All Forum Posts by: Stanley Choung

Hi @Lauren H., I would look at the contract very closely and look for outs. Message me for details. 

Hi @Arman Jay Tigran. I have a few units in Pompano that I rent out short-term for the past 3 years. I self manage some and use a great service (Hideaway) for the rest. Feel free to PM me if you want to discuss.

Hi @Steven James, were you able to find anything? I was looking for the same but couldn't find anything. I ended up going with the GoControl and setting up alerts when the temp went below a limit. When I got an alert, had to "negotiate" with the guest. I also setup scenes to quickly set the temp and turn off lights in-between stays.

Welcome to BP, @Ben Cohen. I live on Long Island and have invested remotely in Pompano for over 10 years (flips, multi-family rentals). You'll have to look hard for deals that make sense financially. It helps that your Dad is a contractor because you'll need to look for value-add, off-market deal. Try looking at foreclosure auctions or direct mailing.

Your numbers sound about right for Trenton.  Given that the property is in the rougher areas, factor in your model extra slippage from turnover and delayed/no rent payments.

As @Jason D. mentioned, most of the local lenders require a a seasoning period before they loan against ARV. Inside of a year it's generally cost + improvements.

If you have repairs and maintenance covered and you can handle property management (placing good tenants and rent collection), then you probably can get a worthwhile return for a buy-fix-rent place in Trenton. 

Hi Paul, 

What are you estimating for rent? 

Also, If you were to rent out I'm not sure that conventional financing will be available.

Look for other agencies to cover the area too. Some of my Pompano residents are covered by the Housing Authority of the City of Fort Lauderdale (HACFL).

I've used these thermostats in my rentals in Florida for AC and my own home for AC and heat.

The thermostats have a rechargeable battery that steal power from the HVAC. Some HVAC setup don't supply the enough power so you have to get an electrician to run a dedicated wire for it. If you call Nest, they will actually pay for the change.

They don't require internet but you can't use most of the energy saving features (remote control, power saving rebates when linked to local utilities)

The dials are heavy and there's a lot of twisting. They can get sticky from use and tenants can pop them off and drop them.

I think if the utilities are subsidizing and your long-term tenants get them, then it's a push for landlords. They don't cost you anything and expense-wise don't matter. 

The real advantage of these units is for STRs but that's a whole different story.

I know that a few 4-star reviews are a result of pure randomness.  Believe it or not, some guests just mis-click the wrong stars. I've followed up with some reviews and the guest has admitted to entering the wrong rating.

It depends on the sales price. A few of the costs are fixed. I've have a few closings with Megatitle in Trenton and they have a closing cost estimator that's accurate. You can also try calling companies for an estimate. They'll be more accurate with pro-rated taxes with an address.

http://www.megatitle.com/library/new-jersey-cost-c...