All Forum Posts by: Stanley Choung

I've been using Credit Union of New Jersey but they have recently scaled back in Trenton. Only 50 LTV now.

Online Travel Agents: intermediaries that take bookings but don't have the inventory. Sorta like mortgage brokers. 

You don't see a lot of units with separate water meters in Pompano. Tenant aren't used to paying for it.  That said, you can always your own water meters for each meter and manually allocate the bill. Also, the meters come in handy when tracking down water consumption spikes.

Sounds like you're off to a good start. I agree with @Brian Adzadi and would start in the Midwest. I've been a remote investor in South Florida, Central Florida, and Trenton for a few years and would be looking in the Midwest first if I was starting today. Trenton is difficult for a number of reasons: high taxes, slow services (Section 8, foreclosure auctions, C of O, water), and a lack of good contractors. All of this might have been worth the 16+ cap rates a few years back but with prices bid up now?

Btw, check out BP Podcast 257 for some tips on long-distance investing.

Doing the property management remotely for your first deal can be a lot. As an investor In Pompano from New York, I would recommend local coverage. I agree with the others that your return is too small but that's the kind of numbers I'm seeing right now for the area. If you want to beat 4-6%, you'll have to find an off-market deal or a serious fixer-upper and manage the costs.

I was quoted $65-$85 inc washing linens for a 1 bed/1 bath $600 sq ft place in Pompano Beach.

Thanks @Peter R.and @Account Closed. Your shared experience helps me a lot. I'm going to give VRBOHA a try. Will report back.

Thanks for the site, Jilian. it helps. As a newbie, I'm just trying to figure out how to setup my first listing...price, min days, max days, security amount, reviews-only or everyone. There's a lot.

If you're under 7 days average then it's a business and under C but there is a specific formula for calculating average days. I'd would also listen to @Amanda Han BP podcasts and read this post from @Ben Leybovich.

Anyone have experience with vacation rentals in Pompano Beach, FL? If you have to make a choice of just one listing service, which one would you use for Broward County (Air BnB, VRBO, HomeAway ...)?