Home Buying in 07960>Question Details

cchsu07, Home Buyer in 07950

I am thinking of buying a condo and rent it out in Morristown, NJ area. Is it a good idea? Where should I start?

Asked by cchsu07, 07950 Mon Sep 10, 2012

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19
Financials should be first. What would your Cap Rate be based on financing ?
0 votes Thank Flag Link Thu Aug 29, 2013
Getting your financial house in order is probably the first step. How much can you afford? How are you going to finance the purchase? How much rent do you need to get in order for it to make sense? If there's any way I can help you, please feel free to reach out to me. Best of luck, Gordon
0 votes Thank Flag Link Thu Aug 29, 2013
"But in the meantime, office space and condos in transit-centric, café-studded Morristown are selling like hotcakes." I am not the only one who thinks Morristown is HOT! Here is a great article for you to read:
http://www.mycentraljersey.com/article/C0/20130616/NJNEWS/30…
0 votes Thank Flag Link Thu Aug 29, 2013
Morristown is a much sought after area for tenants and offers many amenities including restaurants, shops and public transportation all in walking distance. If you are still considering and have questions please reach out to me, i complete rental transactions in Morristown all the time so am very knowledgeable with the rental market.
0 votes Thank Flag Link Mon Nov 26, 2012
It's a great idea. Especially now with the rates and prices both low. There are some great opportunities in Morristown and Morris Township. It depends on your price range, monies down, etc. Give me a call, I'd be happy to talk to you about various possibilities.
0 votes Thank Flag Link Mon Oct 15, 2012
Here is a link to my condo listing http://7prospect.com/ it may help you with info about the area.
0 votes Thank Flag Link Wed Oct 3, 2012
I know of a great opportunity in Morris plains. Near major corps. Call me to set to discuss your profit potential.
0 votes Thank Flag Link Mon Oct 1, 2012
Im listing a new condo tomorrow in Morristown that is walk to town. What is your price range?
0 votes Thank Flag Link Mon Oct 1, 2012
Morristown is indeed a "hot spot" for rental properties as well as purchasing. From a purely financial aspect, in my opinion, it's a great time to invest in real estate.
If you have never been a landlord there is much to consider and despite the allure of covering costs with rent money and (hopefully) generating an increase in value in the coming years, there can be a downside to the equation.
This is a great article from Smart Money that addresses the monetary portion http://www.smartmoney.com/taxes/income/so-you-want-to-be-a-l…
and Kiplinger offers some insight on being a landlord. http://www.kiplinger.com/magazine/archives/how-to-be-a-landl…
I wish you the best of luck and if I can be of any additional assistance please feel free to contact me directly at 201-400-2980. Best of luck!
0 votes Thank Flag Link Thu Sep 27, 2012
Rentals are in demand. I worked with a relocating exec and he considered both min 3 Bedroom homes and Townhomes - preferred new(er) and was focused on communiites right along the 287 corridor, near his employer. So I think you are on to something. They perferred new to new(er) and found very few choices. And their budget was right where Al Barron is suggesting he may have inventory. If the numbers work, and it is important that they do, then these may be a great option.

Good luck to you!

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Mon Sep 17, 2012
Rentals are very hot and will remain so for quite a while. You need to the math and make sure the numbers make sense. There are many condos in the area, including Bedminster and Basking Ridge. In Morristown, you have VAIL COMMONS, WINDMILL POND, Fort Nonsense, TWOMBLY COURT
0 votes Thank Flag Link Sun Sep 16, 2012
Location, location, location. There are so many international corporations in the area. THe closer you choose to their locations the better chance you will have of getting a quality renter. I know the perfect location. New construction Townhomes from $350,000. Possible rents are about $2400/m for a 2 bedroom 2.1 bath and 1 car garage.
0 votes Thank Flag Link Sat Sep 15, 2012
Great time to invest in cash flow properties. Congrats!
0 votes Thank Flag Link Fri Sep 14, 2012
Morristown is a great place to invest
It is not just about the Math, nowever
There is a lot more to being a Landlord than that.

You will need an Agent familiar with the "slings and arrows" of Real Estate investing.
I own 4 Residential Investment properties.
I have helped many others over the years as well.

Wayne
0 votes Thank Flag Link Tue Sep 11, 2012
Cchsu07,

I've just help two clients do the exact same thing. Give me a call and I'm happy share my experiences and give you my insight.

Gordon
0 votes Thank Flag Link Mon Sep 10, 2012
Morristown is the 'hot spot' for Morris County rentals. I would suggest looking at Short Sales and REOs, if you can find them. You will get a better deal if you are willing to go through the process of dealing with a bank. Just make sure you do the numbers. You make your money on investment properties when you buy them, not when you sell them. I recently helped a buyer purchase a $209K townhouse for $175K. Happy to help you as well. You can reach out to me here on Trulia if I can be of assistance.
0 votes Thank Flag Link Mon Sep 10, 2012
The first place to start is with simply doing the math. The amount of cash you put down will ultimately determine your ROI, (Return on Investment) The more cash you have the better your ROI. Just borrowing and making your payments will not be enough to make it worth your while. Compare what you can make in real estate to what you can make in other investment vechicles. Corporate paper can yield from 1.5% to 5.5% minus any taxes involved. Municiple bonds yields vary from about 2% to a little less then 5%, but are tax free. Investing always involves diversification. So, if you do not have property in your portfolio, now is the time to invest in some. Did you know that property can be held in an IRA ?
0 votes Thank Flag Link Mon Sep 10, 2012
Morristown is a popular area- rich in culture and nightlife and business, easy access to transportation and main roads. It would be an excellent location for an investment property. As I own rentals of my own, I'd be happy to guide you through the process of how to make it work. for you. The key to remember is you make your money when you buy. There are twists and turns in the road to being a landlord. I've learned much over the years of being a Realtor and a Landlord. I'd love to share with you a list of my recommended condos. Feel free to contact me with questions.
Leni
973-207-9803
TeamHelene@KW.com
0 votes Thank Flag Link Mon Sep 10, 2012
You should research rental prices and condo prices to see if the numbers make sense to you. If you are unsure how to evaluate those numbers, I am happy to help.

Good luck!
-Katrina
0 votes Thank Flag Link Mon Sep 10, 2012
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