All Forum Posts by: Kurt Kwart

It’s doable but there is lots of competition with other condo owners and some buildings (flagship, Atlantic palace) directly marketing units to the public. plus gotta check the hoa rules.

I currently do airbnb but most of my stuff is still yearly rentals here.

I should expand on Margate that a bunch of big money built $700K+ priced homes on spec but lower priced product is still moving. I’m not an agent but this is what I’m seeing

the market is very strong in Margate but I’m not exact on how it compares if you bought at peak. There is a lot of big money builders at play so it’s hard to address that topic briefly. 

Also it’s all very different product (condo, tear downs, new and existing all have a different target markets)

Atlantic county has not recovered to 2008 prices. Ventnor and Atlantic City are getting hotter but it was a bad scene after 2008 and 2012 hurricane sandy. 

house hack 

biggest issues to address first:

-what do you want to do with it? Airbnb, yearly rental

-what neighborhood

-did it flood in Sandy?  Does it need flood ins and how much is it?

@Benjamin Haberman

I would do it yourself using the guidelines posted in BP for tenant screening. 

 What city?

Generally minimum 4000 I have found. 

Can you bail with an inspection clause?

 You will just get a co in your own name if a second home.

Airbnb is legal in AC but there is a seasonal co and fee. 

 If you are closing cash and no loan you don’t need the CO for closing, if it is empty. 

You will need it for occupancy. So if the tenant is in place (and staying) you need to do for closing anyway. 

The biggest ‘gotcha’ I found is that after 30  days the bed bug expires. So it’s a waste if you don’t have the tenants picked out and moved in the 30 days. What I’ve done in the past is file for the CO with random names and update the names during the inspection process. 

@Anthony Theokary property management is one of the hardest things about the area. I've found most investors find someone to be the boots on the ground.  I'll be around Tuesday if you want to meet up, please reach out. I have 7 spots in AC, some full time rent, some seasonal and some in the path of progress.