New Investor in Upper vailsburg newark nj

[Paul Muwonge]

All Real Estate Investors,

I have been on this forum and educating myself way on how to invest in real estate and I appreciate all your contributions. I'm now ready to invest in a multi-family home. I found one with 3 apartments in the upper Vailsburg area of Newark in New Jersey. Below are my questions:

Property is going for $390,000 - is this a reasonable price for a multi-family which has 2 -3 bed apartments and 1-2 bed apartment?

Seller is telling me I can get $1500 rent per month from the 3 bed apartments and $1200 from the 2 bed - is this accurate for this area?

How safe and easy is it to rent such a unit in this part of Newark?

I appreciate any comments and suggestions from any of you that are very familiar with this area.

Thanks in advance.

[Stefano Grottoli]

@Paul Muwonge

Hi Paul - it seems to me that you should wait a little bit before moving forward. If you're planning to buy a multi-family home in Newark, you should deeply understand the market conditions before, and that should be able to tell you if the price is reasonable or not. The same for the rent. I wouldn't trust the seller information only. I would take a step back, study more, network with successful investor in the area, attend REI meetings, talk to Real Estate agents and gather as much information as you can. You should also do your own due-diligence in terms of the prices of the properties, average rentals, etc.

So in my opinion, as you will put up a LOT of money in it, you're still not ready to invest. Hold on your anxiety a little bit, learn, talk, network, meet people, gain knowledge of the market, understand all of the complexities of buy and hold, and then move forward after you fell confident about your deal!

Just my 2 cents.

Good luck!