All Forum Posts by: Corey Brown

Would you say the same about Camden NJ?

Im a cash investor in Newark. I think its a great market if you avoid the worst areas. However i havent bought a single deal from a  wholesaler yet. Im looking for a good wholesaler to send deals my way.

They said Newark would be a GOLD MINE back in 2005 when I started working in real estate down there and look what happened. They have been saying this since the 1990's when I lived in neighboring Belleville and Newark had the highest per capita crime rate in the Nation. Purchasing property based on Anticipation is dangerous. However, Newark always was and always will be a good rental market if you purchase at the correct price for CASH FLOW. Most wholesaler are emailing me as well with the same properties located on the most violent south ward blocks which could be difficult to keep tenants with the high risk cap rates. They can build all the YUPPY places such as Wholefoods, Panera Breads, etc they want it still will never change the 07103,07104,07106,07112,07108,07114 ZIP CODES at all. Down Neck(Ironbound), North Newark (300-900 blocks), down town (very few blocks) and upper Vailsburg are Good areas. Anywhere else I wouldn't touch unless you have EXPERIENCE. As for a wholesaler this shouldn't really effect you as long as you purchase low enough and have enough room for profit. I know many investors that will buy on any block. Let me know what you have because Newark is a great investment overall especially with SECTION 8. Property values have gone up overall but as far as it changing like Hoboken or DOWNTOWN JERSEY CITY that will NEVER happen. I know this as I have been a real estate appraiser in NEWARK for 10 years

Harrison NJ is a completely different market area with a completely different socioeconomic scale, different statistics and superior school system. Harrison has a lot of opportunity with all the PATH line construction.  

There is a lot of investment happening in Newark.  Many businesses are moving there from Manhattan, a new tech incubator just launched, and a whole foods is even planned in downtown.  The key is to be in the right part of town.  All the colleges offer many opportunities as well.

I think neighboring Harrison is also interesting with the Rd Bulls arena, new PATH station planned, and al of the investment in resi/ retail to create a commuter friendly downtown.

As mention by Rod, I agree on that wholesaling is way to start, sometime same property is advertise by multiple investors.

Unfortunately, a lot of people jump into wholesaling because they read or heard that was the place to start.  More unfortunately, the ones who wrote that nonsense don't give you any viable game plan.  The result?  The blind leading the lame.