Newbie from Jersey City, New Jersey

[Ali Barcin]

Hi all!

My name is Ali and I'm in corporate housing and short term rental business for 2 years now. I manage 19 furnished apartments in Jersey City with great reviews all over the channels my apartments are advertised on.

I have just start reading Brandon Turner's book "Rental Property Investing" and that's how I learned about the biggerpockets community. I'm hoping to learn from you guys as well as having some possible partnerships. I'd love to meet some property investors, property managers and some other furnished apartment providers here.

I understand that it may be hard to find a good tenant that will keep your properties in a good shape and pay their rents seamlessly. I'm not sure if there is anyone tried to rent their apartments on Airbnb or similar platforms and how it ended up. If you have any questions about offering your places in short term rental market feel free to contact me and I'd be more than happy to share my experiences with you.

I'll see you around...

[John Errico]

Hi @Ali Barcin welcome! I (and I think a lot of investors in the area) have experimented with Airbnb and similar strategies on properties. I think, at least in my experience, the regulatory environment for Airbnb/Airbnb-like renting is all over the map in New Jersey, ranging from acceptance (like in Jersey City, Newark), to banning (like in neighboring Union City), to neither banning nor permitting it (much of the rest of NJ). There's definitely some hesitation for landlords, in my experience, to operate in a (large scale) manner that might hypothetically be impermissible... and even to buy properties assuming they will be great short/shorter term rentals, but might, ultimately, not make sense as a long-term rental (and then have the regulatory environment change making their property way over-valued). I currently operate a number of short-term/medium-term rentals throughout the northern New Jersey area, primarily my own properties, and, to a lesser extent, for others, and also a bunch of long-term/traditional buy-and-hold type rentals.

Do you manage these properties for landlords/investors, or do you own any properties directly? What arrangement do you have with these owners (like, do you charge a traditional management fee/% of gross rent?). I know Jersey City is quite openly permissive about Airbnb, but I'm not so familiar with short-term management companies per se. Are there many?