[hl0m4n]

im looking for a place to buy and rent out on the hudson. large portion of the condo will be paid with a small mortgage to be paid off within a few years with the rent coming in.

after mortgage is all paid off we want the place to be ours. so basically we want to the renter to GTFI, rent, and GTFO . after that we will decide if we want to continuing renting it or use it for ourselves.

with that being said our ultimate goal is to have the place in the condition we left it to the renter for us to use. so for those renting out properties or have experience in real estate, i have a few questions for you.

and yes although my parents have their real estate guy, etc i want to get my own feedback as well and we all know the community here is vast and i learn a lot here believe it or not.

feedback much appreciated, thanks guys .

1. 2 bed room or 1? if i rent out a 2 bed room i can see there could be a greater demand to the 1 but my biggest thing about this is if the guy sub rents it. having another guy in your place can be like a dorm room environment and more people the greater chance for trouble such as damages, etc. if damages are caused by the sub rent, is the primary guy responsible? you could state in contract no sub rent but i doubt they will follow that if the renter thinks he can manage.

2. what are your thoughts on pre construction condos? the building is a WIP and the floor plans are there with a demo room available for show. area is good, view is good, etc but it is a pre construction. i understand there are risks involved from not finishing to changing price, etc but how would you determine if it is really worth the investment? the savings is huge and it is a new condo but there is no guarantee if the value will go up once completed or if it will even be completed.

3. how did you select your tenant? personal, just credit check, online site and how did it work out? is there anyway to further safe guard us on the renter just bailing?

[hl0m4n]

^ thanks. with the private companies handing back ground checks, do they provide any guarantee on their service of finding you the tenant? is it best to meet with the tenant as well once selected?

atm im thinking guttenburg & weehawken as my parents already have a place in edgwater. hoboken would be good if for "younger" crowd but not really looking in that area with the night life, etc and jersey city is a no.