All Forum Posts by: Georgeanna Tracey Newmones

Congratulation on the purchase!! Bill Gasbarro or Ken Ackerman. 

Hi Anthony, glad to hear you are considering the AC market. It's primed for rental investment as there are many opportunities. While there may be areas you would not be comfortable living in, there are plenty of areas that are doing great (Bungalow Park, Venice Park, Chelsea, Chelsea Heights, University district, etc.). The city is very diverse and offers many multi-family properties with all types of ROI. I'm a "full time" Atlantic City agent with over 25 yrs experience (born and raised in AC) and can assist you in locating a property that fits your criteria.

I agree with the previous response in regards to new construction is costly and not the best option.  I am a local broker with an office in the city (not to mention I was born and raised in AC).  Flooding is very difficult to pinpoint as you can have a house on one block with no flooding and directly across the street have a property with mild flooding issues or no issues at all.  The flooding is mostly near the bay and not easy to determine without asking the homeowners(disclosures) or seeing the water lines in the basement.  Flood insurance varies and is best purchased with an elevation certificate from a surveyor.  The AC market is priced much lower than most shore communities (for many reasons), which allows for you to get more bang for your buck on the water (and in general).  New construction requires a much higher elevation as the requirements have changed concerning building and are always higher in price in comparison to "resale."  Flood insurance varies based on the elevation of the property.  I have a multi-family in the city, and currently, flood insurance is less than $850.  Also, unless the property is on the ground level (which most buyers avoid), flooding may not be as big of an issue as most people think.  Finally, there are many insurance company's willing to write policies in the city (and typically with higher rates); I think the local companies are more familiar and better able to advise as to which policy works best and if there were any previous claims. No fear just faith.....this is the voice I tend to follow!!

Hi Jacob, I am not only a local agent, but I was born and raised in AC (two rental properties in the city currently).  The area is predominantly renters (70%), a mix of SF and multi and mostly older properties. Mainly middle/lower-income rentals with variable pricing $1,000-$1700 3br depending on the location and condition.  Get to know the area and which part of the city you're looking to invest in and take your time. Feel free to contact me with any more questions or to schedule a consultation over the phone. 

I would vet the person, confirm POF (proof of funds) if there is an LLC the contract will be in (copy of docs confirming he has the authorization to sign on behalf of the LLC)and yes there are properties in the Atlantic County area under $100,000, but you will need to define the city and have an excellent Realtor to assist in the process (some areas taxes are higher). Finally, your reputation is essential. Don't skip the process in vetting this person, and be sure you can deliver; if not, he will play the "blame game." Good luck!!!!!!!!!

The Brighton typically allows for yearly rentals, and Warwick will allow for seasonal/yearly.  Warwick is directly on the boardwalk while the Brighton is a short one-block distance but easy when walking.  Warwick is also in the quieter area of the city. Depending on the type of investment it can accommodate a little more in terms of rentals and the buildings a little nicer.   Both buildings are great, and if I had to select one over the other, it would be Warwick because of the location. Feel free to contact me if you're looking for an experienced Realtor and would like to tour either as my office is a few mins away from both properties. 

Hi Keisha, I'm very familiar with both buildings.  Neither build will allow Airbnb, Brighton only allows yearly rentals, and Warwick can be rented once per year either seasonal or yearly. The Ritz and Atlantic Palace are the only condominiums to allow Airbnb. 

Hi Keisha, what type of investments are you looking for? There are many opportunities which include buy/hold and Airbnb, not much by way of "fix/flip" but there's a small possibility (fyi 70% of residents are renters). 

I have a few investors in AC, can you contact me. 

Best of luck!!!