Purchasing an Investment Property near the Jersey Shore (Long Branch, Asbury Park: rentals, house)
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Has anyone had success purchasing rental properties in the Jersey Shore areas? I am Currently looking for a 2-4 unit multifamily and have been focusing my search on the Seaside Heights area. I know that it is currently a dump, but it is one of the few towns in the area that I can afford to invest in without feeling like I might get shanked while walking my dog. Additionally, while I understand the importance of generating cash flows, I feel that Seaside offers huge potential to appreciate in value. The town is surrounded by shore towns that have gone up in value dramatically. It is also right next to a state park (island state park) and across the bridge from the area's best shopping (Tom's River). Can anyone in the area give me an idea of what really goes on in Seaside?
Also, I'd greatly appreciate any investors in the area that can recommend a better town. Long Branch is my second choice, however I would have to purchase in the North end of town (slightly south of Joline) in order to get something at a reasonable price. Asbury Park was my original town of interest, however i feel that it is just too risky. The town has been "up and coming" for 20 years now.
Realize I am a young working professional and this will be my first property. The plan is to purchase a cash flowing property to rent year round, and perhaps in the future do summer rentals once I get a good grasp on being a landlord. The first year I own the property I will likely live in one of the units to get myself acquainted with the area and being a landlord. I feel that in my financial situation, not buying a property in this market would be foolish. I appreciate everyone's input! Thanks!
Has anyone had success purchasing rental properties in the Jersey Shore areas? I am Currently looking for a 2-4 unit multifamily and have been focusing my search on the Seaside Heights area. I know that it is currently a dump, but it is one of the few towns in the area that I can afford to invest in without feeling like I might get shanked while walking my dog. Additionally, while I understand the importance of generating cash flows, I feel that Seaside offers huge potential to appreciate in value. The town is surrounded by shore towns that have gone up in value dramatically. It is also right next to a state park (island state park) and across the bridge from the area's best shopping (Tom's River). Can anyone in the area give me an idea of what really goes on in Seaside?
Also, I'd greatly appreciate any investors in the area that can recommend a better town. Long Branch is my second choice, however I would have to purchase in the North end of town (slightly south of Joline) in order to get something at a reasonable price. Asbury Park was my original town of interest, however i feel that it is just too risky. The town has been "up and coming" for 20 years now.
Realize I am a young working professional and this will be my first property. The plan is to purchase a cash flowing property to rent year round, and perhaps in the future do summer rentals once I get a good grasp on being a landlord. The first year I own the property I will likely live in one of the units to get myself acquainted with the area and being a landlord. I feel that in my financial situation, not buying a property in this market would be foolish. I appreciate everyone's input! Thanks!
South Seaside Park(which is much more expensive) is next to Island Beach State Park not Seaside Heights.
From what I remember renting the property for the 10 week summer would net you the same as renting it to for the whole year to a year round tenant.I have seen rentals where you can rent it for the whole year excluding the summer,and then have a summer weekly or season tenant.That would net you the most rent if everything worked out.
If you are just starting the year round rental would be the easiest.
When I was asking the same sort of questions, a friend who owns a house in Long Branch reminded me that Monmouth University is in West Long Branch and he is able to rent to students during the school year and either keep the house for himself or rent weekly during the summer.
Manasquan and Belmar have always been the popular young professional summer towns.
Prices will probably be higher tho however summer rentals are 15-20k.
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