Investing property in Bayonne NJ..is it worth

[Raj G.]

Hi, Friends, I am new in property, even I am renting for my self , I don't want to buy for my own residence since I am not sure like where I need to buy,so I was planning to buy for some investment. my concern is...

If I buy a two family(floor) home in NJ for $450K built in 1974,no major work need to be done , and get 15 years loan on that, with current rate(I have excellent credit history) and get rate like $1700 from each floor, property tax is around $12k/per annual.

So, what ever I get in rent will go in property tax and mortgage.

but I will get house in 15 years...

Is it worth...I am novice in this field, will appreciate detailed reply on this.

I am not buying for cash flow, my goal is long term investment return...if somebody has better option to invest other than renting please share.

[Jem J.]

@Raj G. 

Factor in:

Tenants who may, after a short while, not able to pay the rent. Eviction is a process. 

Vacancy rate. 

Maintenance and repair. 

Optional nanagement fee.  Etc. 

Your goal is great and I'm pretty sure you will do well once you are better prepared. BP has a lot of experienced members. Please reach out and do your due diligence.  A half a million dollar start up is a huge step. 

Best of luck!

Jem