Is investing in Newark a good idea?

[Account Closed]

Has anyone ever invested in newark? Any tips or success stories to share

[Bram Spiero]

@Account Closed, the way you ask the question may be to broad for answers to be useful you.

Obviously people have invested in Newark, just like every other place where there is real estate.

Without being familiar with Newark RE, I would venture to say that people have made money investing in Newark.

A better question may be, what is it like investing in Newark? What were the difficulties you ran into and how did you solve them? What kind of investors are suited for investing in Newark? In which neighborhoods?

Hope this helps.

[Michelle Caines]

@Account Closed I'm likely to start off my REI in Newark NJ. I live in Harlem. From what I've heard from family and friends, Newark is similar to Brooklyn (like Bed-Sty do or die, Marcy etc..) There are areas high in crime. Lots of arm robberies. But there are also decent parts, mostly to the North and Eastern areas and the prices reflect as much.

I'm interested in Newark mainly because it's cheap which appeals to me as more manageable and because it's close to home. 

Hope that helps

[Jorge Borges]

Trulia crime map is your friend. Once you find a yellow-green area, walk the neighborhood, if you feel safe/comfortable at 3pm, 8pm and 1am (esp. On a nice summer day "more traffic"), you then look at the numbers. Biggerpockets rental calculator can help you with that.

Some of the safer neighborhoods (lower returns): Ironbound, Forest Hills

Some of the riskier neighborhoods (higher returns, on paper atleast): Westside (numbered streets), Weequahic, the Vailsburgs, etc.

I have been in Upper Roseville for 6 yrs and Westside for a yr and a half, its pretty much block by block.

[Ibrahim Hughes]

yes more specific questions would be helpful. I invest and volunteer in Newark. it's a great City with its ups and downs like anywhere else. Your biggest challenge will likely be in dealing with City officials to get your project done. they're good people but they have a lot on their plate! Keep that in mind.

[Jason Yarusi]

I've committed to buying multi-families in Newark and @Jorge Borges is spot on that Trulia Crime map is a great tool and once you have your areas locked down visiting the street and looking both ways on the block for other boarded up houses and just a feel for the neighborhood really gives you a leg up. Properties move very quick in the right areas here but there are many areas where you can buy great properties and make nice affordable units for renters you just have to be specific for what you are looking for so when it comes up you can be the first one in. 

[Carlos Acosta]

@Jorge Borges hello Jorge. Are you still located by westside Newark? If so, whats it been like as far as area and tenants is concerned. I recently purchased property in Westside and wanted to get some insight from someone that knows the area. Any feedback helps. Thanx

[Ike Iregbulem]

@Carlos Acosta

I purchased on S10th street back in 2016. It was rougher then. You have to screen your tenants thoroughly. I use an online landlord platform called turbotenant that does criminal, evcition, and credit screenings. I prefer to screen and be selective because tenants will make or break your experience. West side is definitely on the up though. People thought I was crazy to buy on the “numbered streets”. I purchased the duplex at $210k and I’m in contract to sell at $375K. Not bad for three years in a somewhat rough area.