Flipper · Staten Island, NY · Member since 2014 · 116 posts · 31 votes
Greetings,
I'm looking for a capital partner for a deal I would otherwise wholesale, but the numbers look good for a buy and hold.
Newark, NJ
153k Ask
20k Repair
320k ARV
Triplex
4 bed 2 bath
3 bed 1 bath
1 bed 1 bath
It's basically move in ready.
Looks like you can cash flow a good thousand dollars if you buy and hold. The problem is so many people out here are scared of Newark when I talk to them.
New Jersey, NJ · Member since 2015 · 327 posts · 137 votes
9y
Martin Sterling I don't think investors are scare of investing in Newark, they are more concern with the rent control and tenants being a bit difficult to manage.
Looks like a good deal, you should try the Essex auction to find some even better ones. I saw one guy win the bid for $20k on a multi that needed full gut but the area was average.
New Jersey, NJ · Member since 2015 · 327 posts · 137 votes
9y
Martin Sterling I don't think investors are scare of investing in Newark, they are more concern with the rent control and tenants being a bit difficult to manage.
Looks like a good deal, you should try the Essex auction to find some even better ones. I saw one guy win the bid for $20k on a multi that needed full gut but the area was average.
Financial Advisor · dallas, TX · Member since 2016 · 19 posts · 17 votes
9y
Hey Martin, I went to college at NJIT just around the corner from that property and lived in Newark from 2009 to early 2016. Best of luck to you in the brick city, but I just want to give you a word of warning about the area you are looking to invest in. Even though physically this is near the four universities on university heights, as far as the students are concerned it is in another country. Nobody in college would ever go to that side of town because those who have gone there have been harassed, robbed, beaten, had their cars stolen at red lights, and have been held at gunpoint. Every student is warned in college on orientation day by the police department not to go there for any reason, and campus police will actually question students who are leaving the campus in that direction and question people who are walking to campus from that direction.
My first word of advice is to have a full time security guard on your property and leave a radio on inside to let people know that it is occupied. I worked on a Habitat for Humanity house in Newark and overnight the walls were ripped apart, all copper pipes were stolen along with the water-heater. My second word of advice is to make a deal with whoever is in charge of that block. I work in construction and my coworker used to rehab in Newark. He was harassed on a daily basis. Eventually he had to pay off the local gang leader to be able to work on his block. After he did that he was told that nobody would touch any of his materials or tools, and they never did again.