Home Buying in Morris Plains>Question Details

yuansmail, Home Buyer in Morris Plains, NJ

I'm looking to buy a property to rent it out and can not decide where to buy. Can someone offer some advices on area with strong rental market?

Asked by yuansmail, Morris Plains, NJ Sun Nov 25, 2012

investment property

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9
Montclair near the train station is always a very good location for people commuting in to the NYC.
0 votes Thank Flag Link Mon Apr 14, 2014
The Shore area is always a strong market and you can use the house in the summer yourself, too! We rent seasonally and annually. The hard part is finding something that will keep you in the black each month with 20-25% down.
If you are interested in learning more and receiving listing info, let me know.
If this is your first investment property, you should have a copy of the NJ landlord/tenant law handbook. I can email it to you. Just reach out to me via Trulia or my website below.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Nov 26, 2012
If you are lookingfor a large unit, we have a 4 Family property with 8 BRs in Wharton, in western Morris County. It is currently listed for $399,900. Let me know if you want more details
0 votes Thank Flag Link Mon Nov 26, 2012
I have a 2 family available in Clifton for $129k needs a little work can rent for $2300 per month easily
have a 2 family in South Hackensack for $399k income is $3200 per month 1st floor needs new kitchen cabinets fully rented. There is lot available and plenty tenants ready to rent something fixed up.
0 votes Thank Flag Link Mon Nov 26, 2012
One of the best rental properites is in the Mt. Club in Morris Plains. I have recently listed and sold a condo in the complex. They are priced well for an investor and they have a good rental history.
The upside to an invsetor is the maintenance fee includes heat and hot water. It also includes tthe exterior mainrenance and roof. Therefore, an investor does not have to necessarily be very handy.
With as little as 10% down an investor can have positive cash flow.
For more information, feel free to contact me at mfarley@weichert.com
0 votes Thank Flag Link Sun Nov 25, 2012
The demand for rentals continues to grow. There is actually a rental shortage in some areas in New Jersey as well. It's really about the numbers and your expectations for monthly cash flow and lastly if your desire to manage rental property.

Good luck!
0 votes Thank Flag Link Sun Nov 25, 2012
The first questions you need to ask yourself. How "hands on" are you. Do you want a "turn key" property or one that needs renovation? Do you waat a long term investment or a short term investment? Are you looking for single family or multi family?

I have 4 investment properties of my own and have had a number of transactions representing clients very recently. If you need some advice, I will be happy to chat further with you.
0 votes Thank Flag Link Sun Nov 25, 2012
What is your price range you want to spend?
0 votes Thank Flag Link Sun Nov 25, 2012
Morristown has the strongest rental market. I know of new construction town homes coming to market soon. They rent for about $2400/mo.
0 votes Thank Flag Link Sun Nov 25, 2012
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