Lkwd house as invesrment

amother

Pewter

Wed, Nov 16 2016, 9:04 pm

I am thinking about buying a house in lkwd as in investment. I would be interested in the new construction houses so I.can rent out top and bottom. what is the cheaper end.of new construction houses these days and what would the top.and bottom rental bring in

amother

Firebrick

Wed, Nov 16 2016, 10:05 pm

amother wrote:

And it's people like you who are killing it for the residents of Lakewood. Kudos!

you so don't get it! When people buy houses and rent to the mexicans well, that does bring in a bad crowd to lakewood. Nothing wrong with buying a new home and renting it out to frum yidden! Don't be so quick to jump.

amother

Emerald

Wed, Nov 16 2016, 10:38 pm

rental market is constantly changing, a year ago there were no bsmts on the market...
If you are renting upstairs and downstairs, the rent should cover mortgage and insurance. Are you buying a finished house now or are you buying something that is in the planning stages? Something that isn't built yet is usually cheaper (can be 100K less than selling price when construction is finished) and by the time it is ready the rental market should be open again..

amother

Purple

Wed, Nov 16 2016, 10:43 pm

It really depends on which area you buy in.. Currently it is very hard to find s house/ lot cheap enough to buy, build and rent as a good investment.
It would be wiser to look at newer areas such as Toms River/Jackson to do this

amother

Rose

Wed, Nov 16 2016, 11:39 pm

amother wrote:

And it's people like you who are killing it for the residents of Lakewood. Kudos!

I think what this poster is saying is that buying a home in Lakewood is now completely unaffordable for the Lakewood residents. A big reason for that is the market has gone up due to people from other cities buying houses and renting them out or by people who can sell the home they live in (in another specific state) which goes for high prices and buy a house in Lakewood for way less than they sold so they are able to even walk away with extra cash in their pockets.

Nowadays the developers are focusing on selling houses to ppl who live out of state because they are able to charge more than what a native would pay. This has driven up the cost of housing tremendously.

It is frustrating for plain old Lakewood residents because now I can't buy a house in Lakewood where I grew up. I have to move to Jackson or Toms River. Because that's the only places with housing that most ppl here can afford.

I am not hating on the people who buy the houses for the inflated prices. It's just frustrating and sad.

amother

Natural

Wed, Nov 16 2016, 11:54 pm

amother wrote:

Thank you for explaining, yes to this ^^^

amother

Seashell

Thu, Nov 17 2016, 12:19 am

amother wrote:

Don't count on the rent to cover the mortgage. This week's Masa UMatan has 17 pages of rentals advertised. There is currently an oversupply of available houses to rent.

This. It is not a good time to buy as an investment now. There are literally hundreds of empty rentals, with plans for several thousand (!) more houses in the making, over this coming year.

Not a wise move now. You might have to wait a while for the market to change...

amother

Apricot

Thu, Nov 17 2016, 2:00 am

And I think it's a good idea to buy a house for investment. Speak to a broker and you can get more details. Don't ask people here. Lakewooders are not happy about it. It doesn't mean it's not a good idea. You could definitely find tenants. There are a large amount of people living here. Because there is a large amount of rentals it could get hard to find tenants. That is definitely tough but if you buy in a good neighborhood then it shouldn't be so hard. Again speak to a broker. are you chasidish? Then find a chasidishe broker.

amother

Lawngreen

Thu, Nov 17 2016, 3:19 am

amother wrote:

So Mexicans="a bad crowd"!?? I don't even understand how racist comments are allowed on this site?

You do realize that there are Jewish Mexicans right? You do realize that there are frum, Jewish Mexicans right? Are those exempt from your "bad crowd" brush tarring?

If you don't like OP's idea of an investment, perhaps you can either not comment on the thread, or comment politely by saying something like "yes, perhaps you can rent it out to a frum family who want to live in Lakewood but can't afford to buy."

There was no need to be racist and offensive.

amother

Seashell

Thu, Nov 17 2016, 4:16 am

amother wrote:

Um, most of the hundreds of empty rentals now are in good neighborhoods.
There are a lot of ppl here? So what? Right now there are a lot more places to live than there are people looking for houses/basements. This has nothing to do with driving up our prices and everything to do with the hundreds who are desperate for tenants and are struggling to pay their mortgages now.

Yes, speak to a broker. But remember, as nice as they are, they can't help but be biased. They can assure u that you'll find tenants without a problem, but there's no guarantee you will. If u don't believe me, check out the list of empty rentals in the Masa Umatan.

Best of luck with your decision.

amother

Wheat

Thu, Nov 17 2016, 5:07 am

Buying a house for rental income makes sense in an area where housing costs are relatively low, but still out of reach for people in the area, or in places where there's a large transient population. Neither of these really applies to Lakewood.

If you want to invest in real estate, look into real estate funds. Other parts of the country are better for this kind of investment.

amother

Blonde

Thu, Nov 17 2016, 9:10 am

Op are you looking for a townhouse or single family home?
Townhouses can go for 4-500 k, single family homes are almost always 650 k and up.
The more desirable the neighborhood (which means the easier it will be to rent), the higher the price.

debsey

Thu, Nov 17 2016, 9:56 am

amother wrote:

I agree. Right now, it is definitely a renter's market, so only buy if you are sure you can afford to leave it vacant for a while until you find a tenant. If you're counting on the rent to cover the mortgage, and you don't have a cushion, you will be in a really bad position.