All Forum Posts by: Maureen Campbell

@Michael McDermott thanks, I will definitely be reaching out. I think the biggest thing that I am trying to figure out right now is realistically how much rental income on different sizes and qualties of properties make in the summer. I have rented down there before and have a general idea, but it seems to vary widely and I am concerned that with sale prices so low, all the folks with houses they can't unload will flood the market with cheap summer rentals for the next few years. 

@Nick Intrieri

Nick, thanks for the insight. I agree that flood insurance definitely makes it much harder to make the numbers work. However, I have seen some private insurers moving in to that market, so it may not be as out of balance forever. The variability of taxes is also a pretty large concern since many of the places relied on the casinos for tax revenue and are scrambling now. In a lot of cases the combination of land plus house is cheaper than just land alone, so I feel like there still has to be potential for interesting deals....even if you wind up building something new on the property in the future. But I am still very new to all of this.  

I have also been looking in Atlantic City, Brigantine, and Ventnor. I am currently looking a mostly multifamily properties that aren't too far from the beach, but not right near the major casinos. That way I figure I can have multiple streams of cash flow. I will try to find a year long renter for consistency, but if I can't I can always try to rent the properties out as vacation rentals in the summer. Admittedly, this is a riskier proposition when looking at straight investment cash flow, but I think these areas still have a lot of potential for appreciation, since the prices are quite low right now and there is only a limited supply of beach property. Once I have paid the property off, I might reserve one unit for my personal use, since I have always wanted a home at the shore. I'd definitely be intested in hearing what your experience has been if you did go ahead and invest. 

Hi everyone, 

My name is Maureen and I am completely new to real estate and to BP. I currently live in Washington DC, but I was originally born in Philadelphia. Due to my Philly roots, I have been going to the Jersey Shore (Sea Isle) for most of my life and am interested in buying an investment property in that area. Ideally, I would like to get a duplex or triplex so that I would have the option to use one unit while renting out the other unit(s) to defray the costs. I have strong ties to Sea Isle, but I am also interested in other towns further north that are a little more affordable, such as Ventnor, Margate or Brigantine (although I would like to avoid Atlantic City proper). Any recommendations that folks have regarding these areas or suggestions for good real estate agent to work with would be greatly appreciated. 

While my immediate goal is to acquire one property, I would eventually like to expand my property portfolio and create a solid passive cash flow stream for the long run. 

I stumbled across BP while I was looking for some answers to specific questions and trying to sort through conflicting advice, so I am very eager to tap into the wealth of knowledge the group has. Looking forward to sharing this adventure with all of you. 

Maureen