Investor looking to network and invest in the essex county area

21 Replies

Hello guys,

Lets try this out. I am looking for a fairly new realtor with time and availability in the essex county area. We are serious investors and we are eager to obtain several buy and hold and or "flip" properties in the area. I am also looking to network and share ideas about strategic property investments and business in general. Contact me and lets get the ball rolling!

Hi Altamar,

I am a new B to real estate investing, currently in process of educating myself.

I saw this post, just wanted to ask why are you interested in Essex county area? I currently live in Bloomfield, very familiar with this county, been living all around here and there for about 10 years.

As far as i know this is one of the most expensive counties in NJ in terms of property taxes.

Anastasia

Essex county has a very wide range of property types.  From big time million dollar houses with absurd taxes in montclair to newark where its extremely cheap with low taxes.

Call a real estate office in the town youre interested and get out there.  Its the only way to do it.

Hi @Altamar Knighton I agree with @Erik Pedersen.  I'm actually also highly considering the essex country to purchase my initial investment property.  Let's connect and see if there is any way we can help each other out.

Here is the link to property tax calculations. Tax rates are pretty much the same for Montclair and Newark, it is all based on the property value.

I was surprised to see areas like Irvington and East Orange to have the highest rates, but property values are very low.

http://www.state.nj.us/treasury/taxation/lpt/taxra...

Hope this helps :)

Anastasia

Hey guys , A few years back I purchased a single family home for tax purposes in east orange nj. I can attest first hand of how ludicrous the property taxes are-$4500 for a property worth under 100k. When I tried to file a property tax appeal , few tax lawyers were interested due to the low property value . I still have a positive cash flow on the property but barely . It's definitely an interesting market but would be much more appealing with some rational property taxes.

Hello Everyone,

And my apologies for being so late bu thank all of you for responding as we are all here for the same common goal to invest @Angel Rosado I sent a connect request. @Denis Shapiro  thanks for sharing! @Anastasia G. Thank you as well for the link I am interested in the Essex county due to the recent activity and investments coming to the area in the near future. I also decided to choose an earlier that I personally have in depth knowledge of without "Needing" a google earth/map as a guide. Along with the most important part..ROI! [email protected] Pedersen thank you as well for sharing your advice I agree.

Hey 

I am also interested in investing in areas of Northern Jersey. I am looking for commercial properties 20+ units preferably....

@Yonah Sturmwind

 Thanks for posting in the forum that sounds like a huge project you are working on. I have been connecting with realtors for a while now. Let me know how I can assist you, also let me know how your project turns out I am interested.

@Altamar Knighton

I work directly for a larger investor and we are working on connecting with broker and agents in NJ. If you know of anyone with larger properties, please send them my way! 

Thanks a lot

Growing up in Bergen County I initially ruled out Essex County because it was known for "high taxes".   I found out though my thinking was based upon my lack of experience and here's what I discovered.

There are high taxes everywhere. Here in NJ, NY, Chicago, Texas.  If you investigate it you'll see it to be true.   What investing in certain markets in Essex County has given me is a higher than average rent to price compared to some other "lower tax" counties like Union or Morris.  I will continue to purchase in Essex County without thinking twice.  There are towns I won't invest in because of other factors (bad debt, high crime, etc.) and they will be my primary reason for not putting my money there.   But taxes?  Nope.  If the numbers work, they work.  Taxes and all.  I care about having a large potential pool of renters at any given moment.  Essex has that.   It also in many towns has excellent access into Manhattan which cannot be discounted.  It's a much better commuting location than Bergen.  Hence why I moved there in 1998.

Originally posted by @Darren Sager :

Growing up in Bergen County I initially ruled out Essex County because it was known for "high taxes".   I found out though my thinking was based upon my lack of experience and here's what I discovered.

There are high taxes everywhere. Here in NJ, NY, Chicago, Texas.  If you investigate it you'll see it to be true.   What investing in certain markets in Essex County has given me is a higher than average rent to price compared to some other "lower tax" counties like Union or Morris.  I will continue to purchase in Essex County without thinking twice.  There are towns I won't invest in because of other factors (bad debt, high crime, etc.) and they will be my primary reason for not putting my money there.   But taxes?  Nope.  If the numbers work, they work.  Taxes and all.  I care about having a large potential pool of renters at any given moment.  Essex has that.   It also in many towns has excellent access into Manhattan which cannot be discounted.  It's a much better commuting location than Bergen.  Hence why I moved there in 1998.

As I'm looking for my first investment property, I have to agree with Darren here. We had been renting in Hoboken for 6 years (good luck buying anything there) but bought in Bergen county last year. I briefly looked into a few towns in Essex (with good school districts) and taxes were a bit above what we wanted to pay. However when you go county by county, everything is comparable. In my research so far, it does appear that these areas command potential returns in line with those higher costs. People seem to be willing to rent SF houses for $2600-3200+/mo in these areas, because the taxes return value in the form of local services, schools, safety, etc.

I do have to say that there are numerous Bergen county towns with great commutes into NYC. It takes me about 45 minutes door to door, faster than some people who live in the city itself. If I pick something in Bergen its likely going to be near a train or bus station. This can open up a huge pool of potential renters/buyers looking to escape their 500sf apartments in urban areas.

@Darren Sager Can you recommend cities or towns in Essex County that you feel are worth looking into? I am an agent, but I am seeking an agent or individual with knowledge of these areas as I do not have it.

@Chris Daliani  places that I would recommend would depend upon budget.  Places I personally would not put my money into are Newark, Irvington, and East Orange off the top of my head.  

@Chris Daliani In Essex I've had good luck in Belleville and Bloomfield - you just have to be mindful of which side of town you're own. For example, the Belleville/Nutley Border is a much different place than the Belleville/Newark border.

Clifton (Passaic County) has some good value as well. Watch the borders of Paterson, and try to stay on Public transit lines for the best bang for your buck.

I stand with @Darren Sager on Newark, Irvington and East Orange. I know some people who do well there, but for me personally I stay away.

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thanks guys for the info. there are lots of deals in northern new jersey. i been out there scouting for a couple of years now and i'm making headway. the numbers dont lie talking buying under 65 arv, talking a positive inflow of renters. talking quick access to NYC.

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@Lathea Morris , We are also Montclair based. Please feel free to colleague request me and let's network. We have visions to accomplish some good things within Essex County and Montclair. It's our pleasure to meet you here on BP

@Yonah Sturmwind , Just wondering how you're making out with your NJ investments? Please share?

@Altamar Knighton , @Yonah Sturmwind , I reside in Essex County and may be quite resourceful for you guys. I have great relationships with local realtors, brokers, wholesaler's, investors etc.in the market. Additionally, at times we have some decent off market properties come across my desk but they move fast. Feel free to touch bases with me, I don't mind helping out.

Originally posted by @Ricky Butler :

Altamar Knighton , Yonah Sturmwind , I reside in Essex County and may be quite resourceful for you guys. I have great relationships with local realtors, brokers, wholesaler's, investors etc.in the market. Additionally, at times we have some decent off market properties come across my desk but they move fast. Feel free to touch bases with me, I don't mind helping out.

 Hi Ricky I would like to connect with you 

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