Home Buying in Hoboken>Question Details

condoowner, Home Buyer in Hoboken, NJ

We own a 2 BR brown stone condo downtown. It was gut renovated in 2013. Unfortunately we are moving for jobs. We don't know whether sell or rent out.

Asked by condoowner, Hoboken, NJ Thu Jul 24, 2014

Can somebody please give advice for either rent or sell, how to start the process. Thanks,

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Answers

5
First and foremost is the math. Factoring in your mortgage, taxes, insurance, maintenance, and misc expenses for upkeep of your condo, will you make money by renting on a cash flow basis and a tax adjusted basis?

Second, can you be a landlord without adding stress to your life?

Third, do you have the knowledge and the bandwidth to understand laws associated with renting out in Hoboken? Do you understand rent control laws? Do you know what paperwork you need to file annually?

A good real estate agent who is an expert in finance can help guide you. Ultimately, it would be your decision, but I am happy to help you.

I previously worked in finance, have lived in downtown Hoboken for almost a decade, and am a landlord myself. If you want to discuss, please call 732-788-6560 or drop me an email at dalia dot tole at kw dot com.

Thank you.
0 votes Thank Flag Link Wed Aug 6, 2014
My wife and I are looking to buy/rent in Hoboken. We both have stable jobs and have been living in Hoboken for several years. If interested in starting a dialogue, you can reach me at mjcharette[at]gmail[dot]com.

Best,
Matt
0 votes Thank Flag Link Tue Jul 29, 2014
Hi,
Renting or selling is really a personal decision. Many people don't want to be landlords and others see the long-term investment as well worth it. I've been through the process myself and helped many others with it as well.

I'm happy to discuss the pros and cons of each with you, contact me directly and we can discuss next steps - 973-495-7299.

Best Regards,
Scott Selverian
Liberty Realty
973-495-7299
0 votes Thank Flag Link Mon Jul 28, 2014
I would recommend getting in touch with a local qualified real estate agent. They will be better able to weigh your options. One question, however, that is good to think about is if you plan to return to this area within the next 5 to 7 years and if so, would you want to live in this house again?

If not, then it is best to weigh the decision solely on the monetary scope. If the rental income leaves money left over after every month after paying all housing expenses (including annual items like home owner insurance and taxes) then perhaps this is a good route.

If you are looking to buy another home, most likely it will be better for your finances to have this mortgage payed off. In that way, you can use the difference as a down payment on your next home.
0 votes Thank Flag Link Thu Jul 24, 2014
Your answer lies in the math. How much did it cost you to buy it and fix it up? How much is it worth now, and how much would it cost you to sell? If you can't at least break even, and you don't want to take money to the closing table, find a tenant. If you don't want to be a landlord, sell. First step is to hire a seller's agent to represent you.

Good luck!
0 votes Thank Flag Link Thu Jul 24, 2014
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