Investment property down the shore?

[shucker]

Good idea but RISKY,have a friend that just picked a waterfront for 140,000 thats gutted and partially redone and now has to have it put on pilings its turning into a headache.Flood insurance has went up as has water levels over the years,parents live in barny and docks are now under water on a moon tide.Take your chances and good luck.

[Oasis]

Originally Posted by shucker

Good idea but RISKY,have a friend that just picked a waterfront for 140,000 thats gutted and partially redone and now has to have it put on pilings its turning into a headache.Flood insurance has went up as has water levels over the years,parents live in barny and docks are now under water on a moon tide.Take your chances and good luck.

Congratulations to your friend .....Wow 140,000... I'll take that deal any day. I bet you this house in a few year will be in the 300th. The same thing happened in Bound Brook when it was flooded and now it's back to normal.... Risky, but in the end it's worth it.

[howarda780]

http://manasquan.patch.com/articles/...-your-property

Here is a link that you should save if intereested in investing along the shore. It contains the steps you'll need to evaluate the house and pending flood insurance costs.

[Oasis]

I think I found it
3br in Bradley Beach...
will keep you updated..

[NJ Dave]

Nice. Storm damaged or move in ready?
Best of luck!

[Oasis]

Thanks Dave
Neither, it needs a lot of work but liveable...

[reefsquater]

One in mystic listed for 100k gutted up 4 feet. Get it then grab the funds from the govt to raise it.

[shucker]

From my research you will not be able obtain a mortgage on these homes cash is king, Flood insurance is up to you again you will have no mortgage =take a chance.Most lagoon homes are going and selling between 100-160 gutted to studs.I'm real close myself in pulling the trigger have been down the shore for 3 weeks straight working with realtors.Builders have been buying these properties for less and plan on putting 1 mil homes on these lots.Try to stay away from slab properties and look for crawl space it cheaper to raise if you want.

[shucker]

Originally Posted by reefsquater

One in mystic listed for 100k gutted up 4 feet. Get it then grab the funds from the govt to raise it.

If you did not own the house before sandy you will not get funds to raise it,as per my realtors.