Hudson County best bets for small budget in '17
Hello,
Very new to the forum and currently renting in Ridgewood, NJ.
Near the end of the year I'll be in a position to buy with a conservative budget of 175k and more of a stretch at 225k. Looking for something in Hudson County where good opportunities may still exist. I'm in my early 30's and single so a neighborhood that is a little gritty is okay if it is moving in a positive direction.
I am considering a condo with the expectation that I'll make improvements where needed and begin to rent it after about 2 years.
My question is, with this budget and a competitive market, will I be left with only a building / neighborhood with depressed rental income and renters that need a lot of oversight?
Would I be better served to buy a house in another area so that I am not as limited in terms of making improvements?
I feel the need to purchase within the year because of the direction the market is moving and I don't want to miss the boat completely.
Hats off to those who bought around 2010/11. I purchased my first home in another state around that time and it worked out well although that real estate market is generally pretty flat. In retrospect I should have kept it as a rental.
Thanks for your insight!