Rentals in Cape May>Question Details

filosa3, Home Buyer in Cape May, NJ

necessary down payment would be? plus condo fees? taxes? would total per mo?

Asked by filosa3, Cape May, NJ Thu Feb 28, 2013

can this property be rented?

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This question was asked from this property: http://www.trulia.com/property/3083610070-501-Beach-Ave-119-…

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Carol is the expert here! But she represents the seller. Gather as much info. as you can but remember she represents the seller.
0 votes Thank Flag Link Thu Feb 28, 2013
There is a lot more to this building than that. 20% down there are two local banks that finance. You cannot live there this is a hotel unit htat you are buying. Does that work for you? If it does I have a full detailed email package that I can send.
0 votes Thank Flag Link Thu Feb 28, 2013
Down Payment would be determined by your Lender, and will vary.
Condo/HOA fees will vary from Complex to Complex, depending upon the services and ammenities, as well as the efficiency and honesty of the HOA.
Taxes can vary from 1% to 4.3%, depending upon the County needs, and again, the efficiency and honesty of the County.
Whether it can be RENTED will be determined by the HOS as well as your Lender. (Understand from the start, that very few situations will yield immediate positive cash flow).
The best source for the information you desire, is to select a Title/Escrow Company, and ask the Title Officer to do a dummy HUD1; this will learn you a lot!
0 votes Thank Flag Link Thu Feb 28, 2013
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