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I bought and developed two multifamily houses in Newark (Ironbound). My equity in just 5 years between two properties is about $700k and rents pay my taxes, mortgage and all expenses...plus I live for FREE. Talk all you want about Newark. Soon enough Newark will pay for my single family house. Keep hating on Newark.
How easily we have forgotten the housing crash that we need articles like this
Seriously though, my biggest piece of advice to people starting out is to skip the "starter home". If it's not something you think that you can live in for a very long time if you need to, then don't do it.
Example, if you see yourself getting married and having a kid or two, wait to buy something that you can live in comfortably. Sure, if you can move up later, great. In other words, wait and buy a 3-bedroom ranch in a decent town versus a condo that you are going to be busting out of in five years.
I bought and developed two multifamily houses in Newark (Ironbound). My equity in just 5 years between two properties is about $700k and rents pay my taxes, mortgage and all expenses...plus I live for FREE. Talk all you want about Newark. Soon enough Newark will pay for my single family house. Keep hating on Newark.
your personal experience doesnt change that newark sucks.
How easily we have forgotten the housing crash that we need articles like this
Seriously though, my biggest piece of advice to people starting out is to skip the "starter home". If it's not something you think that you can live in for a very long time if you need to, then don't do it.
Example, if you see yourself getting married and having a kid or two, wait to buy something that you can live in comfortably. Sure, if you can move up later, great. In other words, wait and buy a 3-bedroom ranch in a decent town versus a condo that you are going to be busting out of in five years.
This, also, make sure you buy something you can afford. Dont over do your budget. You lose a lot of money selling. I don't care what anyone says. You are actually paying the real estate agent. Just because you don't see it come out of your equity doesn't mean its not actual money you are spending.
My personal experience is 33 years of living here and never having any issues. I'd like my personal experience over some e-troll.
its funny how you say that you "never had any issues" and act as if that is some kind of great endorsement of the city. it reminds me of people saying stuff like "nobody does anything to you as long as you mind your business." like i want to live in a place like that or even visit a place like that.
i am glad that you are benefiting financially from newark. being able to benefit financially from a place doesnt mean its a great place to live. im glad it generally works for you but you are one person and what is ok with you may not be ok with a lot of others. i know that i wouldnt likely want to live somewhere that a satisfied resident's praise is "i never had any issues." id rather live in a place where people say "this is a great place to live and i really love it here."
My personal experience is 33 years of living here and never having any issues. I'd like my personal experience over some e-troll.
Wow, 33 years is a long time to wait. Most people don't have that time luxury if they're starting a family and need good schools before then. What made you wait so long to dive into the SFH? If my rental properties covered at least 30% of the cost on my main home, I'd be happy.
Wow, 33 years is a long time to wait. Most people don't have that time luxury if they're starting a family and need good schools before then. What made you wait so long to dive into the SFH? If my rental properties covered at least 30% of the cost on my main home, I'd be happy.
I'm 33 years old and grew up in the Ironbound. My son is not school aged yet, so what is the rush.
The Ironbound is an ideal place to live for singles or young couples with no children. Ideal if you want to save your money, have access to public transportation, excellent restaurants and easy access to highways.
If you want to say you live in Hoboken and JC and give up 50%+ of your income on housing, hey you can be that fool.
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