mill pointe in edison (apartments, to rent, condos)
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i'm interested in the mill pointe condos in edison, nj but i'm hesitant because they are so damn cheap... i did research to see what the deal was but couldn't find anything... any ideas?
are they difficult to get a mortgage for? is there a flooding issue? structural? lawsuits? too collegiate and noisy? difficult to rent out?
what am i missing?
they range in price from about 100k+ for a 2br/1ba..
From what little I know of them (admittedly just from a friend who lives nearby), they are collegiate and noisy garden apartments. I know they are right off the turnpike and I believe 287 so I have to think road noise is an issue. Most of the units are rented out so the upkeep is shaky at best.
If you are buying to rent out or you are just starting out in the working world and just want to build some equity and get a tax writeoff but have limited funds, then you might consider it.
When I see something for a price that seems too good to be true I always think of my mother (may she rest in peace). She used to tell me all the time that "you get what you pay for". My mother was a very smart lady.
thanks madbach... i was thinking of renting them out but i've never been a landlord before... i'm pretty handy so i'm not too concerned about having to fix things... i just live about an hour away... can anyone recommend a decent realtor in the area?
Truth to above. They have a lot of problems with parking because of the school and people staying over etc.,., They area rented out easily too because of metropark and wood ave being so easy to get to. that means people coming and going alot.
I'm currently thinking about investing in Mill Pointe. What did the realtor say about it and why didn't they recommend it? Thanks danxp. Really appreciate any information you can give. Also if you know the name of the realtor you called, could you share with me?
Don’t waste your time. They do not fix anything here. They are so much in debt because the property management the day that here seven years ago was stealing money from the community. They have so many unit owners that are in the rears here and I’m talking about thousands and thousands of dollars that they’re having problems getting them out so everyone else in the community keeps getting their maintenance fee raised an association fees to be covering the people that haven’t been paid. So anyone coming in is paying a fee to come in for different things and is released to help them out to get out of the hole don’t bother.
Nobody lives in the units at the front of the development?
Good one
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Mill Pointe Edison
