East Coast Real Estate

Question

This thread is to talk about real estate in the east.

There is a high level of certainty that I will be moving from sunny PHX back to the NJ/PA area again.

I did some investing down here and was plugged into a great network where I found some sweet deals for the real estate investing, and for living as well.

I have researched the basic avenues I started with here, but the results seem pretty pathetic. I have also researched foreclosures like I have here and the results have been pretty poor too.

Down here there are investment groups who attend the foreclosure auctions, purchase and flip to investors and the deals are pretty awesome.

Not even sure why I am posting this here, I doubt anyone has tapped into the network or if one even exists, but if you live in the PA/NJ area and have some contacts for this sort of thing let me know.

What I have done is the Google search for the topic, I am on 3-5 newsletters, on the Homevestor email list etc..but I am looking for that NEXT level. It might mean me going to some local investing groups but since I am living here that is kind of tough.

wallstreetcappers · Answer

This thread is to talk about real estate in the east.

There is a high level of certainty that I will be moving from sunny PHX back to the NJ/PA area again.

I did some investing down here and was plugged into a great network where I found some sweet deals for the real estate investing, and for living as well.

I have researched the basic avenues I started with here, but the results seem pretty pathetic. I have also researched foreclosures like I have here and the results have been pretty poor too.

Down here there are investment groups who attend the foreclosure auctions, purchase and flip to investors and the deals are pretty awesome.

Not even sure why I am posting this here, I doubt anyone has tapped into the network or if one even exists, but if you live in the PA/NJ area and have some contacts for this sort of thing let me know.

What I have done is the Google search for the topic, I am on 3-5 newsletters, on the Homevestor email list etc..but I am looking for that NEXT level. It might mean me going to some local investing groups but since I am living here that is kind of tough.

Gunners · Answer

can&#x27;t help you on the homes.  i got your back if you need any type of commercial real estate service.

wallstreetcappers · Answer

Thanks, I appreciate it.I get the feeling that people are more organized in groups investing wise down here than in the area I might be moving to.

LeRinkRat · Answer

There is a high level of certainty that I will be moving from sunny PHX back to the NJ/PA area again.&#xD;&#xA; &#xD;&#xA;YIKES!!! YUCK!!! cold and snow asshole deep to a !!!&#xD;&#xA; &#xD;&#xA;have to be some million dollar (or euro) job or the best snapping box EVER for you to do THAT!!!

jthollywood · Answer

Is there networks that do this nationwide? I&#x27;m sure there are, but I guess you&#x27;d have to be in a local network to attend the auctions and even research the property. I&#x27;ve been tied up with my current buisness venture but I want to raise enough capital to start an equity/foreclosure purchasing venture to capitalize on the current market opportunities. I still think we are about six months away from seeing the ugly side of this housing market.....barring any rescue efforts from the feds. How is the foreclosure market in the Jersey area. I know locally where I am it is at the top, depending on how you look at things.

wallstreetcappers · Answer

Rat,Former not the latter...jt..I have a good feel on the AZ foreclosure market because I took years developing resources and contacts..out there I have no clue.

KOAJ · Answer

wall - i have some friends who are agents and the one i "sort of" trust tells me that inventory is very high and that sellers are becoming a bit more reasonable with their offers

wallstreetcappers · Answer

Koaj,Yeah..I have done some prelim MLS searches and the pricing is like out here..unrealistic.I wouldnt mind doing leg work and dealing with an REO or even an auction property, the difference is down here the TYPE of average house to foreclose is more like what I am interested in. What I have found in the Philly area, the properties going under are all row houses in center city. I am looking for a newer build in a specific area and that has been tougher to find relative to this area.If I lived there already it would be easier of course.

SteelHop · Answer

Wall,&#xD;&#xA; &#xD;&#xA;That might be part of the problem.  While I am no expert on the market - overall there have been less subprime purchases in PA and the area of NJ you are looking.  Maybe more up toward NYC or down on shore but you are looking in markets that really never zoomed if you compared it to AZ to warrant a higher percentage of ARMS, No interest down, etc.  So there might not be "clubs" like you describe in AZ b/c there isn&#x27;t enough of a RE market in the PA/NJ area to warrant those clubs.  That isn&#x27;t to say there might not be clubs forming, the demand to form them just hasn&#x27;t been a driver in the area as of yet.  The worst markets are still either areas with obscene growth like AZ, FLA or Vegas or areas where the economy stinks - Michigan, Ohio.  &#xD;&#xA; &#xD;&#xA;I live farther down in Arlington Co and we still had a 5% increase year over year (though much of the growth was in the first half of DC) in our county but DC is certainly a much different market overall b/c of the federal government insulating effects.

Fish Naked · Answer

Can&#x27;t help you in NJ/PA, but let me know if you&#x27;re ever interested in doing something in South Florida.....&#xD;&#xA; &#xD;&#xA;The biggest issue here has been property taxes and homeowners (wind storm) insurance. The market here was slowing because of those problems and rising interest rates. We&#x27;ll be voting on a proposed ammendment to the Florida Constitution that would increase the homestead exemption to 50k from 25k and allow for portability with one&#x27;s existing property taxes should they decide to move to a new home. &#xD;&#xA; &#xD;&#xA;If it passes, I think it could jump start the market and provide for some opportunity. Just a thought.&#xD;&#xA; &#xD;&#xA;Good luck with your move to the northeast.

