Investment Opportunity in NJ (renters, condos, mortgage)
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I know the RE market has really tanked in the recent times and may not have hit the bottom yet but I am looking for a 1 or 2 BR condo or apt to buy for investment purposes. After taking out the emergency funds for 6 months, I have 25K saved up for down pmt on less than $200K priced investment opportunity. Any areas that you know of within NJ I am open to discuss about them.
From what I've heard, apt or condos closer to public transportation are easy to rent out to since there is higher demand for them. Also there is better chances of getting professional people as renters as opposed to drug addicts if you are in good areas. Anyone know of the next hot RE city in NJ, please feel free to share.
Bob K: Understand you have been living in NJ for longest time, feel free to share your knowledge. We all benefit a lot fm your posts. Thanks.
Well, actually, I haven't been living in NJ for the last 3 months, but I'll chime in anyway.
If you're only looking to spend $200k, you're not going to find much- especially in towns/areas that will attract "professionals". Someone on here was talking about condos for $150k, but I don't know where they were. Maybe you could find something in a remote area of south Jersey or in some rundown areas of some towns, but neither of those would be prime rental/investment areas if you're looking for prime tenants.
Well, actually, I haven't been living in NJ for the last 3 months, but I'll chime in anyway.
If you're only looking to spend $200k, you're not going to find much- especially in towns/areas that will attract "professionals". Someone on here was talking about condos for $150k, but I don't know where they were. Maybe you could find something in a remote area of south Jersey or in some rundown areas of some towns, but neither of those would be prime rental/investment areas if you're looking for prime tenants.
if he's willing to go to 200k I can point him to small condos in atlantic highlands, I don't know how good of an investment a condo like that would be
There are places where you can find condo's/co-op's, etc. where you can buy, finance, and have positive cash flow from the day one. People will say you won't get rich, but most often those people aren't rich themselves so you have to take that with a grain of salt. Also, don't forget that while mortgage interest is deductible, you also get depreciation, and that, like everything else needs to be factored in.
I am not a broker, agent, consultant, etc. -- I am an investor/owner/etc. You have to do your homework and look around. Talk to people, look at neighborhoods, learn the marketplace, learn the rental marketplace, etc. -- and if you do your homework, you learn everyday.
You will probably not find this in the so called next hottest area, however, public transportation does seem to be an ingredient. I look at demographics as well. Commerce and industry is another aspect.
Someone just brought me a "portfolio" of 8 condo's -- all rented, all positive cash flow, etc. and it's in a neighborhood I kind of know. But I never would have found it had I not been talking to people, looking around, etc. I've bought in good and bad markets -- opportunities are always around. One person's trash is another person's treasure. Good luck.
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