All Forum Posts by: David Smith

Hi @David Smith - my company manages vacation rentals and we use Airbnb and VRBO along the Jersey Shore.  I am not involved in the actual management so I don't have all the specifics but can provide some general information to your question at least for NJ...

Any town bans on Airbnb?  More what we see is that towns will put restrictions on short term rentals (i.e. has to be monthly rental or longer than one week, etc.).  I am not sure off the top of my head of any towns in NJ that have out right banned STRs.  I know there are some in California.

Do you do Airbnb in a 2-family?  We personally do not manage a 2-family in particular, but we know that it is done.  We have a vacation rental that is a condo.

Not sure if any of that helps!  Please let me know if you have any other specific questions and I may be able to hunt down some answers from our property managers.

To say they have rent control is an understatement. Go on the city website and read up. Or search on this forum as I've posted in a thread as I looked at a 4 unit in UC. I would never even consider a multifamily in UC due to their insane rent control ordinances.

I grew up in NJ (Orange) and went to high school in NJ (Ocean City), and I am quite fond of Jersey and hate to see it decline but in all honesty I can barely fathom how anyone who makes less than $100k annual even stays there. I finally got my mother to retire close to me a couple of years ago, and she really got out at a good time because housing prices have barely budged from where she lives but property taxes are off the hook. I'm a pretty liberal guy but there's such a thing as being way too liberal, big government & tax oriented. Anti-landlord stances make it really difficult to invest in the state for the average landlord, who might not own 1,000 units and can't afford to spend a year trying to get someone out of their property. Some things have just become too out of whack. So wrapping back to the question, it doesn't surprise me that it's kind of dormant because people I know that have money that might have been investors there are instead looking south and midwest. 

Pls help

I'm semi new to rei and have been looking high and low in this ugly market to get my hands on a good deal. A little background, I've been looking for close to year with my brother with an FHA and have had zero luck and I mean we've seen and put in offers for dozens of properties (primarily Bergen, essex, and union counties). We were looking for a 2 family with a finished basement, vacant. We would rent out the top fl and occupy the 1st and basement while doing little renovations here & there. We switched realtors and finally got an offer accepted in Teaneck, NJ (we would be moving with family btw) with conventional with 10% down on a mother daughter fully vacant at 650k and 10k above whatever the appraisal would be suggested by the realtor. We got the inspection done and there were a few concerns but nothing really major. My big oopsie was that I didn't see the property in person before we put in the offer due to being on location for work. Now, the property is in decent shape however, with the work we have to do on the home paired with the ‘high' offer we put in, I'm starting to feel like it's not worth it and I'm considering pulling out. I know it's not the best thing to do at a time like this but Idk why I'm having doubts. Considering what the market looks like now, can someone offer their honest opinion? Is this a bad deal?