(Jersey City, NJ) When looking to buy, or sell real estate, nothing compares to the help you can get from a truly professional, savvy, licensed real estate professional. The amount of work they can do for you, and the cost to you (per hour) is amazing.
They don’t get paid, traditionally, unless you either buy, or sell. In short, the commission is the best way to reward them for all their hard work.
Back in the 80’s I started out in the real estate industry (as an agent) and quickly burn out. I learned a lot about myself, and others. I only wanted access to the information, and mainly, I wanted to look for properties for myself, not really other people.
Some people were nice, and very pleasant to work with. Some were time wasters, and I didn’t have the time to educate them (what little I knew then) at my expense. I realized that being an agent was not for me. Real estate was, but being an agent wasn’t. Not all agents are created equal. I realized that if my heart wasn’t in it, then I shouldn’t do it.
I was fortunate enough to learn from my family and investors along the way, eventually entering the financial services industry as a loan officer, then working my way up to mortgage broker, then banker, then multi-state broker/banker. I got my experience the hard way – deal by deal, feast or famine, closing after closing.
By far, my best customers were business owners. They work hard, have direct access to lots of people. They’re key influencers! Great for spreading the word. Helping them get into business, stay in business, and when the time was right – retire from business proved to be a very profitable market position as a service provider.
The key for me was a hard-line approach to ‘service’ and becoming the most knowledgeable person in my area of specialization (got this from Brian Tracy).
I’ve read a series of articles about Jersey City, and how some think it’s the worst place to invest in, or move to because of crime.
Crime is anywhere and everywhere. Always pay attention. If there’s anything you MUST PAY, always pay attention. That being said, a savvy business person, or investor would do well particularly to invest in Jersey City.
We’ve got a property for sale at 46 – 48 Martin Luther King Drive and that’s the reason I started this blog.
Think about it, if you wanted to know about a building’s history, wouldn’t it be cool if someone had kept a repository where you could go and see all the information and past uses, photos, etc of a building? Even if the building changes hands, the history is still priceless. Well, you get my point here with this site about our property.
Having my morning coffee here, I got to thinking about a glaring omission. Why is getting the information for a property so hard? Even realtors typically can’t tell you the kind of specialized information that you would really need to know to make investment decisions.
Example, when was the last time you heard a realtor brag about the sea level of a property? Sound silly? Our property at 46 – 8 Martin Luther King Drive didn’t flood during Hurricane Sandy, which devastated nearby Hoboken, NYC and the waterfront in Jersey City.
Wanna know why we didn’t flood? The retail commercial property we have at 46 – 48 MLK Drive is 75+ feet above sea level so it won’t flood.
If there is a storm surge or wave surge from a Hurricane, it might be important to know what the sea level of your investment property is particularly if you plan on running a business there.
This higher level of our property makes it an ideal location if you plan on opening a retail location in the area. Your merchandise won’t get wet!
But, there are far more reasons that make our property an excellent investment for a retail property than just the fact that there’s a lower risk of flooding compared to nearby more well known areas. You don’t want what happened to their businesses, happening to you!
I’ll be happy to discuss the 200+ factual reasons buying this property is a good move if you contact me, but for now, I’ll just give you a few.
Investing to win, often means going against the herd. When everyone else says ‘don’t, maybe you should make a move’.
Example, the community area 46 – 48 Martin Luther King Drive has households with over 50% children living there. Kids need things.
These households, have over 50% renters. This means no money goes to cutting grass, property maintenance, etc and these funds are available as disposal income for spending.
There’s simply more money available for shopping. Here’s some information to help you see why buying 46 – 48 Martin Luther King Dr for your retail property location makes sense:
- Available retail spending per square mile: $25 million in inner cities, compared with $8 million per square mile in the rest of the Metro Area.
Population density: 6,113 per square mile, compared with 327 per square mile in the rest of the MSA
Income per square mile: $76 million in inner cities compared with only $8 million in the rest of the MSA
Minorities will account for nearly 90 percent of the nation’s total population growth between 1995 and 2050 (US Census)
In the past, the “official” U.S. Census numbers historically under-report population and income in poor urban areas.
Most of the information large national businesses base their decisions on are the pre-packaged demographic programs, like Claritas, which are based on census data that is notoriously wrong with respect to urban environments–as much as 50 percent off.
In Cleveland, KeyBank sponsored a “drill down” study with Washington, D.C.-based Social Compact, essentially a second census that measured economic activity in the city, including the cash economy.
To her ongoing frustration, she says most big box businesses are content to “press 3 buttons and get Claritas data.”
In addition to the cash economy, disposable income is generally higher as a percentage of total income in cities, for two primary reasons:
- Housing: Most inner city residents rent, rather than own a home. And while rents can be equal to or higher than mortgage payments, there are no lawnmowers, household repairs, and other ongoing maintenance costs, freeing more disposable cash.
- Transportation: Most inner city residents do not own a car, freeing up more disposable income. Public transportation is usually plentiful, and although it’s an expense, there’s no auto insurance gasoline, or repairs.
Whether “official” numbers or not, to look only at household incomes, as opposed to disposable incomes, is to overlook a chance at success in an inner city environment.
“I think there is a lot of opportunity in urban areas because the majority of incomes are under-reported,” says Michelle Mooney from NYC Small Business Services, who acknowledges a “vigorous cash income” in urban economies.
Summary, don’t overlook an excellent opportunity to own this retail property. I can show you how to get financing for this investment and I have a lot of my research that you could benefit from. Use the contact information below and I’ll get back to you shortly.