Buying with $100k in New Jersey

[Tao Chen]

Hi Guys,

I am new to this forum and wanted to ask for some expert advise. I am looking to purchase a cash-flow rental property with about $100k cash/finance in the North and Central New Jersey area with a good cap rate (>7%) and good ROI cash flow. NJ is notoriously known for high property taxes and high housing price. Can it be done? What areas do you recommend?

[Jason D.]

@Tao Chen are you thinking to buy a $100k property, or use the $100k as a down payment?

There are some good deals to be found in the Philly suburbs for $100k if you're looking for a fixer. I dont know anywhere, other than Trenton and Camden, where you can buy a turnkey rental in NJ for $100k.

Taxes are a big factor. I have a Single family in Burlington, NJ. I paid $55k for it and put $45k I rehab. My taxes are $5200/yr on that property