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Condo in Hoboken or Mult Family Dwelling in the Burbs

I'm considering investing in a 2br/2ba condo in Hoboken vs. a multi-family dwelling in Union County NJ.  First off, how quickly on average do units rent out in Hoboken from day you put on market to a lease being signed?

Also, with housing prices rising 20% recently in Boken, maybe now isn't the best time to buy?  Maybe a different town in Hudson County should be evaluated, or even commercial property somewhere?

If you had $125k of your own money to invest, what would you do?

Cheers.
  • July 11 2013 - Hoboken
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Answers (2)

Great question however what I would do may be totally different from what YOU might want to do.

Couple of things to consider.

1. Is this purely an investment or is there a possibility that you may want to live in the property now or at some point in the future?

2. Are you looking for income, capital appreciation, both?  What would be an acceptable return on the investment to you?  Small shortfall from covering expenses?  Income to cover most or all of your expenses?  If you're looking for positive income, what would be an acceptable before and after tax rate of return?  How long would you plan on holding the property and what would be an acceptable estimated after tax rate yield/return?

3. Are you going to manage the property or are you going to hire a property management company.  If managing yourself, you may want to consider property closer to you.

These are among some of the questions I help my clients answer.

In general, Hoboken rentals tend to lease rather quickly if priced at market rates but time on market can vary depending on size, price, location etc...

Good luck and happy investing!
  • November 22 2013
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Hi, 

In regards to your question, how quickly on average do units rent out in Hoboken from day you put on market? that can range from a few days to just over a month or so. Typically by working with an Agent to gain the greatest exposure online & throughout the area rentals are completed with in a few weeks. 

That being said, so many of my clients are moving from renting to owning in Hoboken. When they are ready to move they can quickly rent out their property, a great investment. 
  • August 23 2013
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