All Forum Posts by: Alexander Szikla

Curious as well! 

AirDNA.co is an excellent resource

Good question - Taxes are high in Bergen County (Paramus is the exception due to the malls). Insurance premiums can be high due to high housing value, but vacancy is low due to quality of schools. 

Maintenance totally comes down to vintage of the property and how well ownership has managed prior to your purchase. 

With that being said, you can typically find cheaper labor (i.e. plumbers, electricians) outside of Bergen County (think Passaic Co.). 

MTR rental (over 30 days) is allowed across the board. Below 30 days is where there is a restriction.

Yes - you must live / be on-site for the STR property.

You need to owner occupy a 3 family property (or lower) in order to AirBnB legally (under 30 days) in NYC. So the best is to either focus on 3 fams (a great FHA product).

Or simply focus on Medium Term Rentals. 

Hi Ryan - Must be over 30 days. Or it must be a 3 family (or less) and you (owner) live on site. 

I find my tenants through Zillow, Facebook Marketplace and Apartments.com

I have them fit the following criteria:

1. Credit Check

2. Background Check

3. Income Verification

4. Employer Reference

5. Prior Landlord Reference

If you have below 10 units, I'd say you can self manage and not rely on a PM

I think you should double check with an attorney regarding condo conversions - in the past that has been a viable strategy in Union City. 

Perhaps you can also look into getting licensed as a "bed and breakfast" to allow sub 30 day rentals. 

Lastly, can you make substantial alterations to units in order to create new units and bring them up to market? 

Totally depends on the rate at which you are borrowing AND at what rate you can re-invest the money. 

Congratulations to my clients on the closing of 225-227 West 20th Street in Chelsea for $13.75 million!

Rockson Advisory acted as the sole advisor to both the buyers and sellers on this prime Chelsea property comprised of 33-units.

The property has been family owned and managed for generations while being kept in immaculate condition. The pride of ownership is truly apparent. However, the sellers are looking to transition their holdings into more passive investments via 1031 exchange.

The property comprises of nearly all fair market studios and spacious two bedrooms. Offered with an in-place 3% cap rate due to an overhang of below market, pandemic era lease rates to maintain strong occupancy. However, at current market rates - the property can be stabilized at a ~6.5% cap rate as old leases burn off.

The new buyers, TARGO Capital Partners, have a comprehensive plan to reinvigorate the buildings and maximize value.