Atlantic City NJ _Short Term Rentals

8 Replies

Hello, I'm currently looking to get my feet wet and start the process of investing in my first investment property. I'm interested in finding something in Atlantic City and turning it into an Airbnb. I'm open to the type of home (single-family, condo). I'm looking for a couple of different things with this post.

1) I'd be grateful to connect with anyone who went through a similar process. 

2) I'd appreciate any insight on anyone else's experience they've had taking the short-term rental approach. 

Thank you in advance! 

Alex

Updated about 1 month ago

3) I'd be happy to connect with any realtors who work with investors and specifically this area (AC)

Hey @Alex Imbrogno :

We own and operate a few STRs in Atlantic City (and elsewhere in NJ), but we're particularly bullish on doing so in AC.

We are buying and renovating most of ours to be best suited for STRs. Some are single-families; others are small multifamily buildings.

One thing I would caution you about is condos/HOAs. In the city's most recent attempt to further regulate STRs, they added a requirement regarding operating STRs in HOAs. I don't recall the exact language, but my understanding is that you now need explicit permission from the HOA in order to operate an STR within the HOA. That's a tall ask in most HOAs. Even if they're permitted now, there's no guarantee they will continue to be.

Happy to answer any questions if anything specific comes to mind.

Good luck!

Hi Alex, congratulation on your new venture!! AC is prime for STR; most of the areas are already doing the STR; however, as stated by Ryan, you need to be cautious with the HOA's. AC has regulated a few areas in the city, and most areas in Venice Park, Chelsea, Bungalow, and the Gardners Basin are good (with a few exceptions). Many of the condos allow for summer rental but no STR, except for two, which allow for STR on the boardwalk. I am a local broker (born and raised in AC) who would love to help you get your feet wet. Feel free to reach out to me, or if you're in the neighborhood, stop by my office located at Executive, REALTORS 3817 Ventnor Ave. AC. Best wishes, and no matter what, it's all good when it comes to investing!!!!!!!

Originally posted by @Georgeanna Tracey Newmones :

Hi Alex, congratulation on your new venture!! AC is prime for STR; most of the areas are already doing the STR; however, as stated by Ryan, you need to be cautious with the HOA's. AC has regulated a few areas in the city, and most areas in Venice Park, Chelsea, Bungalow, and the Gardners Basin are good (with a few exceptions). Many of the condos allow for summer rental but no STR, except for two, which allow for STR on the boardwalk. I am a local broker (born and raised in AC) who would love to help you get your feet wet. Feel free to reach out to me, or if you're in the neighborhood, stop by my office located at Executive, REALTORS 3817 Ventnor Ave. AC. Best wishes, and no matter what, it's all good when it comes to investing!!!!!!!

Hey Georgeanna, can you elaborate further on what parts of Gardners Basin are good for STR? I'm looking at a big 5 bedroom in the basin that I may use for STR. Please PM me if easier. Thank you!

@Alex Imbrogno I start the same journey of looking for STR opportunity in AC 2 month ago. John Errico & Ryan Goldfarb are expert and big player in this small field. Their "Brick x Brick" podcast definitely help me understand this market.
The house price is skyrocketed last year. There are some existing STR properties on market, I feel that their price are too high. For those properties with no HOA, and can be delivered vacant, agents have already started to factor the Airbnb strategy into the listing price. Right now, the # are still make sense. There are still a couple of years before the market is over saturated with so many people jumping into the AC STR game.

Hey @Alex Imbrogno ! Congrats on the beginning of your journey. Atlantic City is prime like everyone is saying, there are certain parts of AC that are best for the STR plays. We should jump on a call to discuss further and see where the journey takes you!