All Forum Posts by: Yonia B.

@Osama Syed Hi Osama, I do my own property management. I do it part time right now because I only have a few amount of units. However, as my BRRRR strategy grows, I intend to do it completely full time and let go of my w2 job to dedicate myself to just managing my properties. The units are profitable enough now where I could hire a management company but I enjoy overseeing them and quite honestly, I think I do a better job ..... after all, I have a higher interest in doing so ;)

I have to agree with @Vaughn Smith , for your first deals you should try to be within driving distance to your properties, specially if you plan to self manage them.  When I bought my first multi, I had constant calls from tenants and found myself spending my weekends driving over to take care of minor issues.  Also, by spending time in the town my property was in, I got to meet people and was able to start building a team of professionals that I could call upon when issues would arise (electrician, handyman, plumber etc).  I am 12 units in now in New Jersey and less than two hours away from the properties.  I think that up north in NJ properties are too expensive to find great deals.  Look for cities in south jersey that has a high population of renters and anchored by good  solid companies that provide the stream of jobs for these renters.  

What has contributed most to my growth is applying the BRRRR concept! Without it, it would most likely taken me so many years to be able to save enough to purchase my second property.

Last Year I bought a 4 family property in AC.  3 of those units get their heat from one furnace.  I had several HVAC companies give me estimates for installing a separate furnace for each unit and the cost would be in excess of 30K.  Now I am about to close on another 5 unit property where again all units are heated with one furnace.  I would like to know what other investors have done to take this heating expense off their plate?  The tenants of the 4-unit all had their leases done by previous owner and heat was included as part of the tenants expense.  That owner would just billed them directly for the heat and cut it 3 ways.  The 5-unit are all on a month to month but the owner covers their heat.  I want to find a solution where I can bill them without having to always fight with tenants every month for the amount of gas heat they have to pay.  Can any one who has ever been through a similar situation tell me what steps you took to solve such a dilemma?

@Kyle Debiase sorry for the delay in answering.  The 4 unit property has three 2 bedrooms / 1 bath and one 1 bedroom / 1 bath.

Like I said before, I inherited the tenants so I am stuck with the rents they were paying.  I get a total rent roll of $3350 a month.  I keep hoping that some of them will move out so I can go in an update the apartment and increase the rents to $1200 for each of  the two bedroom units.  No such luck as of yet, Lol.

Hi @Joseph Guzzardi Jr what do you need done?

@Curt S. it all depends what area of AC you buy in.  I looked at properties I really loved in the ducktown area but chose to walk away because it is still rough and dirty there.  A lot of people living there that were clearly under the influence of drugs and alcohol and a lot of homelessness  still plagues the city.  I myself would not airbnb at a place located in these areas.  There are other areas that fair a lot better, such as, Chelsea Heights, Lower Chelsea and most areas in Ventnor.  You really need to research the areas very well and at different days and hours to get to know them.  Or  better yet, get a realtor like @Georgeanna Tracey Newmones who was born and raised in AC so she can best guide you.

@Kyle Debiase  Unfortunately I acquired the tenants along with the property and I say unfortunately only because if the property would of been vacant I could of updated them and ask for higher rents, otherwise, they are great tenants.  I have three  2-bedroom apartments and one 1-bedroom apt. each with one bath.  I get a total of $3350 a month and tenants pay for all their utilities except water/sewer.  As each apartment gets vacant, I will renovate them and ask for higher rents.  The downside to renting in AC (and positive at the same time) tenants tend to stay for a very long time with their apartments. I believe the going rate in the lower chelsea for a 2 bedroom unit is around $1200.

@Kyle Debiase Hi and congrats on wanting to start your RE investment path. I bought a 4 apartment property last November in the lower chelsea area and so far I couldn't be happier with my investment. Tenants all pay on time and they are great tenants. I am now under contract with another property and looking to buy others as well. The one I am under contract will be a full rehab project and I am still on the fence if I want to turn it into a STR or just continue with long term tenants. I would be more than happy to answer any questions you might have as I myself received a ton of help from other BP members who own property in AC. Their advice and recommendations were priceless and I am very grateful to this community.

@Miles Scott  I lived in New Brunswick, NJ for first 30 years of my life.  I know the area so well and I can tell you it is sooo overly priced.  The student housing around the Easton Ave, Louis Street, or all streets surrounding St. Peters and RWJ Hospitals are extremely expensive that is hard to get cash flow positive.  I hope you are  looking to buy off market, foreclosed or direct seller properties to get good deals.  Good luck with your search.