I don't own any properties yet but I have been looking into jersey shore rental homes. Curious about anyone's thoughts on these beach towns especially after sandy. Curious if anyone has info/experience with seaside heights since this town was hit hard.
Let me know if you need info on particular homes. I do not own any properties either but Iʻd love to analyze and look for properties with you!
Hi Tanya, I would say there are two areas that you should consider before venturing into this area as a profitable RE investment. Of course,know the numbers and fundamentals of your target market. But also give thought and study the fundamentals of being a virtual innkeeper. The good news is that in this information age, the information is all a click away. Pull up Homeaway, Airbnb and flipkey in separate tabs on your computer, put them all on map function and zoom in on your target (Seaside heights) then pull up the MLS (realtor.com) same map function.
This is an easy way to familiarize yourself with the market. Look at all the vacation rentals in your target area and look at their calendars. You will begin to recognize patterns in price point, presentation and availability.
Listen to Vacation rental success podcast by Heather Bayer. She has wonderful guests on everything from buying sheets to staging and photography. I kind of stumbled into my business. My original intent was to get another place and rent it out here and there to defray the cost. But they say, God watches out for fools and little children, and lo and behold I'm continually getting better and I really enjoy doing it. Good luck
does anyone have any experience a little further north on the jersey shore in Belmar NJ. They were hit pretty hard by Sandy and the market hasnt really come back. There is some high end activity but i am interested in some multfamily for seasonal rentals.
I don't have any rental units along the Shore, but I do live here and I can tell you that towns are still recovering and still rebuilding. Things are much better, but there's still work to be done. You would think though that as far as rentals go that because the inventory is less (homes lost to Sandy) that demand would exceed supply and push prices up.
In actuality there are still now in July plenty of places still for rent not being used. I don't know if tourists are intentionally staying away or if it just hasn't been hot enough this year...
You also from an investment perspective need to consider the increased costs associated with places that are now flood zones, raising the height of buildings, etc.
Being from Jersey and growing up on the shore your location would be important as well. Do you want to be in the heart of the clubs and bars in Seaside or a little more north in the quiet part of Mantoloking or further south in LBI perhaps? And as @Mark S. stated a lot of areas are still rebuilding. Was home not to long ago to visit and there were still homes in shambles, true not as bad as the day after the storm, but some still linger. There are a lot of properties for sale that were damaged from Sandy that have been taken down to the studs. Ive seen some listings say the houses needed to be demolished and they were just selling the land only. Good luck.
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