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My husband and I put down an offer (which was accepted) on a nice newish multi family home in Westfield, right on cacciola place.
It seems nice enough and pretty quiet but I do respect that the local people do not like the low income housing In the area , and that it is the "bad" part of town. ( I just found out about that today. Our house is definitely not section 8)
However, I'm from NYC and the area seems practically quaint suburbia compared to what new Yorkers think of as section 8. LOL Also the crime stats are really low so i don't think there is a real threat there. The multi family would work for us for now since we are starting a new business and could use the extra income from renting out a unit and living in the other. My husband wants to buy now and not rent, since interest rates are so low, and we are looking at this house as an investment. ideally we would be here for 5 years or so, and after that rent out both units.
My question is more about renting, how easy do you think it would it be to rent it out continuously? It's a very clean , well maintained 3 bedroom 2 bathroom place for each floor. Big nice yard. Parking garage.
I would very much appreciate any advice and/or information about renting in Westfield.
Thank you!!!
Last edited by cloclo228; 09-04-2012 at 04:59 PM..
Reason: Grammer! iPad typing is hard!
If you want to make a killing, talk to the local relators and let them know you are willing to do short term leases at a big mark up. There are always a ton of people looking for the right house in Westfield and the timing with selling the old one and buying a new one (not as easy as you would think) in Westfield rarely works out percetly. There are always people looking for a "short term lease" and are willing to pay a premium for it (and as a kicker it will take them much longer to find a place than they think, so the short term will not be as short as they think)
If you want to make a killing, talk to the local relators and let them know you are willing to do short term leases at a big mark up. There are always a ton of people looking for the right house in Westfield and the timing with selling the old one and buying a new one (not as easy as you would think) in Westfield rarely works out percetly. There are always people looking for a "short term lease" and are willing to pay a premium for it (and as a kicker it will take them much longer to find a place than they think, so the short term will not be as short as they think)
Hi SOAG,
Thank you for that informative answer, actually it is really helpful and creative. I am wondering, do you think there are a lot of demand, in general, to rent in Westfield? It seems as if people in NJ, especially the more affluent towns look down on renting so I'm wondering if the type of people who would consider living in Westfield to be only the more rich ones who can buy? I don't suppose you would know anything specific about that, but would really appreciate your opinion since you seem to be quite knowledgable about the area in general.
I think the "nicer" towns will always have a certain amount of people who can't afford to buy in that town, but really want to send their kids to the schools there for a variety of reasons. If you price it right (and a realtor can probably help you with that), and it's in good, clean condition, I'd think you will be able to rent it without too much of a problem.
Thank you for that informative answer, actually it is really helpful and creative. I am wondering, do you think there are a lot of demand, in general, to rent in Westfield? It seems as if people in NJ, especially the more affluent towns look down on renting so I'm wondering if the type of people who would consider living in Westfield to be only the more rich ones who can buy? I don't suppose you would know anything specific about that, but would really appreciate your opinion since you seem to be quite knowledgable about the area in general.
Thank you again!
Search these boards. Ever few months people ask about renting for the short term in Westfield while they look for a house to buy (or bought want and want somewhere to live while they redo it)
I think the "nicer" towns will always have a certain amount of people who can't afford to buy in that town, but really want to send their kids to the schools there for a variety of reasons. If you price it right (and a realtor can probably help you with that), and it's in good, clean condition, I'd think you will be able to rent it without too much of a problem.
Hi jersey,
That's what I am hoping for but the section 8 housing seems to be almost right across the street and now I'm getting a bit afraid that we won't be able to rent it out as easily as I had hoped. People from westfield really seem to hate cacciola and section 8 and even central ave from looking at these forums. The street Is still very safe and the streets were very clean from what I saw but do you think that stigma would keep people away?
Thank you so much for your help! I did know it was the poorer part of town but I didn't know about all the section 8 business and I am becoming more and more unsure. I mean, from where I am it seems like a bunch of prejudice since it seems relatively nice but I am not from around here. The actual house and yard are immaculate.
Are you using a realtor? That's their job. They can look at the rental history in the area- price and days on market. Short term rentals are OK, but you have more time with an empty property, more wear and tear and more chance for a problem renter.
There is always demand for housing in good school districts. While some will look down upon it, others will aspire to it.
Are you using a realtor? That's their job. They can look at the rental history in the area- price and days on market. Short term rentals are OK, but you have more time with an empty property, more wear and tear and more chance for a problem renter.
There is always demand for housing in good school districts. While some will look down upon it, others will aspire to it.
I agree with MontclairNative--there will always be people who are determined to live, and have their kids in school, in places like Westfield. And a 3/2 with a garage and yard sounds ideal for that kind of tenant. I also think there's more concern over the good vs. bad areas, when people are buying vs. renting. All that said, you mentioned you just had an offer accepted? I'd speak to a realtor right away to get a realistic idea of the rental rate for the place, so you can know exactly what to expect. If for some reason you aren't happy with what you see, you can still walk away at this point.
We are using a realtor and yes, he said he would be seeing what is fair market value for that area. Even if ts on the lower side it should still be more than half the mortgage. We are paying top dollar for the place though 480,000. Since it seemed worth it before I found out about the section 8 across the street. Thank you for your advice and please feel free to express any other thoughts you have, I'm a first time buyer.
Last edited by cloclo228; 09-05-2012 at 04:57 AM..
I agree with MontclairNative--there will always be people who are determined to live, and have their kids in school, in places like Westfield. And a 3/2 with a garage and yard sounds ideal for that kind of tenant. I also think there's more concern over the good vs. bad areas, when people are buying vs. renting. All that said, you mentioned you just had an offer accepted? I'd speak to a realtor right away to get a realistic idea of the rental rate for the place, so you can know exactly what to expect. If for some reason you aren't happy with what you see, you can still walk away at this point.
Dear jersey,
You have been so helpful with allaying my fears about this. From my own observations, I think it would a great place to rent. And I think that being able to enable a family wo can't afford to buy yet to be able to take part of a great school system is a good thing. I grew up renting in a nice town with a good school system, although I lived in ny and that was more common than in jersey it seems. I was afraid that people in jersey don't really rent unless they are single since it was the impression I'm getting on these forums for the most part. And there was a lot of pearl clutching with the cacciola place issue that made me think that everyone who knows westfield would flee from the name of it. There are no dangerous parts of Westfield but I guess that's why they think this part is terrible? Would you know if there are robberies and stuff around there? Thank you!
Last edited by cloclo228; 09-05-2012 at 04:55 AM..
Reason: Spelling
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