Staten Island, NY · Member since 2020 · 21 posts · 10 votes
Hi all,
I was curious about buying and possibly renovating/ renting condos in north jersey region, possibly Bayonne but open to suggestions. I wanted to see if anyone has any advice on this topic. I feel like as newbie its confusing to find out which places allow you rent out instead of just solely owner occupied. Any advice on this topic would be much appreciated.
I was curious about buying and possibly renovating/ renting condos in north jersey region, possibly Bayonne but open to suggestions. I wanted to see if anyone has any advice on this topic. I feel like as newbie its confusing to find out which places allow you rent out instead of just solely owner occupied. Any advice on this topic would be much appreciated.
Thanks
Of course you can, but you CAN yet, You need to connect with those doing deals, learn from them. Do you have the few hundred thousand it will take to do this ? Connect learn and then go on your own
I've had a similar experience. It ultimately comes down to the common questions of what's the cost to purchase, the cost to repair, ARV, etc.
Other considerations can be made like needing to follow condo association guidelines for renting and renovations. For example, they can be contracted with specific vendors you may not want to work with. There is the possibility of annual HOA increases too. Also major projects in common areas may lead to unexpected additional expenses that is split amongst all condo owners.
I prefer to run a similar play but on multifamily properties. I hope this helps!