Buying a triplex at retail price ???

Question

I am looking to purchase a triplex have been searching for deals in the newark New Jersey area with no luck. The area is not the best but there is still so much opportunity.... any suggestions on phrchasing in Newark? And also purchasing a triplex as first investment property?!?!

Ibrahim Hughes · Answer

Sorry. Just organizing my inbox and see that I missed this email Jason. If the answer was a no 3 mos ago, it's a yes now. lol.

JK - yes the rents are at $1300 and (slightly) up for a 3 bedroom on the numbered streets (lowest rental area in Newark).  Did you or @Tequa P. buy anything yet?

Matthew Teter · Answer

Tequa,

I'm curious if you are looking for a triplex or multi family investment have you looked in Camden and Gloucester county? Are you open to areas closer to where you live?

Tequa P. · Answer

ok thanks for the reply. I have a few questions about the area. Do ou currently have any investment properties in Newark? Do you flip or rent ? And how are you determining the better areas ?

Peter Boutros · Answer

Hello Tequa,

Newark has been changing a lot in the past few months.  A lot of investors have been purchasing in Newark due to the potential of it becoming like Jersey City.  There are a lot of new projects coming up and prices have been increasing.  There are a lot of areas/properties that are near the train station / light rail station that attract commuters and can be very profitable investments.

Newark also has low property tax which does not eat up a lot of return on investment.

Buying a triplex at retail price ???

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