All Forum Posts by: Nicholas M Pendergrass

@nathan g. Thank you for the great advice. I did the research and it has proven to be quite helpful. Truly appreciate your post.

@nickyreader Thank you so much for that reply. I will get to work running the numbers. That was a very helpful post.

Hello, So I am doing my first house hack. I am looking at one property that is in pristine condition and move in ready, but it is a 3 bedroom 3 bath 3 unit home with the option to finish the basement. Another property 2 blocks down the road is slightly higher priced but is a 5 bedroom 4 bathroom house with 3 units with much better sq ft. The latter home, while not in awful condition, is in need of some updating and fixing as well as having the possibility of finishing and renting out the basement. I am using the FHA 203k loan and would be able to make the updates. My question is what would be more attractive to tenants and allow me to get higher rents? The first place is in pristine condition but is smaller. The second place may not be as nice as the first but is larger. Both in the same area. Any advice? Nick

Hi Tarik, I grew up in East Orange. At that time it was typically characterized by crime and low income residents. There has been an effort by the city to hold homeowners responsible for vacant and abandoned properties, which has resulted in positive changes. Home values have risen. Luxury housing is being built, and it seems that some higher income residents or those that work in New York are moving in. This is not happening so quickly as other places like Jersey City.

I live in Jersey City Heights and have seen all the developments. I would agree with everything mentioned so far, but also add that there has been talk of a tax reval throughout Jersey City. The downtown areas is seeing proposed property tax increases for some areas from 13,000 to 50,000. Obviously downtown has completely gentrified so this is an extreme example, but I would be interested to see how taxes will be re-evaluated wherever in JC I am investing. If nothing else, just so I can run the numbers accurately. 

Hello, I grew up in East Orange, but now I live in Jersey City. I am familiar with the area, and I think it will take some time for changes to take root. It will not happen as quickly as Brooklyn or Jersey City. One concern is what seems to be a decline in population over the past years. It is hard to predict exactly how things will go, but the trend seems to be gradually positive to me. Nick

I have lived in Bayonne, Union City, and Jersey City (Heights and Journal Square). I am looking for multi families, they are more lucrative than SFRs. Homes have appreciated so much in Jersey City Heights that I am wondering if it will reach the top of the cycle. It is not easy to find good deals but they are still out there.