All Forum Posts by: John Yarenis

Congratulations on the new investment.   Please continue to update us as to your progress.  

Cross post to my response in the general landlording and rental properties forum

https://www.biggerpockets.com/...

It's funny finding this discussion.  I'm considering doing something similar and found this blog post by Dave Meyer useful.

How to Analyze a Short-Term Rental—From Cleaning to Cash Flow

You might find it useful.

Hudson County, as well as NYC, isn't dead.  Like @Drew Donovan said, it definitely got a kick in the balls.  

Bill DeBlasio just announced yesterday that he's having 80K workers that have been working remotely to begin the process of returning to the office May 3rd.  It's a symbolic gesture to get the city's economy moving again as well as an indication that we all have to begin resuming some semblance of modified-normal lives.  There was also an article stating that employers are facing a new challenge with hybrid work arrangements where offices are barren Monday's & Fridays yet crowded Tuesdays through Thursdays.  How do you manage such a work environment and still maintain safety protocols?  Not to mention the issues with commuting in during the week.

I've had this fear in the back of my mind that multi-family housing will experience a correction of some sort; espeically across the NYC/Tri-State area.  The target market for the units that are being created (younger folks/Millenials) will eventually want/need something more than an 800sf unit.  Their going to eventually pair up and either want a family or a place with more space and more for their hard-earned money.  From what I've read, those same people may bypass the starter-home and go right for the next level up.  

Sorry for the random stream of consciousness; Honestly I think HC and NYC don't have a lot to fear long term.   

 If you copy & paste the link at the top of the page, it'll take you there.  

@Anthony Aiello

Anthony, I thought that the NJ courts were disallowing any evictions that were related to the period of the pandemic. I have a tenant that hasn’t been able to pay since before the pandemic due to sales tax issues and I’ve been told that we could file because he didn’t stopped paying before March2020 but since then, the courts wouldn’t hear it.

If I’m wrong here, please let me know.

@Nathan Reeve

Thanks for mentioning the show. I listen to many podcasts; from the one here to Rod Khleif’s to other. But they don’t focus on the one property type I’m involved with.

I’ll find this one and start listening!

Another thing to consider with the construction costs is the availability of contractors to do the work and the ability of inspections to take place.  Could slow down the project considerably.

Will, do you see the rent volatility a little higher in the near future or do you see this as the new baseline?  

You also might want to consider if this property is part of the municipality's Affordable Housing inventory.  I don't know if the municipality would allow changes on a property that has that designation.