Fish Naked · Answer

forgot to say that the vote is this Tuesday 1/29

RUknights1 · Answer

Take a look into Lehigh Valley (Allentown/Bethlehem/Easton area) in Eastern PA...market is headed up, but nowhere near Philly suburb or astronomical NJ prices. Area has a recent influx (last 5 years) of NY/NJ people which according to my relatives has brought along upscale malls, tons of entertainment, and construction galore. 1 hour from Philly, 1.5 hours from NYC, 30 mins from Poconos, but it's a great suburban place...good for families and there's alot of things to do for single people/married couples too. Definitely worth a look, as I have family out there and I'm definitely looking into it. Also, there are a decent amount of foreclosures on homes that are 250,000+, and a great time to buy.

Just my 2 cents

boiler-room · Answer

come to nyc wall,i help u rip this city up,,,you&#x27;ll be broke and in rehab in no time , plus i will introduce u to the &#x27;&#x27; crew &#x27;&#x27;,,,,,dude u know if you move anywhere near here an a. c. trip will be in order asap,,,

wallstreetcappers · Answer

boiler,You think the wife would allow me to do that? I wish..if I move there we will hit AC for sure though, and maybe I will use the local you have..hahaRUKnights, I used to live in Spring City..its too far out..Allentown is too far away. There was a sweet GC I went up to there once, forget the name but it was pretty good.

coverditty · Answer

Come to ATL wall...&#xD;&#xA; &#xD;&#xA;actually just north of ATL...housing market sucks here, you can buy 250,000 dollar houses for 125,000 and rent it out for 1500 a month!!!  Got a buddy that is doing this full time, as soon as the market goes up he&#x27;s going to sell them all and retire!!!

boiler-room · Answer

i&#x27;ll hook u up wall,,,,

boiler-room · Answer

coverditty,,,,,,,where u at in atl?,,,i own a restaurant just north of atl

wallstreetcappers · Answer

What kind of rest do you own/part own boiler?It isnt if but when on the move..so eventually we will be rolling the bones in AC..me with the 10 buck chips and you with the 100 buck chips..

boiler-room · Answer

i co- own a place just north of downtown atl,,about 15 - 20 min from turner field,,,,,its kind of a cajun place but ucan get a steak and stuff,,lots of seafood,,i go there about once a month or so,,,,,,as far as ac,,no black chips [ 100 ] for me ,just greens [25],,,if i work my way up at a bj table or crap table and its goin good ill ship some black chips

coverditty · Answer

live up in alpharetta, what restaurant you own man?

wallstreetcappers · Answer

boiler,I play tight no doubt about it..try to hit a run and make money, I rarely throw it across on the come out, but I love the game and will enjoy it when we get the chance.

boiler-room · Answer

not as far up as there coverditty,,,south of there about 5 min from perimeter mall on johnson ferry road,,,not sandy springs ,i&#x27;m not sure what &#x27;&#x27; section &#x27;&#x27; its called,, dunwoody area  maybe

be easy · Answer

WSC, i&#x27;m sure that you&#x27;re plenty smart enough to know that moving to NJ is a bad move economically. And as far as PHilly, about all you&#x27;ll find is rowhomes. i livean hour west, which might be too far for you, but i would imagine the best thing to look into would be &#x27;builder-owned&#x27; property.  My area is VERY bubble protected, so selling in AZ and buying in PA might make value hard to find, but i&#x27;m sure some of these newly constructeds that sit for a while will have the biggest drops in prices. Lancaster county PA, like i said it&#x27;s an hour west of philly, but it&#x27;s a nice affordble place to live  ( i bought an 1300 sq ft. rancher with an acre of land for 140k , and it&#x27;s not in the middle of nowhere, actually a stones throw from the High School in the wealthiest township in the county)

be easy · Answer

I wouldn&#x27;t want anything to do with Jersey personally, but their state gov&#x27;t seems to be royally fucked, and the property taxes there are 5x &#x2B; what they are in the commonwealth

wallstreetcappers · Answer

beeasy,Lived in Spring City before moving to PHX..I am sure you know where I am talking..off the 724 next to a Wawa and Spring Hollow GC. Gambone builders had a development about 3 min from there and we lived out there.We made a mistake last time in NOT buying near the main line..our area was new build and in the middle of nowhere, literally..and while the mainline prices went up almost 50% from the time we lived there, ours went up 20%, maybe less..I refuse to live out in that area..even with the Turnpike close by, it is just too far out. Same goes for Exton..too far out and down. Unlike PHX, the road system in Philly is TERRIBLE..the 422 is what I would take into work, then 422 to the 202 and 202 to Gulph Mills..and down to a broker in that area..on good days it took 45 min, bad days 90 minutes.I am definately not living in center city, or even inside the mainline (meaning below the mainline) and I wont dip down into the 476 area either..Where we are looking is probably in the KoP area or Malvern, maybe as far over as Collegeville, Conchohocken..you know where I mean.I would rather own small in an high demand area than big in Lancaster or Pottstown like we did last time.You are right though...8 yrs ago when we moved there, pricing was so much better than now..unreal.

East Coast Real Estate

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