Hi, I'm Tim from the Atlantic City Area

Hi, I'm Tim from the Atlantic City Area

Real Estate Agent · Ventnor City, NJ · Member since 2017 · 54 posts · 37 votes

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!

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Specialist · Atlantic City NJ · Member since 2018 · 114 posts · 50 votes
8y

@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. 

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  • Rental Property Investor · South Jersey, NJ · Member since 2016 · 124 posts · 58 votes
    9y
    Timothy Maldonado awesome to here your jumping into REI! I'm also from the south jersey area and have 11 rental units under our portfolio. AC is hot right now and will probably stay hot for the next year. If you ever want to grab a cup of coffee and talk about anything let me know and we can set something up.
  • Real Estate Agent · Ventnor City, NJ · Member since 2017 · 54 posts · 37 votes
    9y

    @Keven Vanegas Thanks Keven! I'll definitely take you up on that. I appreciate the warm welcome. 

  • Investor · Newtown Square, PA · Member since 2015 · 132 posts · 149 votes
    9y
    Hey Tim and Kevin, Atlantic City is def an interesting area. I'm a buy and hold investor just outside of Philadelphia with a sizeable portfolio and I have a shore home in Margate. Let me know if you would want to grab coffee or lunch. I'm there every weekend. Alan
  • Specialist · Atlantic City, NJ · Member since 2013 · 431 posts · 170 votes
    9y

    Hi @Timothy Maldonado have you looked at getting pre approval for a mortgage?  I would house hack into the largest unit possible in the Stockton / Lower Chelsea area as you should be able to get into something with minimum money down. 

    @Keven Vanegas is right that things have picked up. A couple years ago things had been so bad that nothing was moving.  This was well before Stockton, Hard Rock and other positive news. 

    @Alan G. and the rest of you guys, what do you think about a weekend meetup?  I had been doing it monthly and during the week but was thinking quarterly might work better...

  • Real Estate Agent · Ventnor City, NJ · Member since 2017 · 54 posts · 37 votes
    9y

    @Kurt Kwart @Keven Vanegas @Alan G. Thanks for all your input guys - I appreciate it. I wouldn't mind getting together on a weekend, I tend to be more available. This weekend I'm available Saturday in the morning until about 5pm, and Sunday from noon and on. 

    @Kurt Kwart Yes, I believe I'll be pre-approved today. Just got a hold of my mortgage lender this morning.

  • Joseph ODonovanPro Member
    Property Manager · Ridley, PA · Member since 2017 · 427 posts · 449 votes
    9y

    @Timothy Maldonado Welcome Tim! Question, what's your take on real estate in Brigantine NJ? If AC is on the up, will Brigantine get that bump? My wife and I are in the market for a shore home as an investment and the prices in Brigantine are right in our ballpark. Any input is appreciated.

  • Real Estate Agent · Ventnor City, NJ · Member since 2017 · 54 posts · 37 votes
    9y

    @Joseph ODonovan I'm rarely around brigantine but my overall perception of Brig is that there's a lot of renters but also homeowners there. A lot of people who were living there year around were casino workers, teachers, nurses, etc. Being that Hard Rock Casino will be about a 15 minute drive and if you're living closer south of brigantine near the bridge, then I can see Casino Workers coming back to brigantine. Also it's gotten a lot easier to travel from brigantine and into the middle of AC with the Tunnel, so shopping at the Walk Tanger Outlets is always a plus. Also a lot of Borgata, Harrah's and Golden Nugget casino employees live there because it's a very nice shore town and it's minutes away from there Job. I do know they have a nice school based on my experience designing their renovations and solar. Then obviously you do have the summer time which makes a killing. You have 4x4 owners on the beach, There's the atlantic city marina district, Casino's, the beaches, and wildlife preservation and Golf course up north of brig. So in my opinion, I would probably find a duplex that can provide you a year-round tenant and summer rental - I believe that's ideal. So it's something to consider when you're looking for property in brigantine.

  • Real Estate Investor · Philadelphia, PA · Member since 2015 · 21 posts · 9 votes
    9y

    @Kurt Kwart as I stated before, I am definitely down with a meetup.  I love AC and have for a long time, the biggest things holding me back are the taxes, flood insurance, and bureaucratic issues.  That said, these issues exist in all of jersey, with shore towns being no exception with varying degrees of severity.  

    Let me know how I can help with the events or anything else.  

    @Timothy Maldonado, welcome!

  • Real Estate Agent · Englewood, NJ · Member since 2017 · 93 posts · 31 votes
    9y

    Hello South Jersey Investors:

    I just bought a duplex in Ventnor City, NJ a few months ago.  Presently, I am working on another closing in South Jersey.  I should close the end of August 2017.  If you guys are setting up a meet up, I could try to make myself available to share ideas and network.  I visit AC often.  I will not be there this weekend, but I plan to be there next weekend. Thanks for the consideration.   

