All Forum Posts by: Kurt Kwart

Hey BP!

Anyone have any experience investing in Atlantic City? I heard in recent years of casinos closing down, but some casinos opening back up as of recent. Also, with NJ online betting I could only imagine the impact this could have on AC. Curious because we came across a lead for a commercial deal down there, but wondering what others have to say.

Thanks!

Help steer me in the right direction please.

I am a 25 year old school teacher who can currently save around 40k a year. Mostly from my salary, but I also own two SFH which I rent for $1300/month each with a mortgages of around $800/month, including taxes and insurance.

My goal is to retire by the age of 35 and focus my energy on either owning an apartment complex or commercial real estate. What road do you think would help me arrive to my destination?

1) Continue to buy and hold every time I save enough for a mortgage until I reach the 10 mortgage limit?

2) Go up to 4 mortgages then focus on paying the 4 properties off one at a time?

3) Take 1 mortgage out per year and invest the rest in index funds?

4) -Create an alternative road-

*Any year now I could fall in love, get married and have kids. This might substantially increase or decrease my savings potential.

We have a 12 unit under contract and the property is beachfront in a section of Atlantic City that will do well for Air Bnb.  We ran a couple test ads and have spoke with other local operators that do not have the supply for the demand.   Currently, it's rented to year-round residents, but some are month-to-month.   If the theory is correct we can increase annual incomes by AirBnB'ing  a couple of the units as they turnover....especially May through Sept.   

We are buying the property regardless and like the current numbers as the current rents are below market.   But we like trying new things, and if we plan on refinancing after 24-36 months, I wonder how a bank would looked at this type of hybrid use.  Appreciate any thoughts.

Best

Mike Parlante

MDM Holdings Co

My agent told me about ocean city NJ and said I should include it in my portfolio. I am looking to purchase a commercial condo in ocean city. 

I read that it is more family oriented but Is it really better then the others beaches or is it just hyped up? For me Newport RI, Cape cod, Cape May, Wildwoods all look nice.

Had few questions.

Is it worth investing in commercial condo in ocean city nj?

If so where is the best part to purchase and rent out?

Are they easy to rent?

I understand they are seasonal businesses. Do they actually do well or do they just close and a new guy comes in every year.

Thanks for all your help. I am still learning about NJ places.

@James Wise Man! I took my 401 K and put it into a SD IRA because of that guy. His information opened my eyes to real estate and I'm doing pretty good here in Texas because of MI. It's hard for me to feel sorry for people who invest in real estate they don't see, and then claim that "Morris said he'd do everything for me." Tough break to lose all that cash. But if I trusted thousands to someone, I'd do my due diligence and minimize risks on my own.

@Mayer M. One thing that I might add to consider is that NJ Governor Murphy has recently proposed a short-term rental tax on Jersey Shore rentals. I assume this is the tax that @Gregory H. eluded to in his earlier post, but figured I would flag in any event.