Buy It?
There is a three (3,3,2) family house in Irvington, NJ that needs about 50k of work. I think I can get it for 200k. This would be my first rental property, the taxes are about 6000 per year.
For some reason I am nervous about the deal, not because of the deal just cuz its my first. Just looking for some input from you landlording experts out there. I was thinking of putting section 8 in there and hold onto the home for long term and not just flip this one.
Any input is appreciated.
Thanks
(Do not use the signature line for advertising your website, this is the second time I have warned you about this, John Locke has also edited your posts............future post will be deleted regardless of content if this happens again ~ NC_Yank)
[ Edited by NC_Yank on Date 06/13/2005 ]
Sup Equity,
Im from Newark myself and once I get my income going down here I will definetly do some deals in NJ.
If you plan on using section 8 and get a home for 200k just figure out what will be your mortage, then mostly likely you will be able to rent each one out for over 1k or more. Then you wont have to worry about the rent too much.
The only thing with them is that they have their inspection and the owner must keep the place within sec 8 standards.
good luck
Recording fees, unit deeds, a site plan and master deed floor plans should run you roughly $8,000 for a two or three-family conversion.
Hope that helps.
[addsig]
Monkfish,
Thanks as soon as I get something going I will definetly keep you posted. Im going to work on some figures and come up with a game plan. Hopefully I will be able to work something out by the end of the summer.
[addsig]
I will keep that in mind. Im going to talk to my team and work something out.
Monk,
I will let you know, I have an investor down here that it also interested. I will keep you informed when I make that move. I know it will be a good move. Thanks again