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Asked by Jason, Hillside, NJ Fri Jan 30, 2009

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2
Gregory Bain, , Ocean County, NJ
Sat Jan 31, 2009
Is it just an investment or are you going to live there? What has drawn you to this property? If you are going to rent it, have you ever been a landlord before and are you prepared to do the management and repairs on your own? There are great deals out there in every community, but don't just buy for the sake of buying an "investment".
Web Reference:  http://GregoryBain.com
1 vote
Marc Paolella, Agent, Succasunna, NJ
Sat Jan 31, 2009
Only if it generates lots of positive cash flow to offset likely future price erosion. The amount of multi-family homes on the market right now is gargantuan. Prices on urban 2-3 families have collpased almost 50% from 2006. And they will continue dropping, with almost 3 years of inventory on the market in many areas. If you can get something in decent shape in a quiet neighborhood that has legal cash flow, you could do well as an investor in this terrible multi-family market. But beware: many multi-family properties have illegal apartments that seem to generate a ton of cash. Until there's a fire, somebody dies, and you get sued for everything you have because you knowingly rented an illegal unit. Don't go there...

-Marc

Marc Paolella
Relocation Director
Member, Worldwide ERC
Licensed Realtor NJ
Licensed Appraiser NJ & NY
Century 21 Joe Tekula Realtors
Agent of the Year 2008
Owner: Sands Appraisal Service, Inc.
Phone (direct): (973) 584-4235
web: http://www.marcpaolella.com
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