All Forum Posts by: Hanna Goodman

Thank you so much for all your replies. One issue we realized from the start and I was wondering if anyone can comment on this. In our area of the country, or maybe more specifically northern NJ- houses are expensive, taxes and all other expenses are high. This in turn you might think would raise the rental prices- but actually, to our eye, not enough. Do investors make income in a market like this- or only make money when they sell? I would love to hear personal experiences/stories about this. Please prove me wrong :))

Hi- My husband and I are interested in buying our first investment property. Our only experience is buying our own home which we've owned for 4 years - in Northern NJ. Before that we a co-op rented in Queens NY for 7 years. We have about 200,000 that we could potentially put down on a house. Looking into areas near where we live- particularly Hudson/Essex/ Passaic counties. I love the idea of the areas near Hudson River but from what I've read  lot of it is rent controlled. I was thinking Belleville or Bloomfield- would have a solid renter population. What do you think of a legal 2 or legal 3 fam in those areas? Would you recommend a 2 or 3 family for a very newbie investor? What general advise would you have for me before we go house hunting? I want a house that will appreciate in value but at the same time would provide at least some income along the way. I am willing to do some cosmetic work but not major rehab on a house. Can anyone write in with personal experience- would greatly appreciate.

Thanks