All Forum Posts by: Drew Slew

If anyone still follows this thread, i got two offers atm accepted, need to decide quick:

- Ocean and Wilkinson - 2 family, 6 bed 2 bath, turnkey, offer at 395k. quite big, small attached garage, big 2 floors 3 bedrooms in each. basement not finished. area as previous people said - war zone in some way - but then again i could probably take it for a while. WOOD. only has washer dryer hookups. backyard.

- Palisade and 60th st in West New York - BRICK 2 family, 3 bed 3 bath - each floor has a 1 bedroom 1 bath unit. Almost half the size of the greenville one, BUT much nicer area, closeby to lightrail and BRICK. no parking though... needs a little renovation in the second floor kitchen and painting, but overall turnkey also.has washer dryer. backyard garden and shed.

returns are somewhat similar although if i am realistic can squeeze out quite a lot from the west new york one. not so sure about the greenville one. 

IMO renting a 3 bedroom 1 bath seesm quite tough, and fetches same as a 1 bed 1 bath in west new york area - which is full of businesses, people. 

on the other hand, greenville is on fire and the property is nice, brand new, could be big appreciation in 5 yrs or so?

Any ideas welcome

but yea, 200k for a studio id never pay for. if it was a 2 bedroom yes. @Bob Roach

all this diss about market rate and whats the goal w it is not accurate. as the market currently stands, west new york, union city is soon untouchable. last area is greenville and war zone places. 

i bought a 1 bed - now 2 bed - condo for under 150k 2 yrs ago, now its well over 200k worth. just one room rents for over 1000/m in union city!! no closeby transportation. 

when u can see NYC skyline in the windows, you can rent even the storage room out for ridiculous amounts. 

basically, anything that you can get your hands on at this point is a good move - because soon average buyers will be priced out of here too.

i already own in union city, place has appreciated too much in the last 2 yrs, getting a bit pricey

@Tarik Turner no fixes yet, maybe later. for this, pure cash flow 

Yonkers seems much further away than Jersey City. Ideally 30-45mins to NYC center is the goal, so its always rentable. Newark I was already thinking too far and not the best areas.

Where would you invest 70-80k cash (20%down financing up to 450k) if you lived around NYC/Jersey City? Have been looking at 2-3 families in Newark, Jersey City's greenville, Union City. Some people say look into Queens/Brooklyn? 

Seems like either go for a good cap rate, buy in a war zone type of area - multifamily around 300-400k and rent out 3k or so or buy a condo and hope to rent to break even in Manhattan area and hope it appreciates a lot. Ideal would be both - steady passive income of at least $500/m and appreciation on a 5-10yr timeframe. 

Investment property so its not that important to be nice enough to live in it. 

yea, would be happy also to hear more discusssions / specific developments coming to that area, actively looking there.

Im about to close on a 2 family right next to MLK lightrail in JC/Greenville. Taxes are going up a bit, but numbers are still ok. Would love to hear if anyone has anything right around there. Place is 2 streets from MLK station so commute to NYC is great, would need 2000/m+ for the 4bed 1 bath to rent upstairs to make sense. No parking, no washer dryer big negatives at this point. Building recently remodeled from single fam to 2 fam, so inside new (quick rehab job tho). Area seems as said before, more of a war zone still. Not sure how safe it is to walk around and the rental returns. 

Ideas?

But if anyone knows any good contractors for a minor concrete job in the back to repair some stairs and garden holding wall would be interested in that.