Buying First Home
This is my first post I was given this site by my friend who has begun to post in here and loves it. Anway I have been looking into investing into a home, it would be just a house that Iwould rent out. I am wondering what you guys think if it is in a undesireable area. It seems if you want to make money those are the areas you need to look in.
Thanks
I am 25 and this would be my first house
Good for you. I bough my first rental when I was 25. It's in Clifton...I still own it 4 years later. Bough it as a first-time 'owner occupied' buyer with very little down.
What area are you specifically looking in? I think you'll find some great opportunity In and around Kearny.
My advice will be a lone cry in the wilderness. Don't buy your first investment in a blighted ,war zone. You will have nothing but problems from the start to the ultimate sale of the property. As a newbie you will be ill prepared for all the eventualities you are going to encounter. There a parts of most cities where you could buy up blocks of boarded up properties. I'd leave that for the seasoned specialists for now. In my case, for ever. They work too hard for their profit.
My advice would be to take your time on your first one. Make sure it is not only a good deal with GREAT cash flow but also a property that presents the fewest numbers of headaches. Don't let your first property be discouraging rather let it be motivating.
I'm speaking from personal experience. I passed over quite a few deals before getting my " first" one. Patience paid off with finding property with a Cap Rate of 15.5%
Good Luck,
Q
Nice to meet you Chins,
Starting young is always a good idea. Since you already got a bunch of good advises I would only like to add: Good luck !
Thanks for all the responses. I look forward to learning from all the ppl on the board here.
I have looked in Kearny and sourounding areas but the money the house cost compared to making some cash is really not worth it. I am looking to make investment so I can make some cash.
I def don't want a war zone. I am currently looking in Newark, New Jersey which def shows that you can make profits there. And they still have sections in Newark that aren't oo bad[ Edited by Chins on Date 02/02/2004 ]