All Forum Posts by: Steve O.

I’ve worked in payer for the past 10 years.  There’s a very bad area and there’s a not as bad area.  South Paterson is not as bad, around the Rosa parks area is where most of the crime takes place.  Taxes are very high and most mayors are convicted of crimes.  However, the new mayor I believe is the best politician that can get them on the right track.  Be cautious 

Dave,  

I agree 100%.  However, living in N.J. (5 degrees yesterday) we have to get in all the sun as possible.  My wife and I found a great deal, so we splurged and now she loves it.  I started the same discussion with her and ended it fast.  She didn’t want to hear it.  The good news is we built equity, so now we want to find another deal and build equity.  I just recently looked at it as a cash-flow business, not my intention when I purchased it.   So would you keep it as a rental?  Thanks again for your time.  

Forgot to mention it is a secondary residence.  Owned for 5 years.  

I have a summer property where I’m all in for $240k after fixing it up.  It can resell for $$350k.  We initially fixed it up for ourselves to enjoy, however, we want a bigger property with a pool.  I have no mortgage on it and at a point where I’m looking to sell or rent it.  It would rent for $2000/ month.  Taxes are $4500.  I love the cash flow philosophy, however would like other opinions or suggestions.  

Thanks- Steve