Home prices still seem to be at an all time high in central New Jersey, and they are not getting any cheaper. But there is still a way to find investment property in this part of New Jersey. The first thing you have to do is forget about calling a real estate agent in. Real estate agents in New Jersey are not concerned about helping your find investment property. They only care about how they can make more money. Most of the time if they see investment property they may end up investing in it themselves, and you will lose out. You should begin by searching online for the areas that seem to have the lowest priced homes. These areas usually have a lot of fixer uppers, and you can get a house for next to nothing. If you drive around throughout central New Jersey you will probably also be able to find several abandoned homes.
When dealing with abandoned property in New Jersey, their are several things that you need to do in order to find the owner of the property. First you can go to the county clerk’s office and try to get the information there. Or you can do an online search for the house. There are actually several websites that will give you the owner information. Once you have located a property and found out exactly how much money the owner wants, you can then decide if the amount if fair. You will of course want to hire an inspector to perform an inspection on the property. This will help you to find out exactly what needs to be fixed. Once you determine what repairs need to be done, you can than decide if it is worth the investment.
What many investors are now doing in New Jersey is just demolishing the old house and building a new one. This is really a lot cheaper to do than fixing up an old house. That is as long as you do not make the new house too big. Remember you will have to get permits for all of the work that you are having done. One of the most inexpensive and fastest ways is to buy a modular home and have it put onto the purchased property. You will of course need to hire a contractor to prepare the property and set the foundation for you. If you want a basement then you need to discuss this with the contractor. Let them know that you are having a modular home put on top of the foundation. The last thing that you will have to do is hire a professional to connect all of your utilities. You will want to make sure the person you hire knows exactly what they are doing. It may sound like a lot but if you are looking for investment property in New Jersey this is really the only way to do it. Taxes are so high that the rent you charge the tenant will have to be on the high so. So if you have a brand new home on the property, then someone will definitely be willing to pay the higher price.