Renting out your own home in tenafly

Asked by Ark, 07093 Sun Aug 25, 2013

We first time home owners looking to buy in Tenafly and we realize we might have to rent it out sometime in the future. We are looking at a 2-3 bed 1.5 -2 bath property single family house in the range of 400000-500000. Here are my questions?

Does an owner break- even with 20% down?
Should we look at some factors that would enhance rentablilty proximity to NYC transport or Schools?
East side vs west side( we will likely end up here)?
How does the rent get determined for single families? I see 3 bed 2 Bath combinations from 2450 -3300?
Lastly how long does a single family stay on the market an average before it rents?


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Andrew Tisel…, Agent, clifton, NJ
Mon Aug 26, 2013
Typically for a higher end single family home the rent will not cover the mortgage and taxes. The vacancy rate will be higher as well.

You are bettor off in in townhome or condo.

I work with a lot of investors who rent out properties and can help you in either of these areas.

Best wishes
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Chris Gubb, Agent, Ridgewood, NJ
Sun Aug 25, 2013
Hi Ark,
If you send me your email I'd be happy to send you some past rental stats on 2-3 bedroom single family homes in Tenafly. With this info you will be able to see how long the listings were on market and the agreed lease price. Rental numbers are determined by supply and demand. So I will not only send past activity but your current competition. How much the comps are on market for and actually how many the tenant has to select from. How does your unit compare to others in condition and location. This will give you a good indication of the lease number.
Chris Gubb
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