All Forum Posts by: David Brown

Hello all, I am looking to connect with a realtor in Newark NJ. One who is familiar with foreclosures, short sales, REO etc a bonus. Thanks for the help.

Hello all Looking to get some opinions on Newark NJ market. Would like to hear what areas people would invest in or stay away from. I've read a few old post with good info on the area but would like to hear some updated views on the city. I understand that east and north Newark have a better reputation than the west side but I would like to hear more specifics from people who understand and are active in the area.

Jesse Holshouser yeah I have a feeling that's what they are trying to do. It is still very enticing but that's not something I would get involved with. Thanks for your input.

Jesse Holshouser Yes that is the plan. Like I said this is all very preliminary stuff. I checked the comps in the neighborhood with realtor and zillow but I haven't had her get the comps from the mls yet. We haven't even seen the inside of the property because the owner is out of the country. We only passed by and checked it out from the exterior. The property is a 4 family(3 three bedroom apt and 1 one bedroom apt). The property also has garages that are currently being rented also but even without those the property is still in the black.

Yes Darren Budahn my broker already told me that if the sale price is so out of wack there is no way a mortgage will be given. I was just throwing it out there in case I missed something about why this would still be a good purchase. Thanks for all the input.

Chris T. Yes I will definitely have my realtor check the comps on the mls. This is the very preliminary stages of this entire process and the comps I referred to are coming from realtor and zillow, which I 100% know are very unreliable under most circumstances.

Nathan Mills that is what I was concerned about also. This is the very early stages of this deal and I haven't even seen the interior of the building or spoke with the current owner as he has been out of the country. For all I know he could be putting it up for a ridiculous amount and see if anyone bites just because the market is very hot. Also if the property is priced so out of wack and the appraisal would come back a lot lower the bank wouldn't even approve a mortgage. I'm also curious to why they are selling because at the price it was purchased almost three years ago this property is making some serious money.

Nick Colamarino the rents in this particular area fluctuate a great deal. I believe this owner has the apartments at a good price point to make money. A 3 bedroom can rent for 1400 and 5 blocks away rent for 1000 and not have that much change in the neighborhood.

Curious to get some feedback on how people feel about buying a property that cashflows well but seems to be way above the comps in the neighborhood. Does it makes sense to buy a property were the owner is asking 100k over the comps but at the inflated price still can net 2k a month. All and any opinions are appreciated. Thanks

Thank you Abel Curiel. BP is an amazing tool and I love the info that everyone shares. Is the market still on fire out in Queens?