All Forum Posts by: Kevin Hill

Hi Jen, I have a client in Belleville how has an investment property there. Its a comparable town to parts of Bloomfield. It was within walking distance of the light rail to Newark Penn Station. We listed his one apartment above what typical 2 bedrooms were going for in the area, as he probably over improved the apartment for what's typical in the area. It rented very quickly. Out of the prospective tenants, 2 were young doctors who were doing a residency in the area. The accepted tenant had one small child and was relocating from upstate New York. Like you said, schools aren't the greatest. You'll likely attract young couple without kids or too young for public school yet.

There is currently a rental shortage in Bergen County, due to the lack of available house rentals. The house rentals typically go quickly if priced right. Many renters are new to the area, relocated for a job, sold off their home & are now renting etc. You typically get renters with good income & credit depending on the town. Many people rent a house first, then buy. Some towns like Tenafly, Old Tappan, Ridgewood etc might be too expensive for someone to buy in, but will rent instead due to the high reputation of the school systems.

It is difficult to find a single family home that will cash flow. When the market was slow, I did see some investors renovating and renting for a few years until there was some appreciation in the house. But you can't always count on the home appreciating.

Hope this helps!

Hey Diego, the FHA 203k loan isn't for investors. You would have to occupy the property to use a 203k loan.

You're doing great @Kris Rasmussen! So many newbie investors never pull the trigger. You're a pleasure to work with and its nice to see you being prosperous right off the bat!

Towns with easy New York City access and low property taxes doesn't exist :)

Don't give up on the Yellow Letters, but there are deals on the MLS still. The real good ones get multiple offers. Should be opportunities in those towns in Bergen you mentioned. I would also suggest Bergenfield and Dumont. Good first time home buyer towns and there are some distressed properties there.

Recovery Room on Old Hook Road

I would hold onto it. There has been such a lack of available rentals in Bergen County for the past few years, rent prices keep going up and you shouldn't have any kind of extended vacancies if priced correctly.

As others have said, its almost impossible to find a decent property in Bergen County that meets the 2% rule.

The old broker can delay things if they don't transfer your license to the new broker and back to Trenton first.

I believe I had my license transferred on a Friday and by Monday it was in place at the new brokerage. I think it's like $25 to transfer your license.

Welcome to Bigger Pockets Bayleigh! You'll find a ton of info and a good network of investors on these forums to help with your next buy and hold property.