Investing in Real Estate in Northern & Central New Jersey
Are you thinking about Investing in Real Estate in New Jersey but don’t know where to start?
Beginning your search for an investment property can be an overwhelming and daunting task. Because of that, our team makes sure that you understand each of the 10 steps that we take to make the process as easy and painless as possible. We’ve been helping clients Buy and Sell Investment properties for over 25 years, and we personally own many Investment Properties. Not only can we help you identify Great Income-Generating and Stable properties, but we can also help you find Desirable Rental Communities/Areas to invest in as well.
Reasons to invest in real estate:
- Rents keep rising with inflation
- Real estate values continue to rise during an unstable economy.
- An Investment Property can have a higher yield than bonds and other stable investments.
- Depreciation of property and deductible expenses may lower your taxes.
- Rental property revenue has historically increased at a steady rate.
- Rental income can be used to offset expenses.
With Interest Rates at Historical Lows, Rising Rents, and Great Rental Demand in the Northern and Central New Jersey area, there is no better time than now to get started with your Investment Goals. An Investment Property can also be a great way for you to save for a College Fund or Retirement!
Simple 10 Step Investing Process:
Initial Call and create a wishlist
Let’s get to know each other! Once you’re ready to work with our team, we’ll meet together for a Investor Consultation to focus your search and determine what you want and need in an investment property. We will go over what makes a good investment property. We will talk about Cash Flows, Potential Appreciation, how our team can help you Evaluate Rental Applications and how our team can handle everything from Marketing your Rental Property to Finding Tenants to Helping you with Leases and Renewals.
We’ll introduce you to our mortgage partner, who can help you determine your buying price range with confidence. Be prepared to dig into paperwork during this part of the process such as pay stubs, W2’s, and tax returns. The lender will do a full review and then tell you what you will be able to borrow in order to purchase an investment property. This is a vital first step in the home buying process!
Listing alerts sent to you based on your criteria
Our agents get to know you — At this stage in the process, we’ll send you notifications about the listings that you’re most likely to be excited about. Be sure to let us know if one (or more) jumps out at you so that we can tell you what that home might rent for based on recent rental comparables. Once we identify that a particular property offers good cash flow and could be easily to rented out, we will schedule a viewing.
Schedule viewings and attend open houses
Here’s where the buying process gets really fun! We’ll go to local open houses together and schedule viewings of the investment properties that you’ve loved from our listing alerts. We’ll talk about what is needed to get the home ready to rent. We will suggest minor home improvements that might get you a higher rent, etc.
Find the perfect investment property and write an offer
When you’re ready to make an offer, your agent will present a written offer to the seller. And while everyone loves getting their offer accepted right away, the seller could come back to us with a counter offer, or reject your initial offer all together. We’re happy to walk you through each of these possibilities and exactly how to handle them. Once the offer is accepted, it’s time to get your financing in order and move forward to the next step!
Acceptance, inspection and appraisal
The sellers accepted your offer, and the home is going through inspection and appraisal. The inspection makes sure that everything in the home is functioning properly and there are no major issues inside or outside and the appraisal guarantees that the price of the property matches the condition of the property. These are the last steps before the shiny keys to your investment property are placed in your hand… for good!
Time to close and get the keys
Get excited because it’s time to close on your home! This process includes going through the final walkthrough, all of the final paperwork and signing your name (a lot!). Don’t forget to bring all of the paperwork you’ve collected along the way and the rest of your down payment.
List it for Rent!
We will immediately List the Property for Rent in the MLS and all major websites. We will do this with Professional Photography of course. Our team has this whole thing down to a system. We have the proper Rental Application, all the latest and updated Residential Leases as required by NJ Law.
Evaluate Rental Applications, Write up the Lease
We will help you evaluate Rental Applications, Credit Reports and Employment Verification. We will make sure the Lease that is presented to you is the as strong as possible and in compliance with the latest laws.
Celebrate! Time for the next one 🙂
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