Lefotho, Home Buyer in

Good time to buy multi family home? How much cud I expect 2 get 4 rent for a 2/3 br apt? Is saftey an issue for someone who minds their business?

Asked by Lefotho, Tue Nov 13, 2012

Help the community by answering this question:

+ web reference
Web reference:

Answers

11
Andrew Tisel…, Agent, clifton, NJ
Wed Nov 14, 2012
BEST ANSWER
Hi Lefotho

those zip codes are in the Bergen/Lafayette and Greenville section of Jersey city. This area is very family oriented. this is the best time to get a deal before the Spring season. Rents in that area range from $1200 to $2000 or more depending on the size of the rooms and amenities. let me know how I can assist you in your home purchase
1 vote
Elizabeth Lo…, Agent,
Sun Dec 16, 2012
That zip code encompasses a very large portion of Jersey City with one of the nicest sections being on Lincoln Park. There's some very beautiful highly desirable homes in that area so I doubt safety would be an issue. Look into homes on the Doctor's Row section located between Westside and Kennedy. Streets such as Fairview, Kensington, Jewett, Belmont and Especially Gifford have some very beautiful 2 family homes and some of them with office space. These are all streets sprinkled along the entrance to Lincoln Park which is also very nice and has a full size football field, track, baseball diamonds, tennis courts, basket ball courts, soccer fields and an amazing jogging path. Plus it's very close to St. Peter's college so you could potentially get lots of students interested in renting in that location. Typically the rents around there can run from $800 to $1000 for a 1 bedroom, $1200 to $1500 for a 2 bedroom and about $1500 to $2000 for a 3 bedroom, depending on the proximity to transportation.

Contact me if you'd like me to take you around to see some properties and the area. I've actually sold several properties over there so I know the area very well! And I might have a really nice 2 family coming on the market early next year!

Elizabeth Logan
Realtor Associate
Avalon Realty
321 Grove Street
Jersey City, NJ 07302
201-604-2100 (office)
917-392-0291 (cell)
http://www.trulia.com/myprofile/
http://elizabethloganjcrealtor.blogspot.com/
0 votes
David Leonard, Agent, Jersey City, NJ
Tue Nov 20, 2012
Yes.
$1300 - $2300 for 2 beds depending on neighborhood, $300 - $500 more for 3 bedroom - all depends on neighborhood.
Not really.

That said, if you send me the price range you're looking at, and the down payment, I'll send you the figures. I onw one of these myself, so I'm pretty familiar with it.

David Leonard
Weichert Reatlors

http://www.jerseycityhobokencondos.com/interesting-reading/c…
0 votes
Arthur Kaufm…, Agent, Jersey City, NJ
Wed Nov 14, 2012
Rent will depend on many factors. You need a good realtor who understands the local market dynamics and will guide you to a property that will meet your needs.
0 votes
Lefotho, Home Buyer,
Tue Nov 13, 2012
The area in question is Jersey City N.J. Area codes 07304? 07305.
0 votes
Laquita Baez, , New Jersey
Tue Nov 13, 2012
It has never been a much better time to buy and the re are many sound investments to be
made in this current housing market. Choose your property wisely.
Have in mind how much ROI you are looking for and enlist the aid of a Realtor to discuss potential properties and the highest possible rent return. The amounts for rent vary between area and specific property.

Best with your investments!

Laquita Baez
Licensed Realtor in NJ and GA
Weichert Realtors
973.687.7095
0 votes
Diane Maxon, Agent, Jersey City, NJ
Tue Nov 13, 2012
WIth the low prices and even lower interest rates, I think it is a great time to buy a multi-family home. As said below, the rents you will get will depend on the area and the quality of the apartment. I can help you figure out the rents you will need to get to justify the prices of buildings. Please give me a call if you'd like to discuss what's available.
0 votes
Marsha Bowen…, Agent, Livingston, NJ
Tue Nov 13, 2012
Most investors prefer a unit mix with at least 2 or 3 bedrooms. How much you can get for rent will depend on where you decide to purchase a multi-family. Rents will vary from town to town.

Good luck to you!
0 votes
Suzanne MacD…, Agent, Morristown, NJ
Tue Nov 13, 2012
It's a great time to buy multi family properties! Depending on your time frame and whether or not you plan to occupy one of the units, there are some fabulous deals right now. The reason is, fewer and fewer people are buying multi-family homes to live in because interest rates and prices are so low they don't really need the income to help with mortgage payments. That means that most multi family buyers are investors and THAT makes the purchase price more of a business driven decision, if it doesn't make money right away, most investors just won't buy it. And if you are willing to look at short sale properties, the returns get even better, though the time frame gets longer. Still, all in all, it's a wonderful time to buy multi-families!
0 votes
Helene Jeane…, Agent, Metuchen, NJ
Tue Nov 13, 2012
Hi Lefotho,
Price, terms, location, condition, all factors. Be sure to evaluate the ROI on the home. Will you be living in one of the units? If so, laws differ. I own two properties, both about 15 minutes from my home. I prefer to manage my own business because no one has as vested an interest in success as I do. I have not found safety to be an issue at all however, you can help yourself by doing your due diligence and screening the applicant and taking full security deposit. Feel free to call if you have questions, I'm happy to help.
Leni
0 votes
Kenneth Verb…, Agent, PRINCETON, NJ
Tue Nov 13, 2012
at the right price its a great time to buy any property. safety is always a concern but is reflected both in the rents you can receive as well as the price you pay. If you are new to being a landlord I suggest staying in areas you know and close to where you live (makes it easier to collect rent or check on the property) If you cant afford where you live now try to stay with in about 20 minutes drive, other wise you begin to hate dealing with the hassles of being a landlord. Email me with further questions if you like. I own 4 homes (2 are 2 family) and have been a landlord since 1984.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more