All Forum Posts by: Brandon Morgan

Hi all, I am in new jersey and I am new to Real estate. my plan is to own rental properties and also house hack. my original plan was to find a duplex but the low inventory and competitive market has been making this really difficult. are buying single families also a good option for this? I already got preapproved for a loan and have 30k ready for disposal.  I know for single families I can rent out by the room. but is the process for that complicated? are there legal issues? open to any suggestions for owning and renting out single families. if anyone has any experience in this matter I am more than ready to listen. 

Quote from @Jimmy Bostic:

@Brandon Morgan For house hacking I'd suggest looking at single families or multifamilies rather than condos. I know you said the supply is low for multifamilies, but you could consider looking off-market. A duplex for a first hack is a good option. Best of luck 

 yes but my issue is in my area Multi-families are almost impossible to come by. I was searching for duplexes for the longest time.  and single families are still extremely expensive. my goal is to rent properties out. at this point I am just trying to get my foot in the door.

Quote from @Shawn Mcenteer:

Hi @Brandon Morgan house hacking single family or multi family work in NJ.  single is a really good way of building equity to get to a long term buy and hold Multi.  Both strategies work.

 yes but my issue is in my area Multi-families are almost impossible to come by. and single families are still extremely expensive. my goal is to rent properties out. at this point I am just trying to get my foot in the door.

Quote from @Julien Jeannot:

I agree with @Jimmy Bostic.

I'd shy away form Condos:

- They tend not to appreciate as fast of SFRs or multi

- HOA fees and assessment can eat you alive. I also see it as a reserve which you do not get back when you sell if unspent.

- Loss of control.

I got started with a multi where the cash flow subsidized my mortgage. I forced equity and raising rents and the rest is history. A solid SFR with rent by the room is also a great option. Find one that needs a lot of work.

yes but my issue is in my area Multi-families are almost impossible to come by. and single families are still extremely expensive. my goal is to rent properties out. at this point I am just trying to get my foot in the door. 

Quote from @Konstantin Ginzburg:

@Caleb Brown

Condos can potentially be a good investment but there is risk that comes along with them that needs to be considered. One big upside to real estate is that your revenue (rent) appreciates over time while your mortgage payment remains fixes except for insurance and taxes that can appreciate as well. By purchasing a condo, you will need to deal with another appreciating cost in HOA fees which can slow or eliminate your cash flow. You would also have to follow any guidelines set for by the condo HOA so getting a feel for the management is crucial. For example: how do they feel about short term rentals? How do they feel about renters in general? Condos can still be a good investment, but there are just other factors and due diligence that need to be observed when you are entering that market.

 good to know. thanks!

Quote from @Caleb Brown:

People have done well with condos. Good part about them is low maintenance and usually quality tenants. But they are risky. The dues can get insane. They could vote against rentals or do a major repair that you have to chimp in for. I would rather do single families, you have control over it. 

 hmmm will consider that. thanks!

thanks!

I am new to real estate and was originally planning on doing the house hacking method to get started but in my area getting a multifamily is nearly impossible nowadays. I am in NJ and I already got preapproved for a loan and have about 30k cash at this moment. should I go for a single family or condo for now instead since they're more available? are buying condos worth it? I am also applying to work remotely to see if that can get a remote job. I am open to any suggestions. 

Hi all! I am new to real estate investing. my plan is to own multiple properties and rent them out. I am in the NY/NJ area. originally I wanted to focus on multi-families but in my area that is very difficult right now. what is your opinion on buying condos and renting them out? are condos a good investment in that way? I am trying to find a way to get creative and get my foot in the door in this crazy market. 

Any advice on buying out of state. I am a new investor but our family was thinking of buying our parents a house in Florida for retirement. the thing is we don't live there at all and its tricky since its out of state, however we already have an idea of the area in Florida we are looking to buy.

what would be the starting process to getting a home out of state? do I have to find an agent out there? I already have my pre-approval ready.