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Updated about 4 years ago on . Most recent reply
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Camden, NJ Investments
Hey BP fam!
I've been reading and soaking up knowledge for quite some time and I'm completely ready to dive in. I have looked into a few markets but I now have my heart set on Camden, NJ. The barrier of entry seems reasonable and the city seems to be on the rebound within the next few years or so. Camden actually reminds me of Brooklyn, NY which I was born & raised.
My current interest is to buy & hold either a multi-family or single family for cash flow. I am looking for professionals that are familiar with the Camden market and can guide me along the way. Are there any newbie investor friendly realtors that specialize in this market? How should I acquire financing to purchase this first property...should I finance through a bank? or go through hard money lender using the BRRRR method? I don't plan on relocating to the market as my family & I are pretty settled in the Brooklyn area and are unwilling to transition our 5 yr old out of her new school so house hacking would be out of the question.
Any advice is appreciated!
Most Popular Reply
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Hello Inemesit and Paul:
Greetings from Camden, NJ. It's great that you both are interested in the city. It's been in the news a lot lately. There is opportunity but I would say proceed with caution. There are quite a few investors who are members of the South Jersey Real Estate Investment Association https://www.sjreia.org/ who are actively investing and could give you some insights into the dos and don'ts in the market. Consider joining if not just for the networking opportunities.
A good place to start in looking at places like Camden is to identify the path of progress going through the city. I would suggest looking at the redevelopment plans for the city, you can find them here, http://camdenredevelopment.org/Plans.aspx. The city is pursuing an Eds and Meds strategy for redevelopment. They've invested greatly around Rutgers University, Cooper Hospital, Virtua Hospital and Our Lady of Lourdes. Neighborhoods adjacent to these facilities are a good bet, but there is a strong speculative environment right now. Off market deals may be your best bet.
Camden is a city of neighborhoods. So when talking to real estate pros, investors and residents use the neighborhood name in your discussions. Here is a map with the neighborhoods and their names - https://www.neighborhoodscout....
If you're looking to take on some risk, strong neighborhoods away from the Eds & Meds include: Cramer Hill/Pavonia, East Camden and Parkside.
If you want to go off the deep end on risk, Fairview, North Camden, Waterfront South & Central, Bergen Square, Morgan Village, Whitman Park, Centerville and Gateway are some of the choices for deep discount/high risk/high maintenance - fix and flip or buy and holds.
On bank financing, your going to run into some trouble. With the speculative environment, properties are prices with the future in mind, not the present. Thus properties will not appraise. Cash is king in this environment.
I hope this helps.
Best,
Ray Lamboy
Real Estate Investor
Camden Resident