Morris Plains, NJ · Member since 2016 · 28 posts · 2 votes
So, I will be closing on my 1st investment property soon. I saw the property the 1st day it was listed, while at the house speaking to the agent she literally was receiving offers for the house and the phone was ringing off the hook with people trying to see the property. So, I figured investors with more experience saw something and I offered the list price which later was accepted. Since my offer was accepted a few weeks ago people are still making offers even though the property is off the market. One person allegedly offered $10,000 over ask if things fall through.
Sooo do you guys think i should flip it or hold it?
Morris Plains, NJ · Member since 2016 · 28 posts · 2 votes
7y
Purchase price is $55,000 its a townhouse. An identical unit next door sold for $75000 a couple of years ago. Pride of ownership shows throughout needs light updating.
I just purchased my 1st 2 properties in Trenton NJ in October 2018. I am looking to rent because the market is on the rise in the next few years. I purchased at the Sheriff Auction for $11,700 and completed repairs for $28,000. I am all in for $39,700. My house will rent for $1,300. I suggest you buy an hold in the Trenton area.
I just purchased my 1st 2 properties in Trenton NJ in October 2018. I am looking to rent because the market is on the rise in the next few years. I purchased at the Sheriff Auction for $11,700 and completed repairs for $28,000. I am all in for $39,700. My house will rent for $1,300. I suggest you buy an hold in the Trenton area.
Morris Plains, NJ · Member since 2016 · 28 posts · 2 votes
7y
Winston, that's a interesting concept. I'm leaning towards holding and aggressively paying off the mortgage aftet I refinance. I hope to pay it off in 5 yrs or so for maximum cash flow.
Both properties are on the same street in West Trenton. They are single family homes in which both tenants receive section 8 subsidy. $1,250 per.property.
Trenton is a city in which 85% of the people are renters, so buy and hold is the way to go.
Morris Plains, NJ · Member since 2016 · 28 posts · 2 votes
7y
@Gerald Boone it's going great so far. Rented it out for $1350 per month. Just completed a cash out refinance, I'm actively looking for more. Inventory has decreased with an uptick in prices. How are you making out?
I'm doing well as both properties are renting for $1,250. Who did you cash out refinance with? The banks that I spoke with will not finance under $50k.