All Forum Posts by: Ryan Paltridge

@Stephen Wiater In the northern NJ/Central NJ market, we like to keep our investments close to the NJ transit train line. Having access or being in close proximity to NYC is a priority for a lot of the residents here. I agree with @Bob Okenwa in regards to looking for the commercial development coming into certain cities. For example, huge developers are coming into the Newark market, building thousands upon thousands of rental units near the Prudential Center and Newark Penn train station. A Whole Foods opened up in Newark as well. Who would of thought? If Amazon brings HQ2 to Newark, its game over. 

Welcome @Fernando Lama! I'm a fellow Newark Investor as well. 

Hey Kit,

Welcome to the BP family! I live and work in Jersey City and still think their is a lot of room for growth, but depends what part of the city you are looking at. Downtown is a desirable place to live, but its very saturated in terms of investments. Prices have risen drastically and its becoming harder and harder to find deals there that cash flow. Small 25x100 lots are going for millions of dollars now. Heights has seen a lot of investment in the past few years, in addition to bergen-lafayette which has thousands of rental units being developed currently. Investment is slowly creeping into greenville section, though there are parts I would not recommend walking through, as it can get pretty rough. 

Ive been to the foreclosure auction for Hudson County, and there are deals to be had. With that being said, i've seen investors get in bidding wars for properties and overpay. All depends on the day, investors, and what area the specific property is in. 

Hope this helps. Please reach out if I can help you in any way!

- Ryan 

Hey Andrew!

I'm an investor and agent in the Newark area. I'm currently building a new construction three-family in the ironbound section of Newark, which we plan to hold on to and rent out. I've developed some good relationships within the town in regards to other investors and some people in zoning. Let me know if I would be able to help me you!

- Ryan 

Hey Nyan,

I'm also a investor/agent in Newark! Deal looks pretty good. Your closing costs seem pretty high though, what are you factoring in? I would expect it to be anywhere from 8-15k.  I also like to do a minimum of 3% for vacancy, as I saw you did 2%. Let me know if I can help in any way!

Hey @Eric Panecki,

I bought a two-family in the ironbound section of Newark over a year ago and went through something similar. The house was in total disrepair and we are currently in the process of knocking it down. 

The house was marketed as a three-family, which we came to find out was not true. In order to get approval to build a new construction three family we had to get multiple variances which also became a lengthy process. 

We were offering no parking so zoning made us conduct a "traffic report" to see if enough parking was offered on street during certain hours and days. 

We ended up getting the variance, but it was not easy to say the least. If you do go forward with the process, make sure you hire a lawyer who is very familiar with the community and zoning board.

Hope this helps. DM me if you have any questions or can help in any way. 

Hey Elizabeth!

I’m a realtor and investor in northern NJ, specifically the ironbound section of Newark. We are currently building a new construction 3-family which we plan to hold onto and rent out. 

I’m very bullish on Newark, as are a lot of investors, but to your point there is still opportunity for value and appreciation. With mass transit, proximity to city, and a influx of huge developments coming into the city I believe it’s a great area to invest. 

I have relationships with a lot investors in the area, and my real estate group comes across a decent amount of off market properties. 

Let me know if you would like to sit down over a cup of coffee to discuss and talk some real estate! Would love to help out in any capacity for a fellow investor. 

Hey @Jacques Simon,

I currently have two developments in Essex county, a single family new construction flip in Montclair, and a three family new build in the ironbound section of Newark which we will hold and rent out. 

I'm bullish on both areas, though very different, the proximity to the city has a lot of appeal. We sold our first new construction SF home in Montclair to a family from Manhattan, as it seems a lot of the NYC crowd would pay a million for a 2,800 sq ft home vs. a 900 sq ft apartment in the city. The taxes are always a concern in that town, but a lot of the prospective buyers did not seem to have much of a concern. 

The ironbound section in Newark has been a hot bed for a lot of investors and prices have risen significantly over the years, but you can still find value if you look hard enough. To your point before, the big time developers are really building up the area around Prudential. I'm sure you know Shaq is a partner with one of the big projects, so i'm curious to see how the demand all plays out with many new rental high rises coming into the picture. Promising sign for the city itself...

@Richard Jr Caicedo Depends on your budget, but any town along a train line in bergen co is a good bet. You have your A towns like Ridgewood which would be a much higher price point to purchase, but you can still find towns with good value. Taxes also can vary town to town, but are generally high in that county. I was born and raised there so let me know I can help in any way.  

Hey @Tirzo Quintero,

DM me. I have a solid guy who works in Newark/Elizabeth area.