All Forum Posts by: Georgeanna Tracey Newmones

If you can manage it for at least one year, try to do it yourself. You will learn what is needed and expected and have a better understanding of your management requirements. Also, it may sound a little odd, but you should stay in the property overnight so you can get a better understanding of how your guest will experience the property. I would be happy to guide you and provide mentoring. Unfortunately, I do not have anyone to recommend, but I am a "five-star" host on AIRBNB and VRBO. 

 I loovvvee Daniel's response and think this is how to build up your portfolio much faster. Brittney, I am a local Realtor in the AC market; if you are looking for anything in the city and do not have a local realtor, please reach out.  

Hi, I am a local Real Estate Broker in the AC market (born and raised), and I don't see the market going down. I own property in the city (and surrounding), both commercial and MF, and on one of my MF, the property was vacated in March, and I had a tenant in less than 30 days ( I screen very carefully looking for a good fit). My previous rent was $1600, and the new rent is $2,000. I find there are not many "nice" rentals available, and because of that, our listings go at the list price and are a magnet for good tenants. The market has slowed since 2021. However, the rents have actually "increased" (be mindful that the city is "rent-controlled"). Although the city is a "flood zone" it's not absorbent and there are some streets where the property's first floor is street level and I typically stay away from those. Follow the numbers!!!

Hi Mike, congratulations on your agent status and your hunger to invest. The Atlantic City market is an excellent start for new investors. Specifically, the price pool is much lower than in NY and North Jersey. You can purchase either multi-family, condominium, or SF. The $200,000 may be a little stretch for MF, but not out of the question. Keep in mind the properties in or around the AC market will be older and may require TLC; however, you have to be "in it to win it"......Just jump! You will make mistakes initially; however, they will be instrumental in growing your investment portfolio. I would love to jump on zoom and assist you (as a colleague and an agent). I am familiar with the AC market as a Licensed Broker-sales person, and I own property (both STR/LTR) in and near the area.

Congratulations, Jack, on making the leap to investing in the SJ market! Even though the market is at a high price, there is still money to be made in this market. I am a broker Associate in the Atlantic City market. I was born and raised in AC and currently have an investment property in AC (commercial and MF) and a local broker in the area. Don't overthink the process; if it's "STR, Buy and hold or flips. Commit long term and remember to use other people's money (OPM) to lessen the burden financially and free you mentally. I love Real Estate, and there are no guarantees; however, I have learned to "pivot" when the market changes and be open to the changes you will face (market rising, interest rates going up, etc.). I purchased my first property when interest rates were at 13% and still made an excellent investment (I bought $44,000 and sold it later for $120,000). Stay focused, be open, and believe in the process!!

 Hi Enrique

Congratulations on deciding to invest! South Jersey is a great place to invest, and based on your long-term goals , you can invest at a very low price point. Camden is the lowest price point but is an up-and-coming area (revitalization) with lower price points (currently C/D areas); Atlantic City ( my specialty) is a great area; however, $100,000 would get you a condominium and not a single-family. You may need to decide if you want "appreciation or cash flow," which will help you decide on the area. There are no "perfect" areas for an investment property, and you must determine what's essential short-term or long-term (concerning goals). Feel free to contact me for a quick consultation, and best of luck!

Investment Info:

Single-family residence other investment in Brigantine.

Purchase price: $979,000
Cash invested: $244,750

Luxury STR in a great community!

What made you interested in investing in this type of deal?

I wanted to invest in another stream of revenue different from the assets I previously owned.

How did you find this deal and how did you negotiate it?

Using my skills as a licensed agent, I found this deal as an "on the market" deal.

How did you finance this deal?

Conventional financing 25% down

How did you add value to the deal?

Purchased new furniture and decor, changed a few systems, and upgraded curb appeal.

What was the outcome?

The property is in a much better position for cash flow.

Lessons learned? Challenges?

Challenged with the original cost to furnish the STR as the budget was not really considered. I initially thought we would use some of the original furniture and decided after the purchase we needed to add value by giving a better experience and a better quality of furniture. We learned to really do a thorough inspection and run systems to ensure if they are working and may need to be updated.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a licensed agent (full-time), and my partner is a mortgage lender.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $275,000
Cash invested: $13,750

Single-family residence

What made you interested in investing in this type of deal?

Turn-key condition

How did you find this deal and how did you negotiate it?

Licensed Real Estate Agent

How did you finance this deal?

Conventional

How did you add value to the deal?

Purchased in great neighborhood

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $69,000
Cash invested: $13,800

3br 1ba SF

What made you interested in investing in this type of deal?

Turn-key condition

How did you find this deal and how did you negotiate it?

Licensed Real Estate Agent

How did you finance this deal?

Conventional

Investment Info:

Other commercial investment investment.

Purchase price: $49,000
Cash invested: $15,000

Commercial condominium

What made you interested in investing in this type of deal?

The property had seller financing and was in a great neighborhood

How did you find this deal and how did you negotiate it?

Licensed Real Estate Agent

How did you finance this deal?

Owner financing

How did you add value to the deal?

Renovated

What was the outcome?

Great commercial space in a great location

Lessons learned? Challenges?

This was an amazing opportunity, and there was nothing I would have done differently