Central New Jersey Rental Property Analysis

[Account Closed]

Hi BP,

 I am a first time investor looking for rental properties in Central Jersey along the train lines.I am looking for condos only at this point as will make it easier to manage.

After looking for almost 3 weeks (understood it is not lot of days) found one (only one) property that does not have negative cash flow.  Other 10+ condos that i looked at come with a negative cash flow of 50 to 250 USD.

Just to give little more background on this property. The property is in very good condition and can rent out immediately and also don't see any major expenses for another 5 years or so as it has lot of updates. Asking price is 171000. Rents out to 1400.Property tax of 3500 and HOA of 210.

I also did not look at any foreclosure or properties that require any work as this is my first investment in real estate and don't have much background or cash in hand to fund the rehab projects.

Advance thanks for your advice on this. Is this the best case scenario with the current market conditions or will it make sense to wait for a better deal for the first investment.

Thanks,

Vijay

[Chris Masons]

check Regency Village in North Plainfield, not too far from Edison area. These Condos can be had at great prices ~ 75k to 85K (these are 1 bedrooms) and they rent for 1225.00 Pretty good return. These units are spacious for a 1 bedroom ~ 770 sq, feet. Taxes are reasonable at around 2400 annually.

I own a few units here, area is decent as these condos border Watchung.

good luck

Chris