Joshua M. Baris
It really boils down to what style of living you prefer. Some people prefer not having to deal with maintenance, ie maintaining property, lawn, roofs etc and love the idea of living in a building with amenities, a doorman, a gym a pool etc.
Other people really like the feeling they get of living in a home vs what some others call 'hotel style' living. Owning a multi family can be an excellent investment if you are ready to take that on. I feel that people that are best suited to purchase a multi family are those that can afford the house on their own, can afford to maintain a property and qualify to buy the house on their own.
This way, additional income is gravy and adds to their net wealth, and they will be more likely to upkeep, upgrade and maintain the property lovingly therefore retaining and building it's re-sale value versus someone who is just scraping by and starts to let the property slowly deteriorate.
Consider the advice others have given here. There are some gorgeous condo buildings along Edgewater that anyone could fall in love with, and there are multi family homes as well but condo's dominate the area.
Your property taxes will likely be lower than purchasing a condo on the waterfront also.
Speak with a pro! And best of luck!
Pros: You'll have income to help you make your monthly mortgage payments. And it's a pretty common thing. Today we are seeing more and more parents moving in with their children to help them out financially.
Cons: You need to make sure you can make the mortgage payments for the time periods when you don't have tenants. You will also need to run credit checks and verify employment for any new tenant to make sure they are financially sound.
Please speak with a real estate attorney regarding what should be in the lease. Always seek guidance from an attorney before makiing a decision like this.
Do your homework & be aware of what is entailed in being a landlord. Then, move on it. Don't pay attention to confusion & fear...focus on the opportunity.
If u spend sometime reading the book: rich dad poor dad, u will immediately realize that buying a multi family is an asset vs single family or condo/townhouse is a liability.
I sold hundreds of multi family homes and my office is located in Edgewater on river road. Feel free to call me for free consultation.
Group Twenty Six
115 River road, Suite 1027
Edgewater NJ 07020