Becoming a Real Estate Investor in South Jersey, New Jersey

Becoming a Real Estate investor can be a daunting job starting out, but with the right tools and education, almost anyone can do it, and, do it successfully in any market.  There are many great foreclosures, short sales and REO properties in nice towns throughout South Jersey including, Marlton, Mount Laurel, Medford, and Cherry Hill.

Where to Start

The first thing to get in order is the financing you will want to use for your property.  Call at least 2 mortgage providers in order to get a realistic idea of closing costs, rates, and other fees that go into an investment property in South Jersey.  If you already own a property, you may be able to leverage your primary residence by using the equity towards the next property.  These are all great questions to ask your mortgage provider.  Now, is also the time to start choosing the right realtor and driving around neighborhoods to educate yourself on the area for what meets your needs.

What Types of Properties make Good Investments

There are many different properties in South Jersey that would make good investments.  Depending on what your financial situation is and how much work you are looking to put into the property, there are different properties that would work for different investors.  Here are some general tips to make your search easier:

  • If you are looking for an easy starter property, condos and townhomes are great values with little to no outside work.  However, many investors will tell you that they mostly prefer single family homes with at least 3 bedrooms.
  • When you purchase the property make sure it is in a good neighborhood and school district.  Of course, this goes without saying, but it is always important to consider your exit strategy from the beginning, and the best way to do that is to take away any potential objections to a future buyer.
  • Use all of your resources possible.  You should absolutely use a Licensed home inspector, a realtor with a background in foreclosures and short sales and a creative mortgage lender.
  • Make sure the property you are buying can have flexibility.  What I mean by this, is that should you decide to rent, sell, remodel or live in yourself, you could, if needed.  Having an investment property in South Jersey that has diversity is always a good investment, as you never know how markets or personal situations will change.

When is a good time to buy

As realtors, it is hard to say when the perfect time to buy is, because you will ALWAYS be told, “Now.”  Consider the factors that make it a good versus bad time to buy.  Are there a lot of properties in inventory? What are the current interest rates?  What big projects or businesses doing in the town?  Are there an influx of renters in the area? Will you be able to find good contractors at the time? Can work be done easily in the type of weather present?  How many other buyers are out looking at the same property? Are there multiple offers on a property? There are just some of the basic questions to consider before purchasing an investment property in South Jersey.

 

Benefits of being an investor

There are a ton of benefits of being an investor. For starters, you are in control of your own income.  This is a great way to slowly build wealth, and when you are ready for retirement or to pay for something like college for a child, you have income generating assets to help.  Secondly, it could be a good job.  Many people like to have the flexibility of choosing an own schedule, they like working with tenants and networking in their communities.  Lastly, being an investor lets you know what is going on in the area first.  You get to know a ton about real estate, and after a few years, you can really be building a great portfolio of properties to rent, sell and remodel.

For more information on foreclosures and REO properties in South Jersey and Mount Laurel, Medford, Marlton, and Cherry Hill, visit my Website

About Jessica JessicaHoltzman

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