All Forum Posts by: Jessica Zolotorofe

Nice location between Central and Palisade. Close to a lot of good shops, cafes and bars. The Heights in hot and with a little cosmetic work that's not needed right away, you can do well there. 

At 3.5% down that's $17,500. To be honest, if you don't have at least $20,000, you're likely not closing on much, not only in NJ, but any nearby state unless you're looking in really rural areas or areas that have higher crime rates and aren't going to generate much in rent. You can try hard money, but with no proven track record, it might be harder to get financing. 

In Hudson, if you're into fixers for buy and hold, check into Bergen Lafayette or West Bergen in Jersey City. If you're looking for something a little more done in an "up and coming" area that'll appreciate a lot but that will provide good cash flow now, check out Union City, West New York, and definitely the Heights in Jersey City. For Essex County, same concept, try the Oranges or parts of Newark-just watch out for high taxes there. Happy to answer any questions about the specific areas if you want to message me. Don't give up on NJ!

I'm a little bit late to the party, but I met a great handyman/property manager, so I figured I would throw his name out there. He's really helpful if you're out of state or just don't want to deal with the mess of having tenants and multiple houses and need boots on the ground. His name is David and he's with Ballan Improvement Group. Message me for contact info. Thanks!

Yes! Well, depends how much capital you have,  but there are still so many deals to be had in Essex and Hudson specifically. Are you looking to buy and hold? Flip? 

The problem is house hacking usually suggests that the property is in crappy condition, which you'll find a lot more of in the boroughs other than Manhattan, except for the Harlem area is investor friendly, as is maybe Washington Heights area, but generally, Queens, Brooklyn, Bronx you're getting much more inventory than in Manhattan. A lot of the neighborhoods in Manhattan are condos or coops, too, not regular multi families, which adds an extra layer of complication. So, if you're spending big bucks, the chance of you buying something in need of a fair amount of upgrading is less likely.  Can you do a suburb like Jersey City or Weehawken or Edgewater, or any of the boroughs, and your wife can have a little commute into Manhattan? You obviously want to make sure with little kids that you're somewhere safe, but the real appreciation is going to be in the "up and coming" areas moreso than the areas that are already there. 

No, sadly. There is something called a CEMA in NY to save on mortgage tax, but it's only if you are buying, not taking out a HELOC on a home you already own.

Yes. That's it. It's a percentage of the market value.  @Zachary Bohn gave good information. 

They probably do allow rentals, most buildings in the area do, but make sure you check with the town on rent control. That's the bigger issue. 

Is there a premium for a special warranty deed? I'd always prefer that option, if it's available. That way if something pops up later you have a warranty for the time period the seller owned. It probably isn't long, but it's something if they'll give it.

Definitely. Union City and West New York are similar markets. I like them both. Similar to Jersey City Heights area. Not quite as popular for younger people, but lots of families and pricing is better. North Bergen is also not a bad place to invest in the same kind of environment as WNY and UC.