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Investment Properties in Ocean County : Real Estate Advice

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  • Local Info5
  • Home Buying15
  • Home Selling1
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Activity 11
Tue Jun 21, 2016
Neil Pincus answered:
Sun Dec 20, 2015
behremountain asked:
I am going to be buying a home and foresee using it as a rental property at some point. I am wondering the trend in rental rates for the last couple years and going forward.
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Fri Oct 2, 2015
thinz answered:
Personally, I find investment properties in out of state locations that are stable or growing, where you can purchase and rent and have a positive income flow after expenses is the way to go. You need to focus on a good property management company, realtor agency, and title company so you have all the pieces for a good investment property team. It takes a little work, but it is in my opinion a better option than trying to compete with overpriced foreclosures here in NJ...you can find some good ones, but the competition is very high, and the cash flow situation could be riskier depending on your financing...It is more difficult to have a positive income after expenses in NJ on a foreclosure.
Tom Hinz www.shortsaletosell.com
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Wed May 13, 2015
Ibrahim Hughes answered:
Hi. I'm not sure if I understand your question. Are you saying that there are 2 dwellings located on the one lot that you own? Generally speaking, changing the legal usage of a property usually falls under the jurisdiction of the zoning department. Tax and tax bill issues would typically be handled by the tax assessor. You may want to start there for answers. ... more
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Fri Oct 4, 2013
My NC Homes Team answered:
This is specific to the precise location of the lot as well as local zoning ordinances. There is no minimum size per se. You should contact your local zoning department where the lot is located to get this information. ... more
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Fri May 31, 2013
Paul Combitsis answered:
I think the guidelines have changed a bit regarding your situation. I was having a discussion with a senior mortgage underwriter a couple of months ago about this exact scenario, and from what I understand, you now have to have equity in the property you want to convert into a rental. If you're going for a conventional mortgage, you need to have 30% equity in the existing home, and for an FHA loan you need 25% equity. (In other words, if you're in a short-sale situation or you're somehow underwater with your existing house, you may not be able to do what you're looking to do.) The reason for this requirement is because the lenders are afraid that you'll just use the rental of the property to qualify for the new mortgage, and then walk away from the property. So, they slapped the equity requirement to not give you a reason to walk away.

If you DO meet the equity requirement, then you can only use 75% of the monthly rental on a conventional loan to help qualify for the new mortgage (85% if you're going for an FHA loan).

Please don't take what I've said above as the gospel. I am not a mortgage loan officer and the above is only based on a conversation I had with an underwriter. Although a very reliable source, the information is over two months old, so it's possible some guidelines have changed. You MUST speak with a qualified mortgage professional, who will then assess your situation and go over your options. You may feel free to contact me if you'd like some guidance.
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Thu Apr 26, 2012
Chris Ortiz asked:
Is that you? Looking for an agent that wants to be part of my team. The agent will need to be able to run sold comps, provide list of recent cash sales and submit frequent low offers, among…
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