All Forum Posts by: Diana Tian

@Shane Boyle There are investment opportunities in North Jersey, maybe not in heights or union city. These markets are hot. You will be competing with cash offers or offers with conventional loans with big downpayment. 

The current low interest rate helps a lot to increase the cash flow. FHA loan is a good idea for house hacking but I don't think it could be used to purchase an investment property.

@Stefan Tsvetkov I think, if there is a registered rent roll in record, even though the house is vacant, the rent increase should still be subject to the rent increase limit. 

From what I have seen, Union city becomes very very hot  this year. For an average condition two family house, if it is priced under $500k, it would be gone in a week, with multiple offers. If it is renovated in a neat condition ( not the gutted ones),  $600k would be an easy sale. But I think a lot of buyers are investors. They are very rational and numbers driven. houses above $650k don't move that fast. 

@Yan Yan Have you got zillow updated your ads?

If you have time, it is always better to rent out the place yourself. most of renters are not comfortable paying broker fees. 

I think some single family houses in West New York, Union City, and Journal square) are still priced modestly. Some of them are as big as a two/three family houses but asking for a lot lower. Most investor buyers in those cities are only looking at multi-family. The single family houses, especially the one not being renovated, seem like a good buy now. 

@Yan Yan after you update the ads, if you still don't get enough interests, you could re assess the rental price. When you do your analysis, you may look at the places that are currently for rent. Those places may have been in the market for a while and no one has taken them. That may mean the rental price are too high. You could ask your agent for a list of places that have been already rented for. Using that list, you could check if your rental price is competitive or not. 

The location is great, very close to Weehawken, which is a more up scale neighborhood than union city. Buses to NY port authority are nearby. The best way to check if you are comfortable with the area to hang out there at night yourself. Personally, I have no problem walking around, especially along park ave. It is the one of the main commercial streets...it is always busy.   

is this condo going to be a good Investment? it was hard to say. all depend on the condition, your purchase price and the building itself. But Union City has appreciated a lot. Compared to weehawken and JC heights, it is still much cheaper. And, it is very close to NYC. I think it will attract more and more people move or invest here. 

@Drew Slew I think Jersey City has stop giving out rooming license years ago . 

@Terry Madden It is a very cute place, tasteful decorated.

@Tao Chen the tax is high in west new york and north bergen as well....may be slightly lower than Union City. I haven't looked at the numbers in detail. I think rental market is stronger in Union City/WNY/North Bergen than heights/ Journal Square, lower vacancy rate and higher rents.