  • Specialist · Atlantic City, NJ · Member since 2013 · 431 posts · 170 votes
    9y
    Originally posted by @Joseph ODonovan:

    @Timothy Maldonado Welcome Tim! Question, what's your take on real estate in Brigantine NJ? If AC is on the up, will Brigantine get that bump? My wife and I are in the market for a shore home as an investment and the prices in Brigantine are right in our ballpark. Any input is appreciated.

     Joe, the last run up really took off here as Borgata was close to its grand opening. We haven't seen that yet but I only follow A.C. and Ventnor closely and things have stabilized 

  • Specialist · Atlantic City, NJ · Member since 2013 · 431 posts · 170 votes
    9y
    Originally posted by @Joseph Duff:

    @Kurt Kwart as I stated before, I am definitely down with a meetup.  I love AC and have for a long time, the biggest things holding me back are the taxes, flood insurance, and bureaucratic issues.  That said, these issues exist in all of jersey, with shore towns being no exception with varying degrees of severity.  

    Let me know how I can help with the events or anything else.  

    @Timothy Maldonado, welcome!

     Thanks Joe, we are looking at doing a weekend event soon

  • Rental Property Investor · South Jersey, Cherry Hill and nearby areas · Member since 2015 · 932 posts · 67 votes
    9y

    Hi Timothy and welcome to Bigger Pockets!

  • Joseph ODonovanPro Member
    Property Manager · Ridley, PA · Member since 2017 · 427 posts · 449 votes
    8y

    @Timothy Maldonado @Kurt Kwart @Keven Vanegas @Alan G. @Joseph Duff @Orkeem Davis Hey Guys, I know this is an old thread but I'm considering investing in Atlantic City and just trying to get some feedback here. Does anyone here have a property that they use strictly as a STR via AIRBNB or VRBO? If so, does is cash flow? What areas in AC would you suggest to invest? Are you having any meet ups soon? I would be very interested in meeting up for a cup of coffee, etc. Any feedback is certainly appreciated.

  • Real Estate Agent · Ventnor City, NJ · Member since 2017 · 54 posts · 37 votes
    8y
    Originally posted by @Joseph ODonovan:

    @Timothy Maldonado @Kurt Kwart @Keven Vanegas @Alan G. @Joseph Duff @Orkeem Davis Hey Guys, I know this is an old thread but I'm considering investing in Atlantic City and just trying to get some feedback here. Does anyone here have a property that they use strictly as a STR via AIRBNB or VRBO? If so, does is cash flow? What areas in AC would you suggest to invest? Are you having any meet ups soon? I would be very interested in meeting up for a cup of coffee, etc. Any feedback is certainly appreciated.

    Thanks for bringing this up. I'm trying to see if there's a meetup anytime soon, but if not I'll see if I can set something up. I've been attending some new venues that would be cool to have a meetup at.

    As far as Airbnb/Short Term Rentals in the Atlantic City area, I've been getting a consensus that the Chelsea/Downbeach area of Atlantic City is a good spot but a lot of airbnbs are in Ventnor/brigantine. I like to Uber Drive during the busier times in AC, and during the convention seasons there's a lot of people using Airbnb which are coming from Ventnor city/downbeach/chelsea or brigantine. I do remember speaking with someone at an event last year who said he was successful in Airbnb in Atlantic City. So we should definitely set a meetup soon.

  • Specialist · Atlantic City NJ · Member since 2018 · 114 posts · 50 votes
    8y

    @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. 

  • Real Estate Agent · Englewood, NJ · Member since 2017 · 93 posts · 31 votes
    8y

    Hi All,

    I will be in Atlantic City the next few weekends.  Saturdays are a good day for me to meet, greet, and discuss real estate.  Borgata Casino's downstairs food court seems like a welcoming place to grab a good meal and talk.  Anyone open to meet this Saturday around 2pm or so.   Open topic discussion, networking, and discussing South Jersey real estate opportunities. 

  • Real Estate Agent · Ventnor City, NJ · Member since 2017 · 54 posts · 37 votes
    8y
    Originally posted by @Orkeem Davis:

    Hi All,

    I will be in Atlantic City the next few weekends.  Saturdays are a good day for me to meet, greet, and discuss real estate.  Borgata Casino's downstairs food court seems like a welcoming place to grab a good meal and talk.  Anyone open to meet this Saturday around 2pm or so.   Open topic discussion, networking, and discussing South Jersey real estate opportunities. 

     Hey Orkeem, I can make it this Saturday. Looking forward to it.

  • Real Estate Agent · Englewood, NJ · Member since 2017 · 93 posts · 31 votes
    8y

    Great!  I will be waiting in the Borgata Casino food court at 2pm on this Saturday.  I look forward to meeting you this Saturday.

  • Real Estate Agent · Englewood, NJ · Member since 2017 · 93 posts · 31 votes
    4y

    Hi Tim,

    I hope all is well.  What is the current status of this real estate meet-up group? Did you guys ever meet up?

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