Home Buying in Edison>Question Details

Worriedbuyer, Home Buyer in 07302

Investing in new jersey real estate

Asked by Worriedbuyer, 07302 Fri Jan 25, 2013

This is a broad question - I am residing near NYC currently due to my work. But I am looking to invest in a single family home / multi family home / condo in any area in new jersey to get an additional source of income through rentals. I will be relocating to my home country in a couple of years for family reasons and would like to retain the home for the next 5-6 years (I am not sure whether I can qualify for the exception of primary residence while paying my tax upon selling the home). My preference is to have a relatively hassle free, easily rentable property and an option to maintain it even when I am out of the country. Any suggestions on where to look for and what kind of property? How about Edison / Morristown areas?

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Vishal Maher Cell 732-277-9321’s answer

Your questions are legid. Every Investor has these questions especially investing out of state and country.
Rental market is definately picking up. There are several properties that matches your criteria in Edison, Morristown etc,. Most importantly, there are other things which you have to know before the area you pick for Investment such as DOWNPAYMENT (Normally an Investment propertiy requires a minimum of 25% downpayment), Credit Score etc,. I strongly recommend to get a pre-qualification or Pre-Approval first.
Normally, Rule of Thumb in Investment property is that an investor should break even by investing a minimum of 25%.
As an Investor and Real Estate Agent, I can certainly help you overcome these decisions. We deal with investors within State of NJ and outside NJ.
Should you have any questions, Please feel free to contact me at my Cell# 732-277-9321.
0 votes Thank Flag Link Mon Jan 28, 2013
Hello Worriedbuyer,

Your concerns are valid and your instincts are spot on. Currently, the rental market is very hot. It is always easy to rent in areas that are close to public transportation, but this is more true for properties that are near train lines that go DIRECT into Manhattan. Rental properties that have this feature are easily rented regardless of what the economy is doing.

My office does a lot of these transactions (investment properties for out-of-area owners), so we have many resources available to help you manage your investment property.

Give me a call, or send me an email, so we can further discuss your concerns about becoming an investor and the opportunities that exist in the current market.

Thanks and good luck.

Brian Diehl
mobile: 973-521-1061 (text or voice)
email: Brian.Diehl@PrudentialNewJersey.com
0 votes Thank Flag Link Fri Jan 25, 2013
Dear Worriedbuyer:

It all depends on what you are looking for. If you want easily rentable, I would sugget being next to a college area like Rutgers in New Brunswick. Other towns in the area that are popular for multi-family residences include Edison, South Amboy, Woodbridge, and Perth Amboy. Now minus Edison, the other three are not in the highest desirable areas when it comes to fine living but in areas with a high concentration of multi-family dwellings, this tends to be the case. Other options that are in nicer sections of Central NJ but not in horrible areas would include, North Brunswick, Old Bridge, Piscataway, Sayreville, Franklin, and a few others. If you want I can send you a list of what is currently available and you can see exactly what works from you, I would just need to know your criteria as far as budget, location, and timeframe. You can find all my contact information in my profile if you need it. Hopefully I can assist you. I look forward to speaking to you soon!
0 votes Thank Flag Link Fri Jan 25, 2013
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