All Forum Posts by: Hui Song

Call city zoning office to verify if it is 3 family house or 2 family house. 

@Alex Imbrogno I start the same journey of looking for STR opportunity in AC 2 month ago. John Errico & Ryan Goldfarb are expert and big player in this small field. Their "Brick x Brick" podcast definitely help me understand this market.
The house price is skyrocketed last year. There are some existing STR properties on market, I feel that their price are too high. For those properties with no HOA, and can be delivered vacant, agents have already started to factor the Airbnb strategy into the listing price. Right now, the # are still make sense. There are still a couple of years before the market is over saturated with so many people jumping into the AC STR game.

@Kyle Debiase congrats on your journey. I start to doing research for AC 3 month ago and bullish on AC. I start to looking for single family properties which can be delivered vacant to do STR. With Keven and other local property management company's help, I believe STR in AC is a great strategy.

I believe that AirDna does has data from vrbo. 

I am interested in this concept. Will check if it works in NJ. 

We change to commercial insurance specialized on Airbnb properties. The cost of insurance is doubled. But you have peace in mind. Do not worry if the insurance decline you claim.  They cover much more short term rental related damage, even bedbug treatment, which is common in NYC metro area. 

@Jan Pauley in Jersey city , near journal square, it is 2060 develop zone. Each 25x100 standard lot itself is close to 1M as a development lot, no mater what condition of the hiuse on it. You may look outside this zone to get slightly cheaper price. 

@Dror R. There were tons of rental arbitrage in JC 1 year ago before Covid. I personally run many Airbnb units by renting other people’s apartments. Right now I only run Airbnb in my own properties and neighbors owner occupied duplexes. We do not make more than long term rental last year, and do not expect to have better business this year. We keep the Airbnb in order to keep our relationship with cleaning crew and handy man. 

You need apply str permit from city. 
Right now, you will not make more than long term rental. When pandemic is over, you will. But, it comes with much more work. The good thing is the rental arbitrage  out of market due too the new ordinance and pandemic, there is much less competition. 

Just read this article on NEW YORK POST:

https://nypost.com/2021/02/13/...

Is it good time to get into NYC market now? What is your opinion?