All Forum Posts by: Andrew O.

Try heavy duty carpet with an underlayment on the stairs. This worked well to reduce echo and sound of footsteps.

We also put new flooring down for the landings with a noise suppressor layer under it. But first we got flooring screws to stop all the squeeking flooring. Lastly we cut holes in our drywall and shoved sound proofed insulation into the wall in our unit then sealed/spackled it all back up. This last thing did the most to quiet everything.

Night and day difference.

Thanks Vaughn, some updates;
- We closed on a 3 family in JC and will be renting out two units STR

Is anyone taking advantage of the language of the new ordinance to make deals work for them?

My wife and I are evaluating a deal in Jersey City for house-hack and even with conservative vacancy and covid based pricing numbers are coming in with CoC returns of ~12% if we self-manage.

Given the language of the new ordinance, if we bought a triplex and short-term rented two of the units I think we're in the clear so long as we're on-site to manage the rentals. We've found several triplexes with 2br/1br/1br and would occupy the 2br, with the potential to rent out the extra bedroom until we have a kid (this income is currently excluded from our model).

Text from Airbnb's site:

"Chapter 255 of the Jersey City Code of Ordinance imposes restrictions on short-term rentals in Jersey City. This includes prohibiting short-term rentals operated by tenants and prohibiting short-term rentals in rent-controlled units. Owners who can share their primary residence—including up to two additional units in the building that they own and in which they live—but cannot share their home for more than 60 nights when they are not on site and must apply for a permit with the Division of Housing Preservation. The Division of Housing Preservation has published a FAQ with more information on these restrictions."

link: https://www.airbnb.com/help/ar...

Did you get an answer on this? Looking for something similar myself.

What does your projected 'move out' CoC return look like?

I'm looking at similar deals right now but finding most move out CoC returns to be break even or worse. The house hack will help short term, but I dont want to be stuck in a money pit once I move on (3 to 5 years out).