All Forum Posts by: Kai Shen

Thanks so much everyone for the great input. I had one other question around location (since I am kind of clueless about Journal Square). Would one prefer to be directly north of (e.g., Walllis Ave) "or" east of the Holy Name Cemetery (e.g., Stuyvesant)? Both are not technically within Journal Square

0 Votes

Thanks so much Diana and Kevin. Super helpful info.

@ Diana - you don't think Van Wagenen is too southwest in JS ?

0 Votes

Originally posted by @Cesar S.:

Also keep in mind taxes will change soon so the lower the better in those terms.

I did not know this. Are taxes changing for all of Jersey City? Are they going up for sure or is this just a re-evaluation?

Thanks again Cesar!

0 Votes

Thanks so much John and Ro - yep feels like the JS option is better. It's 400K for a single family. The Heights option is 350K for a renovated but small 900 sqft 3b/2b condo. Although I have never being a land lord before, so thought the Heights would be easier to rent out (I am assuming $2000 / month for the condo). For a first time investor, would you recommend going with the Heights option so I have less to worry about?

Yes I know both are not great investment options, the returns are only 4.5% over 30 years.

Thanks again!

Originally posted by @John Errico:

I agree with @Ro Maga--the market has become so competitive, particularly in both of those areas, that you would be fortunate to get either.

Obviously it's somewhat subjective, but I feel as though both areas are nice. The deeper (as in, further south and west) you get into Jersey City, the, very broadly, less safe, nice and pricey things become. So the Heights is pretty much at the top of the market (excluding downtown/Newport/Exchange Place), Journal Square is "next" in terms of price, safety, desirability, Bergen/Lafayette is after that, and Greenville is "last." Obviously there are a lot exceptions, but this also seems to be following the trend of investment dollars (lots of investor activity in Bergen Lafayette right now, for example).

It may depend on what your expectations for an investment are but, conceivably, you'll get better appreciation in Journal Square, given that market prices there are generally still lower than JC Heights (although if you found a screaming and/or off-market deal in JC Heights, that changes the calculus). More so if the house is older as you suggested and you can do some work to improve it. It's hard for me to imagine a newly renovated condo in the Heights as being a great investment in the current market (again, unless you're getting a special deal), but I could conceive of good opportunities around Journal Square that need some work being good deals.

If you run the numbers on cost/expected rent/maintenance/repairs it may be obvious which is a better deal, although I subjectively feel that you'll probably enjoy more appreciation, at least in the shorter term, in Journal Square than in the Heights.

Good luck!

0 Votes

Hi all,

I am a newbie to BiggerPockets and new to real estate investing. Right now, I am close to making my first investment and would love your suggestions on the pros/cons of JS vs. The Heights. The 2 properties are about the same price:

Journal Square option - 3b/2b Single Family corner of Van Wagenen and Stuyvesant Ave. About 15 min walk to the Journal Square PATH. In good condition but oldish house. Would this be easy to rent? Is it too far from the Path? I like Journal Square but not sure if this is a good neighborhood, the street looks a bit dodgy.

The Heights option - Small 3b/2b newly renovated condo. Near Beacon and Baldwin. Supposedly also 15 min walk to the Path, but this is north of the 139 hwy. It's in my opinion on a much nicer street and close to Palisade Ave. It is much smaller than the option above.

My strategy is to rent it out and get close to break even on 30 loan with 25% down. Most important thing for me is to be able to rent it out at a reasonable rent to reasonable tenants.

Trying to make this decision now, so would really appreciate all your help on this.

Thanks in advance

0 Votes

Originally posted by @Rafael Norat:

Hey Bryan,

Most hard lenders work multiple states. So I would go with the one who has best referrals and terms. Most can easily close within 20 days. So I wouldn't be too concerned with the timeline. Just put together a good presentation package and shop it around. PM me if you can't find good lenders to work with. I'm sure you would get some lenders here on BP. I have one who works multiple states with decent terms, 3 points 10-11 % I believe. No attorney fees. I can forward you there info.

Hope that helps.

Hi Rafael - any chance you could provide me with your lender info as well? Thanks so much in advance

0 Votes

All Forum Posts by: Kai Shen

Kai Shen has started 1 posts and replied 6 times.

Post: Journal Square vs. The Heights in Jersey City

Post: Journal Square vs. The Heights in Jersey City

Post: Journal Square vs. The Heights in Jersey City

Post: Journal Square vs. The Heights in Jersey City

Post: Journal Square vs. The Heights in Jersey City

Post: Advice on best route for financing investment property