Long Valley, NJ · Member since 2018 · 24 posts · 16 votes
I’m new here I’m living in New Jersey I’m trying to figure the best route to go for my first deal ? I have a couple friends that are buying apartments in the 65-95k price range and renting them out for 1600-1900 a month ? I think that’s a good income to start out and borrow on that investment ? Or do you think Single family flip is better ? Kind of hard to find one under 150k though . If there is anyone doing this in jersey please reach out. I’m in Morris county
Morristown, NJ · Member since 2018 · 6 posts · 3 votes
8y
@Lee Underhill I took a look into some of the deals in Edison. I would be careful to vet the properties to ensure you can actually rent them. On paper the initial numbers look great but some of the properties I looked at do not allow for investors or have requirements that the owner must live in the property for a year and then only allow the unit to be rented for a maximum of three years without requesting a hardship exemption from the community association. What you also need to be careful of is the HOA fees. For some of the properties all of the utilities are built into the fees which you'd need to build into the monthly rent and could be a substantial amount. For at least one property, the community charges a larger monthly fee for those who rent out their units. This significantly increases the real cost of the property and you'd need to include these costs into your financial model.
Investor · Milwaukee, WI · Member since 2015 · 130 posts · 60 votes
8y
If you can buy a property for 65k and rent it out for 1600-1900, that's gonna be pretty decent cash flow. I'd do that all day long instead of doing fix n flips. That's just me though.
Real Estate Agent · Bloomfield, NJ · Member since 2015 · 89 posts · 80 votes
8y
I second @Jeff Pagano's question. Where are you finding $65k deals in Jersey and renting for $1,600-$1900 a month? I've been buying in Northern New Jersey and have never gotten anything that low, unless is a run down property that will need significant rehab to get going. Please do share @Lee Underhill :) ....
Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
8y
@Lee Underhill if you can buy $80k condos, with reasonable association fees, and rent them for nearly $2k per month, buy every one you find! Or PM me the addresses 😁
Attorney · NJ · Member since 2018 · 120 posts · 58 votes
8y
That type of cash flow is great for an investment property. Have you been looking for properties throughout the state or only in your county? You might find more success in expanding your search parameters.
Bridgewater, NJ · Member since 2015 · 100 posts · 31 votes
8y
65k and renting out for 1600-1900 a month? Where i come from thats called a homerun all day long. Like a poster said earlier...buy every single one you can find!
Morristown, NJ · Member since 2018 · 6 posts · 3 votes
8y
@Lee Underhill I took a look into some of the deals in Edison. I would be careful to vet the properties to ensure you can actually rent them. On paper the initial numbers look great but some of the properties I looked at do not allow for investors or have requirements that the owner must live in the property for a year and then only allow the unit to be rented for a maximum of three years without requesting a hardship exemption from the community association. What you also need to be careful of is the HOA fees. For some of the properties all of the utilities are built into the fees which you'd need to build into the monthly rent and could be a substantial amount. For at least one property, the community charges a larger monthly fee for those who rent out their units. This significantly increases the real cost of the property and you'd need to include these costs into your financial model.
Rental Property Investor · NJ · Member since 2018 · 152 posts · 56 votes
8y
I 2nd what Nick said above. Be sure to calculate the HOA fees into your model and vet the associate that it allows for non-owner occupancy. I've seen multiple situations where only a portion of the units are allowed to be rented out (ie 30%) and the rest must be owner occupied.
Long Valley, NJ · Member since 2018 · 24 posts · 16 votes
8y
Looking for a wholesaler to make my first purchase , or an insider on best deals. Single family or multi families. Doesn’t matter where just trying to get this ball rolling .