Atlantic City NJ _Short Term Rentals

[Alex Imbrogno]

Hello, I'm currently looking to get my feet wet and start the process of investing in my first investment property. I'm interested in finding something in Atlantic City and turning it into an Airbnb. I'm open to the type of home (single-family, condo). I'm looking for a couple of different things with this post.

1) I'd be grateful to connect with anyone who went through a similar process. 

2) I'd appreciate any insight on anyone else's experience they've had taking the short-term rental approach. 

Thank you in advance! 

Alex

[Ryan Goldfarb]

Hey @Alex Imbrogno:

We own and operate a few STRs in Atlantic City (and elsewhere in NJ), but we're particularly bullish on doing so in AC.

We are buying and renovating most of ours to be best suited for STRs. Some are single-families; others are small multifamily buildings.

One thing I would caution you about is condos/HOAs. In the city's most recent attempt to further regulate STRs, they added a requirement regarding operating STRs in HOAs. I don't recall the exact language, but my understanding is that you now need explicit permission from the HOA in order to operate an STR within the HOA. That's a tall ask in most HOAs. Even if they're permitted now, there's no guarantee they will continue to be.

Happy to answer any questions if anything specific comes to mind.

Good luck!