jersey city NJ good buy?

Question

Jessica Zolotorofe · Answer

I can't give any investing advance as to the property itself, other than that it looks like it needs a lot of work and I would get a structural engineer to inspect, and also that it's only 1 floor of the building and the condo stats are important to understand financially where they stand in an old building lik that, but as for location, I think that's in West Bergen section/Bergen Lafayette, which is hot and up and coming at the moment as far as investing. Still a little bit rough (I wouldn't personally walk around alone at night), but if you intend to hold onto it for 5-7 years, it could be a great investment.

Drew Slew · Answer

Ok, that is a condo and i bought mine for same price 2 yrs ago in union city. it easily can rent 1500-1800/m depending on how you sell it to prospective tenants. a room in my condo thats again just like this in union city get 4 digit rent.. and no parking, no washer dryer etc.

anything below 150k is a no brainer.. unless it needs remodeling. than idk, not well versed in that. and HOA must be super low, 200-250/m max. another condo we have in union city even the parking spot rents.. 150/m so any amenities like that are good

Romeo E. · Answer

In hindsight, this would've been a great buy. I have many clients who've invested in Jersey City make a killing

Bernard H. · Answer

I Live in Jersey city and that's a good area.

Nicole I. · Answer

Hi all, first time real estate investor here and looking at the property above in jersey city.  Real estate agent told me it should be able to rent for $1300 a month so it appears that it would be cash flowing.  Why is this not a good investment?  Still need to review the condos financials.

Allan Szlafrok · Answer

Honestly i wouldn't bother with a condo unless you want to live in it. The area is pretty good on my opinion i own an investment property 2 blocks away. I think if you wanted to move there its pretty cheap for housing but you wont make money on it as an investor. I think@Jessica Zolotorofe is right its important to check on the condos financials as ive seen more than one foreclosure in that building over the years.

jersey city NJ good buy?

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