Hi, I'm Tim from the Atlantic City Area

[Timothy Maldonado]

Hello every one!

My name is Tim Maldonado and I came across biggerpockets through their podcast on Google Play. Their podcasts discussions have really validated a lot of my research, analysis techniques and course of planning to start going into real estate and rental properties. Currently I'm employed through a Large Union Electrical Contractor and my field of work has been designing construction plans and has moved on to estimating large construction projects that are out to Bid. These projects consists of $1 Million+ projects. Although we've been successful my position and rewards have not met my expectations, so I decided to apply all my Years of experience in designing Architectural, Civil, Electrical, Plumbing, Structural and Solar and also my years of Construction Estimating to Real estate and rental property investments. My other skill sets is Site surveying and data processing, which had enabled me to be quite accurate on existing buildings and provide the information as quick as possible.

Personally I am a 30 year old single male with no kids who likes to be active and social when it's possible. It's allowed me to connect with rental property owners, Investors and business owners that I respect in this area. I live in Ventnor City which is a shore town literally next to Atlantic City. I've lived there most of my life and It's a great shore town that has the best of both world, in my opinion. Lately there's been a lot of news about our area - there's the recent announcement that A.C.'s property owners will have a 11% decrease in taxes which is significant now, Stockton University is constructing buildings on the beach block (The E.C. that I work for is working on the Parking Garage of that project), Tropicana Casino is expanding, and Hard Rock Casino has acquired Taj Mahal for a full renovation and transformation to a Hard Rock Casino. So I'm heavily interested and believe this Area is turning around. If it does not turn around as I would've expected I can definitely search for investment opportunities elsewhere.

My goals are to acquire Rental Properties, meanwhile invest into stocks (check - I have a financial group that I'm involved and is working well), and any miscellaneous income to provide me the cash to 1. provide me passive income and 2. Start a business or own/co-own a business. Currently I make 50k+ a year (bonuses from closing contracts in time, which is also my responsibility, dictates how much more I will get on top of my base salary). Right now, I have decrease my debt to be under 20% and still continuing to deplete it to 0%. So I feel very confident that I can generate enough passive income to leave the career I'm in and pursue the dreams and work that truly validates me and the experience i bring to the table.

I'm looking forward to hearing from you guys and learning so much. Confidence comes from learning, not success. 

Thank you for your time!

[Paul Stewart]

@Joseph ODonovan Hi Joe

 I'm in the process of buying in AC. I have stayed in a few airbnb's in the area to just speak to the owners about their business. I have been actually surprised how positive the feedback is. As long as your numbers work well. On season I think you definitely can positive cash flow but off season seems a bit harder. Also area is key and how nice your property is. Some properties have tax issues as far as owners refusing to grieve and flood insurance can really hurt cash flow possibility in my opinion. I have looked at almost 30 properties and after running numbers with insurance quotes  on the properties I was interested in, only a hand full come back with numbers that make sense for Airbnb and or renting. Multi families might be a better option but any multi families I looked at need a good amount of cash to rehab.