All Forum Posts by: Mei Jiang

How was your Poconos airbnb plan laid out ? Is now still good to invest Poconos short term rentals (airbnb) ? I heard that the house price went up a lot.

Thanks,

Originally posted by @Kevin Mathisen:

Hello BP community- I just took a trip to Shawnee mountain with my family and we stayed in a 2/3 condo across from the slopes. Paid $425 for 2 nights through airbnb. The place was clean and had great reviews so no complaints. Just it was really outdated and poorly furnished so the investor in me realized possible opportunity as I know my wife and I could provide a better product. Looked up values in the area and saw the exact unit we are in is selling for <100k. Spoke to the owner and he is selling his 4 short term pocono rentals because he is moving out west. We are interested in buying this place to utilize several times a year and rent out through airbnb or vrbo when we are not there. After some brief research I have found out there are issues with some municipalities restricting short term rentals. Besides the $500 license fee anyone know of any other possible issues? Any advice for maximizing cash flow on short term rentals? We would be interested in either simply holding 1 unit or quickly scaling to 5-10 units if it makes sense to economize by scaling. Have also visited Lake Harmony and love it there- plus it is closer to Philly. Would love some feedback and to connect with others. Thanks for any and all feedback!

1 Vote

Originally posted by @Andy Rousch:

I have two great lenders for residential in NJ. They both work for different companies so you can compare rates but I will inbox them to you.

Hi Andy, can you inbox me the lenders as well ? Thanks a lot for your help. I have a two unit multi-family (under LLC) to be financed. But all lenders I contacted so far can only do 70% LTV instead of 75%. Also most lenders don't lend to LLC.

0 Votes

Still looking. Any suggestion? Thanks Odie.

0 Votes

Hello fellow BPs, Does anyone know what's the cost range of building a fire escape (secondary means of egress) from 3rd floor? NJ department of community affairs issued an inspection violation (green card inspection) on this for a property I am buying. I am seeking to ask the seller to put an escrow with enough fund to cover the cost of all violations and penalty/fees. Thanks, Jimmy

0 Votes

Thanks Ibrahim for your advice. Yes, I did contact Bureau of housing inspections and they emailed me the inspection report and commission of orders right away. The biggest issue is to install fire escape (second means of egress) for the 3rd floor unit. I am trying to know how much I should request the seller to put in Escrow. Do you know the cost range of installing a fire escape? I will try to call contractors for estate. Thanks Ibrahim again for your reply.

0 Votes

thanks Sam, green card is an inspection (every 5 years) required by NJ state (Bureau of Housing Inspection) for 3 and up multi-family. I am still looking for NJ state website http://www.state.nj.us/dca/divisions/codes/offices/bhi_faq.html#5 for the answers. The link you posted is for township level inspection. Thanks anyway for the help.

0 Votes

I am purchasing a 3-unit multi-family in Union County. The siding, roof and windows needs some/substantial work. Please drop me a message if you are contractors or have good recommendations. Thanks a lot! Jimmy

0 Votes

Dear fellow bigger pockets investors,

I am purchasing a 3-unit multiple family in Union County, NJ. The current owner didn't pass the green card inspection and they don't have time to fix them before closing.

Does anyone know 1). where can I find out what's exactly green card the violations? 2). How can I ensure that the seller will take care of the violations and pass the re-inspection after closing?

Any suggestions are very much appreciated!

Jimmy

0 Votes

Dear fellow bigger pockets investors, I am purchasing a 3-unit multiple family in Union County, NJ. The current owner didn't pass the green card inspection but they don't have time to fix them before closing. Does anyone know 1). where can I find out what's the violations? 2). How can I ensure that the seller will take care of the violations and pass the re-inspection after closing? Thanks a lot! Jimmy

0 Votes

All Forum Posts by: Mei Jiang

Mei Jiang has started 3 posts and replied 10 times.

Post: Any Good Real Estate agent In the poconos PA?

Post: Poconos (Shawnee Mountain) airbnb

Post: Any experience with Cash Out Refinance in New Jersey

Post: Looking for siding/roof/windows contractors in NJ Union county

Post: Cost of fire escape from 3rd floor unit in New Jersey ?

Post: 3-unit multi-family closing with NJ green card violations

Post: 3-unit multi-family closing with NJ green card violations

Post: Looking for siding/roof/windows contractors in NJ Union county

Post: 3-unit multi-family closing with NJ green card violations

Post: What to know about NJ green card inspection?