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All Forum Posts by: Devin Wynn

Devin Wynn has started 2 posts and replied 7 times.

Totally agree @MIchael G., I'm sorry to hear about the complication and that sounds absolutely horrible, but you bring up great points. Yeah for the basements I was looking at, I'd be the only ones staying so no issues with the tenants there :) But moreover, those issues are why Airbnb is so appealing. Not having to deal with long lived tenants and having a platform for them to be vetted out. 

Airbnb's pretty good at not handing over data to governments, and so it's pretty hard to crack down in my experience unless the city is very very vigilant and able to expend resources and if neighbors start reporting.  Something tells me that the city and neighborhood demographics are not such that this will be a huge problem (it's normally more of an issue in white, affluent areas), but you're right, it's risk and reward. I think the fine is like $250 each time they catch you so it's not a big deal. Thanks for all the help!

Thanks for the info and tips @MIchael G. I remember seeing an ordinance years ago against Airbnb in Union City, but I still see a bunch of them so my guess is it's hard to enforce? The only way they can track you down is if you're reported, and I figure not a lot of people in Union City do that?

Also, the 3 unit I'm looking at might fall through, so I'm in the market for some 3 units. However, I've been to a few 2 units with an illegal basement. My understanding is it's illegal if I rent out the basement, but it's not if I stay in there when one of the units is Airbnb'd out, right? I don't think the Airbnb guests will report, but I'm technically not renting out the illegal unit, I'm allowed to crash there no?

Thanks for the input @Darren Sager, makes me feel better. But do you think this will still be true in view of rising interest rates, changes in the tax plan, and increasing property taxes?

Thanks for the reply, all!

@David Lichtenstadter I actually found a place and am about to be under contract in that very neighborhood, and the math works out where if the market appreciates just a little (like 1% every year) it would be better for me than investing in the stock market. I'm just worried when I hear news that because of the tax bill, prices will be 4% less than what they would've been in a year.

@Nicholas Sheridan, Jr. Isn't that what investing is, after all? I'm buying partly because of emotional and partly financial implications.

@Darren Sager I personally think it will increase, but I have very little knowledge of the trends. Like you said, proximity is a huge boost, but it looks like that only matters in light of gentrification and more racial diversity. But looking at trends, it seems like the racial makeup has not changed much, which is worrisome. 

Also, some thoughts here seem to make me glum http://www.city-data.com/forum/new-jersey/2330078-... (arguments of high and increasing tax, increasing mortgage rates, etc.). What are your thoughts? Thanks!

Post: Best Vibrant City for Duplex Investment/Living

Devin WynnPosted
  • New York City, NY
  • Posts 7
  • Votes 1

Thanks for the help guys! Will definitely check out Atlanta (Amazon HQ2?) and Boston more. Dan, I've gotten a pretty good loan approval so far (I will put over 33% down payment and have a good income).

Hi all, I'm new to this forum and new to real estate in general.

I'm wondering if some NJ locals could give me some advice on the market in Union City, specifically in the neighborhood of New York Ave and 18th St. I found a nice  3-family that I could live in and it looks like I'd make a good profit from the rent/Airbnb. The only downside is if in 5-10 years the property does not increase in value.

My questions are whether you guys think it will be a good investment, especially with the looming tax bill. According to Neighborhood Scout, it's the most expensive neighborhood in Union City, so hopefully it holds value? I'm not sure if this area has a lot of development, however. From what I read, what it has going for it is good location near NYC, but on the downside it's bus only and has a skewed population demographic.

Any help would be appreciated, I've read other threads like https://www.biggerpockets.com/forums/432/topics/254199-investing-in-multifamily-in-union-city-nj, https://www.biggerpockets.com/forums/311/topics/408572-union-city-nj-investment-potential and https://www.biggerpockets.com/forums/12/topics/291723-first-investment-property-in-union-city-nj but wanted more up to date information especially in light of the new government changes (Murphy, tax bill).

Post: Best Vibrant City for Duplex Investment/Living

Devin WynnPosted
  • New York City, NY
  • Posts 7
  • Votes 1

Hi there,

I've saved up a bit and am considering taking a break from work, relocating to a city TBD, buying a duplex, and having tenants offset the costs.

In terms of Cities I've spent all of my life in California (Southern California, San Francisco), so would like to try something new. If I were to rank them, I'd rate the following:

  • NYC/Boston (Not really into drinking and partying, but love the energy and diversity of NY and the intellectualism of Boston)
  • Philadelphia (The History and just East Coast in general)
  • Chicago/D.C. (A lot of people, young, vibrant)
  • Austin/Portland (I like their eccentric culture, but don't love them because I'm more into diversity at this stage)

However, I've found it hard to find a place that matches the critieria:

  • Under 400k
  • Multi-Unit
  • Urban and Young
  • Good rental or Airbnb market
  • Good investment and growth to follow

The best contender so far would be Chicago where some duplexes surrounding Hyde Park (mainly South of it) near University of Chicago seem to have some affordable multi units. New York and Boston are 2 expensive, and the others seem to have good multi units.

Any where else I'm missing? Help me decide where to move, thanks!