All Forum Posts by: Linda Salavarria

Hi All, Thanks for all the responses. I decided to sell and the house sold in a week - cash offer! I had to find a rental and pack up in 30 days. Rental is affordable and smaller. I'm able to go through stuff I don't need.

My next dream is to buy a tiny house for AirBNB use and then use it for my own retirement in a few years. I'm now looking for a park, campground or rental land to place the house once it is built. This idea makes me feel optimistic for an affordable retirement and excited to be able to manage a smaller space in the future. If anyone has any ideas of where I can park a 24 ft tiny home in NJ or surrounding areas, please let me know. Thanks!

Oh and did I mention my mortgage is assume-able? Don't know if that makes a difference...

Thank you Ryan And Theresa for your responses. If I sold, I would not buy immediately. I would rent until my daughter is done with high school - just less than 2 years - and then I hope to buy buildable land for a small home for retirement...or a small home already built. Hopefully NJ but not sure where right now. My Townhouse is in Marlton NJ, border of Mt. Laurel. I spoke to a local realtor this weekend and he said this area, and especially townhouses, are still selling well. The last one in my development sold this July in 11 days. He did say selling before it gets colder would be good timing. I could hang on until Spring but I'm afraid I may have another costly repair issue and I just can't afford it without taking a home equity loan, which I don't want to do.

Hi all! I bought a 2BR 2BA townhouse in 2021. Great neighborhood and schools in South Jersey, close to Philly. Finished basement, decent condition. Great interest rate of less than 3%. However, the property was a rental for numerous years and turned out it needed LOTS of attention. Not a money pit, but for me, a single parent working full time job, it's pretty close. So many things broke or needed repair within the first year or so: refrigerator, microwave, dirty carpets ripped up and subfloor repaired, AC compressor, electric panel updated, section of the roof repaired, leaky kitchen faucet, garbage disposal, other kitchen updates...Anyway, I went through just about ALL of my additional savings for these repairs and there are definitely more that need to be done. I'm thinking of selling since the value has gone up and I stand to make about $90,000 in proceeds (after fees and realtor commission). I'm about 6 years until retirement and would love to pay off credit cards and put some in my retirement fund but I've been hedging the decision. Everyone I know says don't sell. I don't want to rent since I would still have any repair headaches.  I would love some advice from the community on what they think. Thanks for your input.  

Location, location location!! A nice house or a great deal are meaningless if there are no services nearby, the commute is too hard for renters, or if the neighborhood is sketchy. KNOW the area! I once purchased a townhome in area I had no idea about and realized too late that the home values were decreasing and the neighborhood was tanking. Became very crime ridden. There was literally a small riot outside my unit one day when I was home - with my kid! I let that place foreclose when I couldn't sell OR rent it. Value decreased over 50K in a year. I also purchased in a rural area that had no stores nearby, no malls, no gyms (although it was a ski area in NJ - that was nice), nothing! I had to pay buyers closing costs to get rid of THAT! I also purchased a beautiful loft with an ex years ago - there was NO commercial business to contribute to their tax base in that town so when we purchased it, the taxes doubled! Essex county NJ is very bad for that. So, my point is, do lots of reconnaissance regarding the location before purchasing. These experiences are the main reason why I am gun shy to buy now!

And thanks for letting me share! Phew! feels good to get those stories out!

So...I got a little money from an inheritance and was thinking about buying a small house in the Phillipsburg NJ area for under $100k (cash) to live in, renovate some, and rent. If you're familiar with the area, it's becoming sort of "hip" with it's proximity to the Delaware river, Easton, PA, outdoor activities and a few colleges. I've visited the area numerous times with my kid to the Crayola Experience and I kinda liked it. It's scruffy but so was Hoboken, Jersey City and the Lowere East Side 20 years ago...

I have purchased real estate before and I totally SUCK at determining location. I sold one townhouse for 4K profit - covered buyer closing costs to sell the damn thing, and the other townhouse I had foreclosed in 2008. Value on that declined over 50K, couldn't sell or even rent.

So the question is, might this area be a safer bet? Should I looking start now OR should I wait a bit to see where the market goes. Again, I prefer to do a cash purchase so I would only need to pay the taxes and utilities while living and renovating any house - no mortgage. Would LOVE any input or opinions. Thanks!