i am new real estate business

9 Replies

i am trying to purchase this property and I live right next to this town.

http://www.coldwellbankermoves.com/property/detail...

Price: $229,900
Maint. Fee: $316 = $ 3792 a year
Tax Amount: $3,110  + $3792

with $45,980 down (which is 20%) and i just add maint fee to tax amount to calculate
30years mortage calculator 4.5% interest mortgage rates gave me approximalty $1507 per month.

i can probably rent this unit for around $1500 and $1600 at most. 

is this unit worth to invest?

if you have to rent for $1500 it looks like you will be losing $7 a month. Maybe think about maintaining the property yourself? 

I would take the 46k in cash and buy 2-4 houses and rent them each for 700-900/mo

which area in new jersey..? there is not many options in new jersey ..

Newark is a good area for multifam rentals. So is Hudson county.

@Jae h Kim   there is plenty in NJ just look farther south 

@Jae h Kim  with those numbers any increase in association fee and you will be out even more.  Condo/ town home market is tough because there is an extra cost involve that always goes up, its bad enough with taxes.  I personally would not be interest in this deal.  How far are you looking to go?  An extra 20-30 minutes away you can find deals that will cash flow in areas that are not bad.

Originally posted by @Jae h Kim:

i am trying to purchase this property and I live right next to this town.

http://www.coldwellbankermoves.com/property/detail...

Price: $229,900
Maint. Fee: $316 = $ 3792 a year
Tax Amount: $3,110  + $3792

with $45,980 down (which is 20%) and i just add maint fee to tax amount to calculate
30years mortage calculator 4.5% interest mortgage rates gave me approximalty $1507 per month.

i can probably rent this unit for around $1500 and $1600 at most. 

is this unit worth to invest?

You should do some more research on the complex. The unit appears to be way overpriced. Its been on the market for 60 days already and there is a much lower 2 bedroom unit that sold earlier in the year.

Also, you might be able to get a little higher rent than you are projecting. A 2 bedroom unit in the complex rented for $1675.

Also, double check the taxes. The agents don't always update the total tax when it gets later in the year. Use this site because its usually pretty up to date: http://www.njactb.org/

Hope this helped!

Kevin Hill, Real Estate Agent in NJ (#0894817)
201-214-1349

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