Newark Fix And Flips Are Growing
With both renters and homeowners around the tristate area looking for cheaper alternatives to New York City, cities like Newark are seeing tremendous growth in their real estate markets. As of January 2021, the average sale price for homes in the city reached $276,000 marking a nearly 17% increase from the previous year. With homes staying on the market for an average of only 32 days, the market is showing that sellers currently hold the advantage which gives a financial edge to fix and flip investors.
Whether you’re a new real estate investor or completed dozens of fix and flips already, ABL is ready to work with you. We judge deals based on the property and scope of work, allowing us to work with a wider variety of investors and focus on the details that make a fix and flip successful. If you’re ready to be approved for your Newark fix and flip loan, contact us today.
Newark New Construction Seizing Opportunity
The real estate markets throughout the country are showing a large switch to home ownership during a time of record low inventory, allowing residential new construction to thrive with high ROI. Filling these inventory gaps with new construction during this time of increased demand makes it an excellent real estate investment for any experienced builder or contactor. As of January 2021, homes in Newark are selling on average for $149 per square foot which marks a 13% increase from the previous year. This jump in average price per square foot has made the city a competitive real estate market that favors the seller’s position.
Its always important to understand the market demands when entering an extensive real estate project so you can capitalize on the needs and secure the highest possible pricing bid. Currently, three of the biggest home features gaining attention in the city’s real estate market are large master bedroom, walk-in closet, and new construction. This means home buyers searching in the area are viewing properties that feature those three tags more than other listings, and homes that have them are typically selling for 2% more than their initial asking price. If you’re ready to take advantage of the market with our hard money new construction loans, then contact us today.
Investing In Newark Rental Property
Since so many people are leaving cities like New York City for cheaper accommodations in the tristate area, cities like Newark have been able to pick up new residents and improve their own rental market. The more affordable pricing and close proximity to New York has made this city a prime location for those looking to save on their monthly rent while remaining in an urban environment. Investors looking to start or expand their rental portfolio can find steady tenants with low property taxes in this city, making it an excellent place to invest with hard money rental loans.
One of the biggest trends in real estate investing right now is to focus on the long-term profit gains by using the BRRRR strategy. The acronym stands for buy, rehab, rent, refinance, and repeat. It’s a process that’s as simple as it sounds: the investor purchases a property and renovates it to increase its market value and charge a higher monthly rent. After a tenant is found and the asset begins producing passive income, the investor refinances the loan and uses the newly acquired capital to purchase their next rental property to repeat the process. Over time, the investor grows their rental portfolio and eventually has multiple sources of passive monthly income, setting themselves up for long-term wealth. If you’re an investor that wants to utilize the BRRRR method using our Newark rental loans, then contact us today.