All Forum Posts by: Georgeanna Tracey Newmones

Investment Info:

Condo buy & hold investment.

Purchase price: $98,500
Cash invested: $19,700

Turn key investment in great area

What made you interested in investing in this type of deal?

Turnkey with appreciation, cash flow, and great area

How did you find this deal and how did you negotiate it?

Licensed Real Estate Agent

How did you finance this deal?

Conventional financing

How did you add value to the deal?

Purchased in the hottest sellers market!

Lessons learned? Challenges?

Neglected to check the utilities included with the HOA and relied on information in the MLS.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $105,000
Cash invested: $30,000

Triplex, 2-2 story 3brs and 1-2br

What made you interested in investing in this type of deal?

Brrrrn investment with great potential

How did you find this deal and how did you negotiate it?

Licensed agent

How did you finance this deal?

Conventional

How did you add value to the deal?

Renovated all units

What was the outcome?

Great multi-family with good cash flow and equity.

Lessons learned? Challenges?

The biggest lesson was securing a few contractors (we had a few contractors who started and left for better work.

Hi, Bloom Realty, located in Atlantic City, should be very helpful.  Rick Bloom is the owner and knows the city very well 609-345-2203. 

Excellent information, and thank you!! I have stayed in STR (and sold plenty to clients) and prefer the high-end feel and style. I won't stay in anything that looks like my home; it has to be "much better and grander." I have no problems paying more if the experience leaves me melting inside. I believe you can do a mix; however, the high-end pieces are of better quality, and reviews are critical, so having "cheap" or low-end furniture will most often cause you to have a higher turnover...buy cheap, buy often !!!

I may be a little "biased" since I am a local from the city and a Realtor ( Buy/hold investor) but here goes. Many areas in the city are thriving, such as Gardners Basin, Venice Park, Chelsea, Chelsea Heights, Monroe Park, WestSide, Bungalow Park, etc. Where on the east coast can you purchase property on the boardwalk (condominiums) for under $100,000 (Studio and one-bedrooms). I agree with the others as the city is definitely on the uptick with plenty already vested in the area. The city is predominately renters and second home market, making it an excellent opportunity for LTR and STR. Many investors in the area (from long ago) failed to raise rents and maintain their property (I see opportunities). We just rented two 2brs 1ba listed at $1,250 (my client purchased both units for $56,000 each with paint and carpet cleaning) and had an overwhelming amount of applications (which allowed us to cherry-pick the best applicant). You have to be open to the possibility others are wrong....you can only find opportunities when you dig deep for the gold!!

Well said and I certainly agree. I enjoy going to high-end str and will pay extra for quality furnishing and linens. I guess it depends on who your market is and the clients you serve. 

Hi Brianna,  what type of commercial property are you interested in? Are you familiar with the area? Are you looking to lease or purchase commercial property? Like any other area, Atlantic City has an amazing opportunity for growth; however, you must know the neighborhoods and narrow down what type of property suits your needs. I am a local agent in the market, born and raised in the city. There is so much diversity, growth, and investment opportunities, but you need to know your sweet spot and create a plan to maneuver any obstacles. 

Hi Sarah, I have split the rent with tenants, and you are right it's not easy, however adding an additional fee to the rent to include the cost of heat or possibly installing electric baseboard heat in the units (contact an electrician to confirm the price of upgrading panels and installing) may be an option.  My client has a four-unit with electric heat, and he loves it since he does not have to cover any heating cost and furnace. Also, many company's will finance the install of the heat, and SJ Gas offers no-interest financing. 

Hi, I have signed up and look forward to the opportunity to hear your great speaker.