All Forum Posts by: Paul Stewart

@Joseph ODonovan Hey, Joseph i own a STR on the opposite side of the basin, great neighborhood great people in bungalow Park. Its been a great place to operate as long as you make sure your guests are respectful to the neighbors etc. I also manage several STR units in the city and now live in the city permanently.. definitely opportunities if done right its getting a lil saturated there is over 100 new airbnbs in the city this year and I'm sure plenty more on the way but AC is definitely trending in a great direction the Bart Blatstein project will be a big positive as well.

Hey Emma, 

I currently Invest in AC. I have a airbnb SFR property near the back bays of bungalow park. I'm actually moving full time to AC this month as well. I have a company that hosts/manages short term rentals for people in the city and I run 5 properties through my compnay including my own. You can get new construction done for sure and there are South jersey home building companies that are reasonable. The lots that are water view have been going up the last few years. I would say the best bang for your buck would to buy a property that is standing with the water view and renovate it. I suggest only looking at properties that are raised atleast 4 feet high. Most newer builds in AC built after 2000 were built to fema standard and flood ins. is not bad at all. You might have to get a flood elevation certificate to show the insurance company. For example my property build in 2004, i'm in the middle of Gardners basin and Snug harbor so water on each side of my block and infront of me. my flood insurance is 300$ a year as the house is 5 feet of the ground and in 2004 was built to Fema regulations. As far regular homeowners insurance I pay 1400$ a year. the house is a 3 bd 2 and half bath 1300 sq foot home. The most recent tax apprasials hit most residents bad so you want to make sure that the taxes listed for whatever property you are buying are the new Tax apprasial not last years apprasial. You do want to make sure you get a sense of the city as some area's are not great but there are plenty of really nice little neighborhoods in the city that most people do not even know exsist unless you live here. My biggest advice regarding AC investing. DO NOT OVER PAY! The last year I have seen many novice investors come into the city over pay on properties by 20k or more reno them with highend fixtures and then try to flip the property for close to 100k over its value or they try and get full term renters ( Renting market is not great here) then the property becomes a airbnb property and all the high end fixtures get destroyed. I think short term rentals are the way to go as of now but I already see that markey starting to become over saturated, but hey if they really build this indoor water park next to Showboat we will be fine! home this helps a little.

@Kurt Kwart ahh man you got to be kidding! Last month it was on the agenda but they never addressed it so they said they were moving it to this months. Either way i'm going to go. I plan on moving to AC full time within the year so just good for me to get involved and see what's going on in general.  Tomorrow night there is a meet up as in Thursday? hmm... I planned on going back to NY tomorrow but maybe i'll stay around. I don't have anyone checking into my house till Friday. 

 Hey @Kurt Kwart Let me know if your gonna go to the council meeting tomorrow. I have been wanting to meet up with you in person for some time. We have spoke a few times back and forth on Instagram and on here. Not sure if you put the two together. Either way let me know maybe we can break some bread after. 

 Hey Evan 

I own and I'm starting to manage some short term rentals for other Investors in the city I know. The issue is in reality there are not many "good area's" in AC and it seems any good area that has a property for sale that has potential is being bought and then used as a short term rental. Also to me it seem's many people doing this do it with no consideration to the area. My property is in a real quite area in bungalow park. I have strict rules and guide lines to my renters. That has not affected me. I'm a super host on Airbnb and was booked 85% of the time this summer. Yet I know at the end of my block there are 3 short term rental units and it seems like who ever owns the 3 units does not care about the quite block as the houses are very rowdy and leave trash all over the front of the property. I have had guests complain to me about activity in front of those specific units and I have to explain to them they are not locals that they are basically Airbnb party houses. I know for a fact there are people in code enforcement who are not very keen on out of town investors taking advantage of neighborhoods and trying to do short term rentals without the City's short term rental CO. Still is opportunity but the right area is key and doing it the right way is important as well. I will update you on the meeting tomorrow. 

As far as land. I think that could be a good move especially near water. I have thought about it myself. Flooding is definitely a factor but if you were to buy land and build new you build to fema requirements and your good. Flooding is another obstacle to get through on any buy and hold property though. My property was build in 2004 so luckily I'm lifted about 4 feet and meet fema requirements my flood insurance a year is less then 400$.  Most properties I looked at and got quotes for that were not lifted and near the water were between 2k and 3k a year.  If it's not near the water and not lifted I got many quotes for properties like that for around 1500 a year. 

@Evan Torrens Hey Evan.. I own and operate a short term rental near the water in bungalow park. Has been great over the year but I have noticed the market starting to grow and neighbors have complained to the city council about how many short term rentals are in the city. Their short term rental CO witch is mandatory most investors don't pay. I was told by a city inspector that it has been issue. There is a open city council meeting this Wednesday and short term rentals is on the list of things that will be discussed between city council. I will be there to see what is being said and overall city perspective.

@Adam Scheetz Did you get flood quotes? 1995 won't be built to FEMA standards get some quotes because that could really effect your cash flow as well. Also heads up in AC you have to pay the city every year for a landlord occupancy certificate.... keep in mind with gauging rent in AC there are so many available properties in the area for rent. The recently built NOBE luxury apartments that just opened is basically empty.

Hi All

Recently purchased and Rehabbed a property in Atlantic City NJ for the purpose of Short term rentals airbnb etc. I do own another property that I house hack in NY. I now want to set up a LLC for this property in AC. I see that it is not that hard to set up a LLC on line but then on the other hand I have read that when doing a simple LLC on line it leave a lot of possibilities for the LLC to not be set up correct. I have read several different things on line and even on Bigger pockets but there is a lot of conflicting statements on this. Was wondering if anyone has any experience in setting up a LLC in Atlantic City or NJ and from another state. Any recommendations for a fair attorney to use to do this process would be great as well. Thanks

I would suggest reading this book by Bigger pockets

 The Book on Investing in Real Estate with No (and Low) Money Down:

 It will give you the answer to every question you have on this topic. Plus its a great book anyway. 

Huntington in what state there is A lot of towns/Cities named Huntington ?