Home Buying in 07030>Question Details

1timebuyer, Home Buyer in Cliffside Park, NJ

trying to buy a 2f house in Northern NJ

Asked by 1timebuyer, Cliffside Park, NJ Mon Jan 21, 2008

found one in Bayonne and one in Secaucus. Which town has better chance to keep the renting unit rented out. Need to make sure we have good chance to get the renting income. The one in Bayonne has very high tax and has a little yard in the back. The Secaucus one is priced higher and with higher renting income but no yard.

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Have you considered Morristown? It is the NEW City Center for relocating Gold Coasts inhabitants! Come & Vist and I will show the value in Morris County.
To answer your question, it is important to know if you will live in the home and if you will be performing all the LL duties? You must interview the potential tenants from a finanacial perspective. Their ability to pay the rent and their personal stability is very important. Rentals are very strong and will continue to be so a sthe US puts 77M baby boomlets into the economy and into housing.
Web Reference: http://www.anneshearman.com
0 votes Thank Flag Link Fri Aug 15, 2008
Are you planning to live in it?
0 votes Thank Flag Link Tue Jan 22, 2008
The location of the property does not matter. The FICO score of your tenant does. The best way to make sure that your rental property stays rented is to restrict yourself to tenants with FICO scores in excess of 700. Also check the employment history of your prospective tenants. If there are 5 jobs in 5 years, that's a bad sign. And check the rental history with the last landlord if possible. A person can have a high FICO score and still have paid the rent late every month, since landlords generally are not on a reporting program with the credit reporting agencies. But bottom line, if you do your due diligence before you rent the apartment and limit yourself to 700 plus tenants, and make the time and effort to check employment references, you have the best chance of getting that rent. Good luck with your investment property!

-Marc
Web Reference: http://www.marcpaolella.com
0 votes Thank Flag Link Mon Jan 21, 2008
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