All Forum Posts by: Drew Slew

im looking at a 2family here i just visited today on Park st, gorgeos big house, and also N 19th st. area is ok for me coming from greenville jersey city, that warzone is def hard to stomach, but the problem i see is that my 2fam in jersey city shot up over 100k in 2yrs, i just cant get my head around east orange.. so far out and see no signs of new developments that are everywhere in JC greenville or bergen lafayette.. i do like the bigger lots, but doubt i could rent out parking spots out there for 150+ like in JC or union city. idk, hard to figure out where East Orange might go. that west part of newark and south of 280 just.. real rough idk if it will ever change

yes, it is illegal in JC to rent out rooms. had a very tricky situation at court but evicted, but i wouldnt want anyone to go through what i went through. 

you need a boarding house license, which they dont issue in jersey city

@Kit Williams how did it go, did you buy in the Heights or Union City? I have 3 properties in Greenville, Heights and Union City (2 condos, one 2 family) and am about to close on 4th, which will be my first 5%down FHA 2family that i will house hack. So i know all those areas. My spot in greenville i bought under 400k in 2018, since then the house is worth 500k, and cashflows net $1000+ every month.. except i had to evict last year and got tons of fines for amateur mistakes. I def think greenville can pop the most but its not for the faint of heart, only certain blocks. But in the short 2 years, 4 out of the 5 houses in front of mine have been bought by investors and gutted.. and im right on Ocean ave/MLK, which is def not a stroll my baby around chasing butterflies type of scenario even in daytime.

Connect w me on instagram and i can help, im licensed in NJ but mainly invest. @newyorkcityrealtor or @nowyourcity or nowyourcity at kw dot com

but what is actually a more interesting question is commercial real estate.. because that WILL DEF hit a big hit, as many companies wont need that many people in the building in the future. 

Taking a city like NYC or other dense CBD areas (SF?) i would think should get major bankruptcies soon, luxury condo high rise developments will crash etc. so from that side, real estate should see some major shifts. 

what some can sense is a NEW NORMAL is forming. self driving cars, zoom happy hours, docusign etc. yes, many people dont work in tech, but those who work in office settings.. this tech enablement has been present for a while and in the future the mantra will be.. well we can have half the size office we had, save some costs and drive up profits.. 

at least if i had a company like Goldman sachs w 5000 ppl tower, id just cancel half my lease, have 2500 rotate WFH and office and drive down major costs..

@Charlie Anne i agree, im from NYC too and work in tech / invest in real estate. im starting at a new company in july, and low and behold it will start with...WFH!!! damn, i never worked from home and im literally 10mins from NYC in jersey. but as i heard them talk, it will be a mix of WHF and office, which i think will be adopted by most tech firms soon. Come in the office a few days a week and work from home the rest. At least july-aug for sure. Fall, winter..who knows.

i used to rent in chelsea when my company paid for it a studio for over 2k, it was about 200sqft, couldnt fit on the toilet without my head touching the door (it was slanted to fit into the apartment). 

i started buying in NJ, Hudson county condos and 2 families in 2016 when all my friends thought its a joke to move to jersey. what others said, esp in NYC, luckily the shift is now necessitated, due to millenials trying to afford some place to live (cant do it in Manhattan, even a studio is 400k), and covid makes them want more space, maybe a backyard? walk the dog? welcome to jersey, just 15mins away from the city w skyline views etc for 3-4th the price, 2bed condos can be bought under 200k, 2family in south jersey city some can still be bought under 400k. 

so my guess would be surrounding areas of large citites will boom more, esp pockets that are more affordable. But then again, wasnt this always the case? U got stamford, westchester, in LA u got the valley etc. Ppl w families always opted to be close proximity to cities.

to move somewhere 2+hrs to any major city, probably unrealistic. Id put my money on any area that is within 30min-1hr to a major city where the JOBS are, and has more space and is still UP AND COMING. Basically the bad areas where investors are piling in. I dont think this is really applicable to already suburban feelins areas like LA, Houston, and basically anywhere in the US outside of NYC...

did you buy? im looking at a 2fam w fha around 400-500k again

@Mala S. that foundry area is def not going to be in the 350k pricerange, that part of BLF is untouchable its on fire, they just finished 2 major condo dvelopments next to I78. if Charles wants to do an FHA i dont think u can do much rehab, 350k would be good all cash for a distressed or badly damaged 2 fam in JC's worst areas..way south of Communipaw

@Charles Mitchell i just came on this post again, as im doing this exact same this atm, during covid waiting for prices to drop just got preapproved and putting in offers. 500kish 2fams 5-8%down FHA. whoever said cashflow cant be done doenst know.. just not in an area youd like to live in. but most also dont know that it will only cashflow with multiple rooms rented, which is ILLEGAL btw and professional tenants like one i had will take advantage of it. i have a condo in the heights like @Marc Weisi but its in fact a 1bedroom and i house hack it, as layout makes the living room into a room w a door. i took out a HELOC on this condo as it appreciated so much since 2016 when i bought it. essentially idk what stage you are in, but id highly doubt you will be buying anything in nicer areas, im still w my premise of mainly Greenville, not even Bergen Lafayette. Theres a bunch of new buildings being pulled up on Ocean ave under communipaw, id look around there. I dont see anything under 400k tho, that price is gone, my 2 fam was in the 300 range in 2018 and its around 480k ish now. im an agent btw w KW, see my IG > newyourcityrealtor happy to talk. newark is an option, but gonna be rough, just dont go south or cross the cemetery, or maybe West Orange, i just dont think those places will appreciate as much. im also putting in offers in Bayonne, but taxes r a bit high there. even w FHA if ur total is less than 3k a month, u can cashflow ie. its a 6bed 2bath u can rent each floow 1700-1900/m easy even in the roughest areas where mine is

And west side/bergen lafayette is..quite nice compared to what I'm talking about...deep MLK, where the big shooting happened. Orient ave and below

It might have not changed but my 2 family went up over 70k in 2yrs. 

on ocean ave they are building a bunch of new bdgs around bidwell ave

Garfield ave tons of new construction 2 families. 

I'd still buy anything turnkey asap under 400k.

I got no issues w tenants now, in fact haven't seen them for months. I get rent asap via zelle. Watch them via ring

so yes, area is scary to a mainstream buyer but investors are already there. 

Bayonne I'd look into buying too. Heights is too pumped up idk