Newark, NJ. Triplex

[Eliazer Berkovitz]

I have recently started looking at houses in Newark NJ. 

Is there anyone here on BP that has property in newark and can guide me through, for example what streets to avoid, how to get the most finance from the bank, how to vet tenants?

[Steve Wilcox]

80k in newark will not buy you an operating 3 family in any area, war zones included

You may be able to get a semi-performing 2 family property for that budget, our typical investment criteria is total investment of 50-60K per unit or 20k per bedroom for purchase and rehab. We dont buy on streets that have less then 80% occupancy or significant number of boarded up homes on the surrounding 2 blocks. 

Most areas are rough unless you are east of the train tracks in ironbound or in north newark, north of 280 where prices are higher than what I just mentioned. Newark is tough, management is not easy, but there is money to be made if you have the right product with the right strategy/ team in place.