Re: Jersey City mayor-elect orders end to citywide reval
Posted by brewster on 2017/3/2 12:14:39
I am actually thinking of just selling my investment properties off this year. I was originally planning on holding on to them for another 15+ years.. but hell, maybe I should sell since the bubble is back (sale prices greatly exceeding rent equivalent value)?
I stopped buying properties in 2003. Right now I can't fully renovate, rent, and have a positive cash flow income. Well.. maybe I can make money if I buy it with an FHA loan (pretend to live in it) with a sub 4% interest rate.. assuming prices keep going up so I can flip it.
Technically you're right to sell, but buying houses is a PITA, and presumably you've gotten these in shape so they're not a hassle to operate. I'm sticking to simple minded buy and hold. The other plan is sit tight and wait for buying on the drop, assuming you have the cash or equity accessible for the downpayment. You should have done that in 2011-12 when prices hit bottom.
I believe the proper assessment for this is "more money than brains"... That house has 80s bad decor written all over it: wallpaper, the kitchen cabinets, the bathroom and the carpeted stairs. It will take a good amount of money to upgrade all of those things.
What makes you think they won't tear it down and put up 2 Bayonne Boxes? That's where the money is apparently. They recently did this to a similar property 415-17 Ogden, that sold, according to the tax card, for $975k.
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