All Forum Posts by: Arthur Soto

@Orlando Goodon ok so that area is the heart of Passaic Park. Very Orthodox area (although its racially/ethnically mixed). They are trying to convert that very large building which used to be St. Mary's hospital into market rate apartments or condos. This will take some years to develop but its something to consider. 

@Jon Sibilia so I have to take issue with your statement as a whole and particularly that Passaic is a "poor city with a bad school district".

1. Passaic is not a POOR city as a whole. There are sections of course that are distressed and economically challenged but sections such as Passaic Park and even by Passaic General Hospital are upper class and very nice appreciating properties. Crime is low and the city is a vibrant community. I'm not sure when you were last here but I've been living here since 2002 and things have been improving especially in the last 2 years.

2. I know personally of an investor who is renting a 4 BR house on VanHouten Avenue close to the train station for $3,200 a month. So, yes you can rent a property here in Passaic for 3k a month (and higher).

@Orlando Goodon if you have any questions, feel free to inbox me.

I actively manage all my properties. I use a boilerplate lease agreement and make adjustments if needed. I do all of my background checks the old fashioned way: making phone calls, checking up on references and making judgement calls based on meaningful interviews. There's nothing significantly different about Passaic. 

@Margharita Silva, good for you! By the way, I never responded to your question above. Sorry about that. Not sure if you heard but there is a possibility that a developer MIGHT build a mid-rise across from the train station on Van Houten Ave. Personally I think that would be great! And I agree with your assessment of Passaic Park... walkable, diverse, fairly quiet and pretty safe (even at night). Not sure if you have tried the Boathouse Cafe in the park. Nice spot and towards the evening they have lighted fountains in the lake. Very very cool! All the best!

@Osvaldo DIaz thanks for sharing your story. I have a similar story although mine was in Bergen County (Garfield). I actually had to go to court twice, did not have a lawyer represent me (call me bold or call me reckless lol) and the tenants did show up twice. The reason why I had to go twice was because the lady has a child who was in the Garfield public school system. So basically it was to give the lady some time (just 2 weeks) to find a place in Garfield to have her son continue to go to school. That said, at the second court date, the judge set the eviction date and didn't budge.

The whole process taught me an important lesson: have your paperwork in order (receipts, emails and/or letters, etc are very important in cases like this) and be calm especially in front of the judge. I saw a few cases swing due to litigants not knowing how to control their emotions. One landlord lost his cool in court and the judge admonished him and basically told him to deal with the tenant directly. In my case, the lady at the second hearing interrupted the judge and wow, that did not go well for her and pretty much sealed her fate. So, staying calm and being respectful to the judge can give you the edge you need to win the case.

I live and invest in Passaic. Let me know what you have in mind.

@Wynne Liu hi thanks for your interest in Passaic. That particular area is pretty safe, mostly residential with 2 or 3 family homes and very close to St. Mary's General Hospital and the local Shoprite. Any other info you need?

@Margharita Silva yes. Nice building and nice area. If you are referring to resale value, that's a tough one. Its right across the street from another high rise property. There could be a glut in apartments or not very high demand for that particular type of real estate. You could check Zillow or Trulia to see past sale prices for that particular property. 

But overall, values in that area are appreciating. Again, you can check Zillow or comparable websites over the past 2-3 years to confirm. Best wishes to you!

@David Chin welcome to BP! I live in Passaic and have bought several properties in the area. Taxes in Passaic and Paterson are a bit high which can eat away at your profit potential/cash flow. Keep that in mind when you search. I'm definitely biased towards Passaic since I've lived here since 2002. Things have been steadily improving in Passaic (economic development, new schools, park and infrastructure updates) which has led to rising real estate prices. Lastly, there is a good stock of multi-unit properties in the city which should satisfy your needs. 

DM me if you'd like additional information. Best wishes to you!

@Margharita Silva I own property in Passaic Park and its a very stable neighborhood. There is a commercial development in progress on Brook Ave which will bring additional residential units to the area as well as needed commercial rateables. There's also been much needed improvements done at Third Ward Park which should attract more visitors to the area. Lastly, you might already know this but there is a train station at the park as well as buses into the city for commuters. All in all, I would say that Passaic Park is a great place to live, play and INVEST!