All Forum Posts by: Allan Szlafrok

@Andrew Mokotoff at that price range you can definitly find some turn key 3-6 unit properties in some of the better areas of town like the north or east wards. It’s pretty competitive out there but you can still find decent deals at that price range especially if you don’t have to apply to a mortgage.

@Andrew Mokotoff It really depends what your goals are and how much risk you want to take. There are higher yields to be had in the tougher areas but there are certain neighborhoods that offer more stability albeit at lower yields. And are you looking to fix and flip or buy and hold?

@Miranda Simon I literally wrote a book on this topic. I feel like investors go into the business with a certain bias that this is an easy business and all they don’t study up on all the things that could go wrong. If i has to summarize my book in one sentence it would be “You don’t know what you don’t know”. That’s why I advise people to ignore the “gurus” and meet up with local investors who have first hand experience in the trenches.

Like Ryan said a lot of the big cities in Northern NJ like Newark and jersey City are making big comebacks. Huge amounts of investments are pouring in after decades of false starts. You definitely do want to be near public transportation that offers easy access to NYC as thats your best shot at getting tenants and with high paying NYC jobs. Prices have gone up a lot on those areas but i still think there time to get in. You can also see where new developments have been proposed and approved In JC on this map.

 https://jerseydigs.com/all-jersey-city-development...

Might be a good idea to follow the money.

I invest. not sure how that got cut off

Originally posted by @Erica Cohen:

Hi All,

I will be out exploring the Newark area today. Do you have any recommendations on specific areas worth taking a closer look at?

Thank you

North and East Wards which is where 

@Erik Pedersen Its definitely extremely risky to buy without viewing the interior but they why these properties often sell at a significant discount. You can knock on the door and claims to be “from the insurance company” or something but more often than not you’re gonna have the door slammed in your face. Ive purchased sight unseen and the interiors were almost always far worse than I expected. That being said I still made money because I got the house at such a discount. So if you are gonna bid on a property like that make sure you get it at a significant discount.

There's already is a synagogue and a small kosher market on MLK. Not sure if they have plans to build another synagogue or not but there are a lot of Hasidic Jews from Brooklyn moving into the area. Thats put a lot of upward pressure on prices and i expect it will continue to do so. Honestly if you want the scoop on that area go to the synagogue and talk to the people there. I go there every so often and believe me there are far more people talking about real estate there than praying.

its definitely tough right now to try and house hack in Jersey City. If yur a first time home buyer you should check if there are any Fannie/Freddy properties available which restrict buyers to first time home buyers for the first 20 days. beyond that i think you can find a duplex within your price range in areas like Bergen Lafayette and the West Side. Greenville too if you dont mind the crime. I dont think you'll find a way to break even anywhere in the city but it'll still beat renting.

I always say that it pays to see what the competition is offering and do one better. You may find that even if competing houses aren't offering granite or other upgrades it may pay to install it so that your property will sell faster and closer to list price than your competitors. When i flip a property my goal is to offer a product that's better than my competitors. I never want to hear from a  potential buyer that the property wasn't nice enough for them.  Upgrades like granite countertops and stainless steel appliances are often what sets my property apart from what others are selling at the same price point. Bottom line is if you can afford the upgrade i think you should go for it. Do what it takes to set your property apart from the pack.