I think the price declines are very regional. There are parts of NJ that are stubbornly resiliant to the downturn while other areas are highly affected.
The areas where I think there is the most opportunity is in low end housing. It's not as ritzy as investing in higher quality properties, but the cash flow is tremendous.
I put in only 2 offers yesterday instead of 4. The areas are "tough" but after it's all said and done, I have a cash flowing machine. These 4 or 5 bedroom properties rent for $1300-1500 per month. After RE taxes, insurance and other expenses, I will make my initial investment back within 4 years.
These properties sold for 150k a few years back. My offers are 10k. I plan on spending 25k to fix them up to make them as water proof and indistructible as possible.
One of the properties countered me at 20k.... I'll settle for 15.
The areas where I think there is the most opportunity is in low end housing. It's not as ritzy as investing in higher quality properties, but the cash flow is tremendous.
I put in only 2 offers yesterday instead of 4. The areas are "tough" but after it's all said and done, I have a cash flowing machine. These 4 or 5 bedroom properties rent for $1300-1500 per month. After RE taxes, insurance and other expenses, I will make my initial investment back within 4 years.
These properties sold for 150k a few years back. My offers are 10k. I plan on spending 25k to fix them up to make them as water proof and indistructible as possible.
One of the properties countered me at 20k.... I'll settle for 15.
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