All Forum Posts by: Kevin Hill

Kovats

Is this property located in a 2 family zoned area? If its not, you would need a variance to convert it to a 2 family home.

Interest rates are already going up, so that decreases buying power for sure. If you aren't in any rush, I would wait until the market turns to buy another house. I am already seeing declining values in some towns in Bergen County, short sales re-emerging, and we still have a lot of REO's in New Jersey still in the pipeline from the last bubble bursting. I got an REO listing the other day that's been vacant since 2010 and it was just foreclosed on a month ago!

You need to get a definitive analysis of what the rental market value of your home will be. In Bergen County, if you can get $400-$500 in monthly cash flow, that's pretty good for our area. That could be wiped out if a major repair pops up. 

I wouldn't want to keep a property with negative cash flow. Is there anyway to improve the property to maximize the rent to give it positive cash flow? I think we are at/near the peak of the housing market in Bergen County, so your property may lose value in the next couple of years. 

That’s strange, most brokerages are looking for any warm body to hire. Maybe it’s because you don’t have your license yet.

It will all come down to the numbers. Need those to be able to get an accurate opinion on whether to sell or rent it out.

Already has an accepted offer on it with a backup.

Looking for an experienced real estate investor who knows a good deal and is looking for their next flip in red hot Rutherford, NJ! Single family, median home price is up 16% from 2017 to 2018 in Rutherford. This home is located in close proximity to the Rutherford Train Station, Rutherford High School, Felician University, and Downtown Rutherford. Home needs a complete renovation, however the bank recently repaired the enclosed porch and installed a new roof. More details and pictures!

I highly doubt it since the flood zone is located in the very back of the property, down a hill but I don’t know for sure. Been vacant since 2009, when the previous owner passed away.

House was just reduced to $199,900.

I wouldn’t...it’s a flood zone at the bottom of the slope.