Newbie looking to house hack in Asbury Park NJ!
Member since 2022 · 3 posts · 0 votes
Hi there, looking to house hack a quadplex. Property value is $1.2mm and newly renovated, was purchased for $850k in 2020. I am in talks with a limited partner/investor but they are unfamiliar with the area and real estate investing.
My situation is unique: I’m not necessarily looking for it to appreciate since this investment would allow me to expand my other small business. Mainly looking for a way to turn my $2k monthly rent payment into an investment and have more space to expand operations for my other business.
Does anyone have experience in Asbury Park? Would love to learn more from experienced professionals since real estate is a new territory for me! Thanks in advance.
As a real estate agent and investor in Asbury Park, I would recommend proceeding with caution on any 3 fam+ buildings. Asbury Park has rent control which limits your annual increases to 3.5% maximum per year with no CPI protection. The housing stock here average over 100 years in age and thus the costs of maintenance are higher than in other markets. With the lack of available rentals in the area, it would be unlikely that a tenant below market value would choose to leave. You may find yourself falling behind due to inflation.
Regards,
Josh
Hi there, looking to house hack a quadplex. Property value is $1.2mm and newly renovated, was purchased for $850k in 2020. I am in talks with a limited partner/investor but they are unfamiliar with the area and real estate investing.
My situation is unique: I’m not necessarily looking for it to appreciate since this investment would allow me to expand my other small business. Mainly looking for a way to turn my $2k monthly rent payment into an investment and have more space to expand operations for my other business.
Does anyone have experience in Asbury Park? Would love to learn more from experienced professionals since real estate is a new territory for me! Thanks in advance.
Do you live near AP? Its VERY area dependent, path of progress is pretty easy to see. Back of the napkin numbers look decent but if this is in the wrong part of town it is probably over valued and more of a c- D+ property
Hi there, looking to house hack a quadplex. Property value is $1.2mm and newly renovated, was purchased for $850k in 2020. I am in talks with a limited partner/investor but they are unfamiliar with the area and real estate investing.
My situation is unique: I’m not necessarily looking for it to appreciate since this investment would allow me to expand my other small business. Mainly looking for a way to turn my $2k monthly rent payment into an investment and have more space to expand operations for my other business.
Does anyone have experience in Asbury Park? Would love to learn more from experienced professionals since real estate is a new territory for me! Thanks in advance.
Do you live near AP? Its VERY area dependent, path of progress is pretty easy to see. Back of the napkin numbers look decent but if this is in the wrong part of town it is probably over valued and more of a c- D+ property
I live nearby the property, it’s on the east side of the tracks (on 3rd) and the houses nearby are mostly new construction.
From all the multi family homes i’ve seen in AP, this is in the best location and requires minimal work since it was just flipped, still need an inspection to confirm.
The current rents the tenants pay is extremely undervalued so I would need to increase rents asap (heard 2 month notice is recommended).
Hi there, looking to house hack a quadplex. Property value is $1.2mm and newly renovated, was purchased for $850k in 2020. I am in talks with a limited partner/investor but they are unfamiliar with the area and real estate investing.
My situation is unique: I’m not necessarily looking for it to appreciate since this investment would allow me to expand my other small business. Mainly looking for a way to turn my $2k monthly rent payment into an investment and have more space to expand operations for my other business.
Does anyone have experience in Asbury Park? Would love to learn more from experienced professionals since real estate is a new territory for me! Thanks in advance.
Do you live near AP? Its VERY area dependent, path of progress is pretty easy to see. Back of the napkin numbers look decent but if this is in the wrong part of town it is probably over valued and more of a c- D+ property
I live nearby the property, it’s on the east side of the tracks (on 3rd) and the houses nearby are mostly new construction.
From all the multi family homes i’ve seen in AP, this is in the best location and requires minimal work since it was just flipped, still need an inspection to confirm.
The current rents the tenants pay is extremely undervalued so I would need to increase rents asap (heard 2 month notice is recommended).
Depending on deal structure, purchase price etc seems like a no brainer to me
If you’re concerned about market rents 2018 is when rents started to jump in asbury so that might be a good reference point for a softer market
personally I’m trying to evaluate things as if we are going into a down market so maybe also consider that but if cash flow is there and you don’t think it’a currently over valued there’s no reason not to move forward
As a real estate agent and investor in Asbury Park, I would recommend proceeding with caution on any 3 fam+ buildings. Asbury Park has rent control which limits your annual increases to 3.5% maximum per year with no CPI protection. The housing stock here average over 100 years in age and thus the costs of maintenance are higher than in other markets. With the lack of available rentals in the area, it would be unlikely that a tenant below market value would choose to leave. You may find yourself falling behind due to inflation.
Regards,
Josh