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Old 08-10-2017, 04:45 PM
 
7,099 posts, read 1,574,030 times
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Quote:
Originally Posted by GoHuskies View Post
Only an idiot would believe the party in control is responsible for this demographic trend.
LOL, well.....................
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Old 08-10-2017, 10:26 PM
 
18,340 posts, read 17,549,029 times
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My son is looking to buy in some pretty marginal neighborhoods. That's what he can afford. The mortgage will be cheaper than rent by hundreds of dollars a month. I've told him that he'll be responsible for repairs and will have to sell it one day. He doesn't want to hear that. I can't post what he said in response.
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Old 08-11-2017, 06:20 AM
 
Location: Weehawken
680 posts, read 408,713 times
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Chances are those marginal neighborhoods will be gentrified in 10-30 years.
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Old 08-11-2017, 08:07 AM
 
11,564 posts, read 13,352,793 times
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Quote:
Originally Posted by GoHuskies View Post
Chances are those marginal neighborhoods will be gentrified in 10-30 years.
+1
In order to make money in real estate, one has to have both vision for the future and a good deal of optimism.

Back in the '70s, there were any number of unrestored Hoboken brownstones that could be bought for ~$20k. My brother and I thought that we would pool our money, buy one, do a quick & dirty renovation, rent it out, and at a later date, perhaps sell it after real estate prices rose.

However, after mulling it over for a few days, both of us came to the same conclusion, namely..."Who in his right mind would want to live in a dumpy, run-down town like Hoboken?".

Yup...you guessed it...those same brownstones are now worth well over $1 million.


Unfortunately, we both lacked the vision to be able to foresee the opportunities that lay in the future for that "dumpy, run-down town".
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Old 08-11-2017, 09:01 AM
 
910 posts, read 2,895,573 times
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Quote:
Originally Posted by Gerania View Post
My son is looking to buy in some pretty marginal neighborhoods. That's what he can afford. The mortgage will be cheaper than rent by hundreds of dollars a month. I've told him that he'll be responsible for repairs and will have to sell it one day. He doesn't want to hear that. I can't post what he said in response.
Quote:
Originally Posted by GoHuskies View Post
Chances are those marginal neighborhoods will be gentrified in 10-30 years.
I'm curious to know what is meant by "marginal" in these posts. Are we talking about safe, but crappy towns like Garfield/Lodi or places like Newark/Paterson?
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Old 08-11-2017, 11:35 AM
 
433 posts, read 348,342 times
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Quote:
Originally Posted by Busch Boy View Post
I'm curious to know what is meant by "marginal" in these posts. Are we talking about safe, but crappy towns like Garfield/Lodi or places like Newark/Paterson?

Newark, mostly the Ironbound and downtown, is and will continue to gentrify. Reasonable rents, cheap eats, great restaurants and a 15 min train ride to NYC. I bought an old house in the Ironbound in 2013, knocked down, subdivided into two lots and built two new homes and now I have 5 rents + I live in one unit. I am able to live in a 3 bedroom / 2 bath apartment with a 2 car garage all for free while my tenants are paying off my 15 year mortgage...gotta love real estate and the perception that Newark. In about 2-3 years, I will likely move the the burbs and can use my units rent to pay for the new house.

It's all about living according to your means and SAVING. There is nothing wrong with living at home with mom and dad if you are SAVING. Put that $ to use in rental real estate instead of living the high life in Hoboken, JC or NYC. These kids don't have any cash reserve or emergency savings. Live month to month...stupid
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Old 08-11-2017, 12:45 PM
 
Location: Weehawken
680 posts, read 408,713 times
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I'll second the mention of places like Newark downtown and Ironbound. Both have proximity to offices and transit into NYC and I wouldn't call either overly dangerous. Newark has some parts I'd avoid as does Jersey City. The above mentioned neighborhoods don't feel as sketchy as they used to even 5 years ago.

Paterson I cannot comment on since I've only been to the Microcenter there. It doesn't seem well connected to city jobs so I doubt gentrification will improve the town anytime soon.
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Old 08-11-2017, 01:29 PM
 
274 posts, read 242,418 times
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I recently drove through Harrison on my way to Newark and was amazed by what going on there. Looked very millineal to me.
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Old 08-11-2017, 02:29 PM
 
12,746 posts, read 7,996,625 times
Reputation: 8170
Quote:
Originally Posted by Retriever View Post
+1
In order to make money in real estate, one has to have both vision for the future and a good deal of optimism.

Back in the '70s, there were any number of unrestored Hoboken brownstones that could be bought for ~$20k. My brother and I thought that we would pool our money, buy one, do a quick & dirty renovation, rent it out, and at a later date, perhaps sell it after real estate prices rose.

However, after mulling it over for a few days, both of us came to the same conclusion, namely..."Who in his right mind would want to live in a dumpy, run-down town like Hoboken?".

Yup...you guessed it...those same brownstones are now worth well over $1 million.


Unfortunately, we both lacked the vision to be able to foresee the opportunities that lay in the future for that "dumpy, run-down town".


Same thing all over.


Late as the 1980's there were still parts of Manhattan (East Village, Lower East Side, Harlem, etc...) that were heck-holes. Don't get started about Bedford-Stuyvesant, Bushwick, Brooklyn waterfront, etc.... Now look at them all, you can't touch property without spending large money.


Everyone was writing off Lower Manhattan/FiDi after 9/11/01; and again look what has happened there....


But as you say and are quite correct, real estate is being in it for the long haul come what may.
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Old Yesterday, 06:05 AM
 
6,745 posts, read 7,930,241 times
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Could these millenials move to the shore and take the ferry to work from atlantic highlands to nyc?
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