For decades, many tourists have hailed Belmar as their favorite resort along the Jersey Shore. Though Belmar has a population of about 7,000 year-round residents, that number jumps to over 60,000 during the summer months when beach lovers of all ages flock here by train, plain, and automobile…. (jet ski too). (more…)

Upgraded Kitchen

If an upgrade to your NJ real estate requires too much upkeep, buyers may view it as a nuisance, rather than an asset. A prime example is an in-ground swimming pool, which can cost a small fortune to install, secure, heat, and clean. That may not be an issue in California or Florida, where to year round use and practicality makes it easy to get your money’s worth. But in New Jersey, where the season for outdoor swimming is much shorter, a pool can be a risky investment. (more…)

Commuter's Ranch

Most people have the notion of a NJ dream home as a haven they would live in for the rest of their lives. But reality is, you’re going to be selling your house sooner or later.

In a 2007 report, the NAR said the median length of time a recent seller spent in their previous home was 6 years. So before you dive into a major renovation project to give your house your special signature, consider how long you’re going to stay. (more…)

Shrewsbury

Do you your due diligence when investing in NJ real estate. I’m sure you’ve heard that before, but what exactly is due diligence? A simple definition: The investigation and verification of the details of a particular investment. Start the process before the offer, but in the offer itself you also will want to include clauses which reflect your research and allow you to have inspections done, look at certain documents, and review the books.

Due diligence should always include a look at the books. Review the last 24 month’s income and expense statements. Look for anything unusual, like expenses that are too low or income that seems higher than usual. Look at the rent roll, and investigate whether rents are over or under the market rates for the area you are in. Check out the payroll records if there are employees. Look for suprises like accrued vacation time that you will have to pay as the new owner. The possibilities are endless. (more…)

As we discussed in a previous entry, a HUD home may or may not be the right fit for your NJ real estate investment. HUD gives priority to owner-occupant purchasers. However, it there is no acceptable bid during the priority period, unsold properties are then available to all buyers, including investors. Your NJ Realtor will have the necessary details.

There are a couple of ways to find out what HUD homes are available in your area. You can visit the HUD website online, or a better way is to find a participating NJ real estate agent. He or she will know what is for sale under the HUD guidelines. Moreover, your NJ real estate agent must submit your bid for you. HUD generally does not accept bids directly from buyers. (more…)

Buying a HUD (Department of Housing and Urban Development) home isn’t necessarily a way to get rich quick. These homes are supposed to be sold as market value, after all, which would semingly make the great deals you hear about a myth. However there are some profit opportunites here.

One of the reasons you still find good deals on HUD homes, even though they are supposed to seel at market value, is that they are sold “as is.” These are houses that have been forclosed on and repossessed, so the previous owner may not have had the means nor the motivation to properly can for the home. They often have enough problems to scare away most home buyers.

What does this mean? It menas that due to the condition, the market value may be low compared to properly maintained homes. This can mean an opportunity for an investor who is willing to fix a few things. For example, a “problem house” to the general public can be worth $40,000 less than surrounding homes, while it may take only $10,000 to fix it up and make it look good. (more…)