Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am looking for some advice on where to start looking for rental property in northern NJ. We are currently selling a property in Brooklyn. The house is paid off so we will have cash to purchase.
Anyone know about forclosures or auctions and were we can start with researching that type of info?
Also what areas in north jersey would you suggest looking of a good place to purchase a rental home - 2 to 3 family. We don't want to exclusive of an area where we are paying too much for the house and we are concerned with the taxes and want to be sure they are not to high. We also want a place to brings in a decent rental price. I know there are cheap places in patterson but that is not the kind of place we are looking for.
Since Hurricane Sandy, there's a real shortage of rental properties. Some people from Long Beach Island whose homes where damaged had to go as far west as Mount Laurel to get rentals (that's 60 miles away) from Ship Bottom, NJ. You probably don't have to go 60 miles in North Jersey for a rental, but anything anywhere near the shore is going to be a tough.
And the answer to your question is: Anywhere you can make positive cash flow. It needs to make sense to you, in regards to property location, and the amount of work you are willing to do. Some properties require more maintainence than others. In order to command the best rent, apartments need to be in good shape, this helps you keep your tenants, and your peace of mind. Some of the larger cities have good inventory, now that the prices have dropped, and the interest rates are still low. Things will start to sell quickly though, since we are well into the spring market.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
