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Updated about 9 years ago,
Need advise on buy rental in Irvington NJ
Hello Everyone my name is Mike and I just started reading BP a couple of weeks ago.I have been just browsing for a while and finally decided to introduce myself.
Currently I live in NY but I am looking at the rental properties for sale Irvington NJ area since the prices look very attractive. I am fairly new in investing and went to see a few one and two family houses yesterday that are on the market and priced under 100K but the taxes are kind of high 6-7k a year. It doesnt seem like a great area and I would not want to live there myself. Houses are not in good shape but rented by section 8 tenants. Now here is the question, should should a new invester invest in this area? I can make about 1K a month after all the expenses and property manager fee with investing 100K cash. These houses were sold for way more in early 2000. I really appreciate any input.