Buying A Duplex In The LBI NJ Real Estate Market
LBI Real Estate Duplex InvestingLong Beach Island Real Estate
Duplex or multi-family homes offer a unique buying opportunity on Long Beach Island. While there are many different types of homes for sale on Long Beach Island, the multi-family home market is rather small with only a few sales each month. Despite their limited number of sales, duplexes on LBI offer some distinct advantages over single family homes that can make LBI Real Estate Duplex Investing a very lucrative option.
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LBI Real Estate Duplex Investing
Duplexes on Long Beach Island are characterized by offering multiple dwellings on the same property, usually one to four units. This allows buyers to capitalize on the advantages which include:
- The ability to use one unit for personal use while renting the other for income.
- Redeveloping the property into side by side homes which have a great deal of value in the LBI real estate market
- Aggressively renting the duplex to pay down a mortgage much faster than a single family home
Duplexes can offer a buyer the ability to own a beach house without “breaking the bank”. Thanks to their unique design, one unit can be used by the owner while the other rented out for income. While one unit renting on its own will most likely not cover all the expenses, it will cover a good portion of them. This can make the ownership process much easier and less stressful on Long Beach Island.
Duplexes, thanks to their being “grandfathered” in, can be torn down and new side by side townhomes built in their place. This cannot be accomplished on a single family lot. These side by sides have a great deal of value in the LBI real estate market. In some cases, a side by side can be built, one half of it sold, and the proceeds will pay for the majority of the entire project cost!
It may seem surprising to some, but renting a home on LBI can cover all the expenses. This can lead to a situation where a buyer will own the house with little to no out of pocket expenses (apart from the initial down payment of course). This allows a mortgage to be paid down much faster as additional principal can be paid off each month.
Long Beach Island Real Estate Duplexes
Investing in LBI real estate duplexes can offer some very unique opportunities. While there are limitations on lending for some borrowers and there are some differences, they generally follow the same qualification guidelines as single family homes. When compared to some other property types on Long Beach Island, duplexes can offer some of the best returns around! For more information about LBI Real Estate Duplex Investing, send me a message and I will be happy to answer any questions you have about the LBI real estate market.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.BuyLBI.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market