.
We have family who live in Elizabeth, NJ and after looking into this market I can tell there is plenty of inventory and rents seem great. The question is, where should we invest? It's our first time getting out of our comfort zone, but we recognize we have to. We just want to make sure we invest in decent areas that are away from war zones. Neighborhoodscouts.com seems to be a good source to look into these things in terms of crime rates, etc., but I figured let me ask the BP community to see if anyone has any experience in this market. Where should we look? Where should we definitely stay away from? Success stories? Failures?