Hello BP Members,
We are lifelong NJ Shore residents who moved away for business in the last year. We still have family scattered all over the state and were thinking of an investment and new NJ home base near Trenton so we could visit and maybe allow our 25 year old son to stay there. We fly into TTN a lot and it would be convenient to find something in the area. We are not looking for amazing appreciation just a good up and coming place that might become the next Asbury Park, where you used to live. We appreciate diversity and have not school age children.
Would love to here thoughts on the older neighborhoods with character especially the deals we see in Hiltonia.
@Paul Yuro - I live down the street from Hiltonia in Trenton / Ewing. I’m a local agent and I love to show properties. If you have a 200-300k budget you could buy a 4/2 or bigger house in Ewing or Pennington near TCNJ or RIDER and rent spare bedrooms to working professionals (bank of America, Glaxo Smith Kline, etc) or mature graduate students for $700-900/month and have it pay for the house. A lot of the older large Victorian homes with character in the Trenton area have become dilapidated after years of neglect and foreclosure. Some had flood insurance imposed and went from selling for 300k to foreclosures selling for $70-80k. There are whole streets of these houses. It’s a very strong market for rentals.
Why did the flood insurance make such a big impact? I was trying to find some rates for homes in seaside as I thought of buying a multi there and the rates seemed to be reasonable, maybe 1200/yr or less.
@Joe Crupi - I think the flood insurance quote I got was like $3000/year.
WoW, thats much more than I thought!
Paul & Natalie,
If you do end up looking at properties that require Flood Insurance. Be sure to check on the non-FEMA policies that are now available. We have Multiple Private Market alternatives and the results have been impressive. I recently wrote a client who 2 years ago was with the National Flood Ins Program (NFIP) at $3800. Last year he got a private policy at $2800. This year we got him down to $1800. The nice thing is that most of these new markets can quote with just the address making it easy to compare different properties.