anyone working NJ?

Question

Need some feed back in the Trenton, Hamilton areas of new jersey. Are these areas  good for rehab and flip, or hold. I'm looking at 2-4 family properties prices seem good but I'm not seasoned in these areas.

Ibrahim Hughes · Answer

That depends on what you're looking to do AFTER the rehab.

Buy and hold? Then you're looking for areas with relatively low taxes, high rents and a high number of renters. That's where cities like Newark and Elizabeth come in.

If you're looking to sell retail to owner occupiers then you're looking for areas with strong retail buyer demand. Usually tied to good school systems. There are PLENTY of towns that fit that criteria. In Essex and Union counties I like Maplewood, south orange, rahway, Union, Roselle Park.....so may areas to choose from.

What you DON'T want to do is to go into a rental area with a 'rehab to flip to a retail buyer' strategy.

Keith Lutz · Answer

Not sure about Trenton or Hamilton, I know Ibrahim S, knows the Newark market.

Ibrahim Hughes · Answer

Yeah those 1 vs. 2-4 may be optimized in totally different markets. Generally speaking, what works well for 1 families should be even better for 2-4 families. Not so the other way around.

Abdul R. · Answer

@Ibrahim S thanks for your insights about Newark and other areas and also the tip "What you DON'T want to do is to go into a rental area with a 'rehab to flip to a retail buyer' strategy". I am thinking of focusing on 1-4 multifamilies now.

@Annette Hibbler Detroit is hot market really?

Ibrahim Hughes · Answer

Such a broad stroke to paint for Newark and Elizabeth @Annette Hibbler . Not all of Newark and Elizabeth have a crime issue. Many parts of North Newark (Upper Roseville), Forest Hill, Ivy Hill, (some of) weequahic, Ironbound etc. are relatively safe. And Northern Elizabeth is good as well. And the taxes are lowest in the area (with the exception of maybe Plainfield) North of Monmouth co.

And only a portion of each city is considered industrial. Ironbound, anything by Frelinghuysen ave maybe but that's it for Newark. And only the South Side of elizabeth is near the port (and right off the airport's runway unfortunately).

I think it depends much on perspective which often has a lot to do with personal experiences (or lack there of).

Btw, both Newark and Elizabeth are red hot with Investors as well.

Annette Hibbler · Answer

I've lived in NJ all my life.  Taxes are climbing.  That's why I choose to stretch my investment dollars in areas like Detroit which is a hot market for investors now.  As far as Trenton, Newark & Elizabeth are concerned these are high industrial areas near the airport and the docks. Crime rates for those areas are higher than others.  I stay out of those areas because I don't want the hassle.

Other areas in NJ that are good are the Plainsfields (except South Plainfield because they have flooding issues every year), Bridgewater. Hunterdon and Warren County have very good resale and rental rates ranging from 1200 for 2BD/1BA to $1900 and up for 3BD/2BA.  You'll pay more to purchase those though and taxes are higher.  You can still find good deals in Phillipsburg though. That's mostly rentals there ranging from $1000 and up.  I own rentals there as well as in Washington, NJ.  Across the border is Easton, PA where prices are still very low.

Abdul R. · Answer

@Gerald Gatyas  unfortunately no! Hope some experienced rehabbers from the area/state can chip in. I know @Figen M. works Hamilton but I don't think she is active on BP.

Account Closed · Answer

Abdul did you ever get any information on this?

Abdul R. · Answer

I would like to know too. What other locations in NJ are good for rehabs?

Account Closed · Answer

What are your thoughts on Trenton nj ?

anyone working NJ?

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