All Forum Posts by: Dominic Rosato

As someone who went through the purchase process last year and built my team from the ground up, I'd give two pieces of advice:

1) Find a realtor on BP who invests in your area

2) Have conversations!

The "right" realtor will stand out to you, and will eventually provide excellent recommendations for contractors, lenders, attorneys, etc. Just be honest and upfront about your timeline and expectations. If you respect their time, they should respect yours in return.

 Hi Dave- I'd love to chat more about Bayonne! I'll reach out to you via messages.

Thank you @Lindsay Op de Coul and @Andrew Steffens for the advice, very much appreciated!

Hey BiggerPockets community- I'm curious if anybody has had success (or experience) investing along the Jersey Shore with short term rentals? Any advice on which markets would be the best? Do you rent week-to-week or month-to-month? Are you cash-flow positive?

I'm aware that some towns have stricter Airbnb laws than others (7-day stay minimum V.S. 30-day stay minimum), and it can be hard to fill the units during the winter time. Any other red flags I should be aware of?

Appreciate any input, thank you!

I was once given great advice by a mentor - ALWAYS raise the rent. Even if just $25 /mo, you want to set a precedent that you raise rent every year. If your tenants are expecting an increase, then they won't be nearly as upset when they receive one.

@Bill B. is correct above me, if someone moves based off $25 /mo increase, they were moving anyways.

Hi Orane, I had the same realization when I was running numbers for a house hack in Jersey City as well. It depends on the area, but it'll be hard to find anything close to cashflow positive.

Downtown is a luxury market, with multi-family prices in the millions. The Heights is a nice area as well, but you're probably looking at north of $1 million for a renovated 2-family. Anything less, likely needs some rehabbing, or is on the smaller side.

As you go down the map of Jersey City- to Journal Square, McGinley Square, Bergen Lafayette, the prices get progressively lower. One hidden gem (with higher price point of course) is the Communipaw neighborhood, located near the Liberty State Park light rail.

My suggestion? You should check out Bayonne. The prices are lower, the developmental projects planned there are incredible, its relatively low crime, and within an hour of NYC. Key spots to be near in Bayonne-The light rail stops; Stephen Gregg Park; Bergen Point neighborhood. All three I'd consider the most desirable.

I'm a realtor in the Hudson County area and I'd be happy to chat further, feel free to reach out!

Hey Anthony, sounds like you have a good problem! I think your answer lies in what you want your lifestyle to be.  

Flipping- High cashflow, active income, hands on

Buy & holds- Very low cashflow (comparatively), passive income, relatively hands off

Both have their pros and cons. Personally, if I was good at flipping houses (like it sounds like you are) and had the cash to do so, I would keep it up. However, only you can answer that. (Also, I believe you have to have owned the investment for 2 years to qualify for the 1031 exchange)

Hey Thomas, I think you are on the right track. Kitchens and bathrooms are arguably the most important rooms to get right and will attract high quality tenants. They are the easiest ways to "wow" a prospective tenant without breaking the bank. That being said, they're also the easiest way to make a tenant feel "meh" as they tour your place.

Me personally? I'd go with nice, durable countertops and see what is left to redo the bathroom.

I use a free rental property software called Innago and it's made my life much easier. Only good things to say so far- It allows electronic ACH payments at no fee to the landlord, the ability for the tenant to set automatic payments, and automatic payment reminders to the tenant.

There's a bunch of other features that I haven't used, like background checks and the ability to set up e-signatures for contracts. I'd definitely recommend you check it out.

It seems like you have the opportunity to acquire another property, improve your quality of life, AND gain another stream of rental income - I’d say go for it. You never know when a life event or market event may come up and present an obstacle. No time like the present!