All Forum Posts by: Account Closed

@Nick Campanella. Thanks for your input. Will analyse Perth Amboy neighborhood.

Wanted to add that i am looking at properties mainly in Edison, NJ and Woodbridge, NJ.

Any recommendation on other areas in central new jersey that i can expand my search?

Thanks,

Vijay

Hi BP,

 I am a first time investor looking for rental properties in Central Jersey along the train lines.I am looking for condos only at this point as will make it easier to manage.

After looking for almost 3 weeks (understood it is not lot of days) found one (only one) property that does not have negative cash flow.  Other 10+ condos that i looked at come with a negative cash flow of 50 to 250 USD.

Just to give little more background on this property. The property is in very good condition and can rent out immediately and also don't see any major expenses for another 5 years or so as it has lot of updates. Asking price is 171000. Rents out to 1400.Property tax of 3500 and HOA of 210.

I also did not look at any foreclosure or properties that require any work as this is my first investment in real estate and don't have much background or cash in hand to fund the rehab projects.

Advance thanks for your advice on this. Is this the best case scenario with the current market conditions or will it make sense to wait for a better deal for the first investment.

Thanks,

Vijay

@Account Closed .

I was think along the lines of your thought process. 300K is not enough to quit my day job.

Unless i find a strategy to generate cash for next 2 years to pay my bills.If that is possible then i will go with BRRR strategy which should start generating some cash flow by end of 1 year. [ Or in 6 months if things workout realquick ;) ]

Great thread for what i am currently looking for. I am new real estate investor interested in investing in rental properties along the train lines of central jersey.I live in Edison,NJ and has been exploring around metropark train station area. Most of the properties from MLS and realtor.com shows negative cash flow. @Abdul R. Did you find any decent properties in this area in the past few years? @Keith Lutz and @Ibrahim Huges. With the current prizes i am seeing more like less than 1% rule. Is that what you guys also seeing or am i missing something?

Moises,
 Thank you for your great inputs and confirming this is the trend for the realtor.com listings for most of NJ listings. What are the good sources of finding foreclosed properties? I am aware of foreclosure.com (have not used it much yet) and the bank listings.

This will be my first property and i dont have resources to do a full cash purchase. I do agree until i get some experience i wont get into full cash purchase.

I am exploring the rental investment properties in the central new jersey area ( Edison / Woodbridge ). Based on the listed properties from realtor.com most of the properties have a negative cash flow. Is this common in this area or i am looking at the wrong properties.

Any inputs and directions will be of much appreciated and helpful.

Thanks,

Vijay