All Forum Posts by: Mark J.

@Jake Quick  Curious what you ended up doing.  I'm in a similar situation and weighing the pros and cons and what's even possible.  Thanks!

@Devin Cutler curious what you ended up doing?

I'm in the same situation now, weighing pros and cons of switching to gas or electric.  Economically electric wins hands down for me, but know gas would be better quality/efficient.

@Hannah Costello Curious what you ended up doing here?

I currently have a 2 unit on oil heat, 1 thermostat, shared ducts, so I have to foot the entire bill and it's killing my revenue in the winter, costing $1000 some months.

I've looked into converting to gas and into installing electric baseboard heaters. Both options are right around $7000. With the electric baseboard heaters I wouldn't have to cover any of the monthly heating expenses, so financially it's a win, but I do worry about the inefficiency, and the high cost the tenant will have to pay. With the gas I have to shell out the $7000 and continue paying the heat bill for both units, though less than oil, it's still fairly significant during winter months.

I'm not sure what to do here. I did ask the HVAC company about mini splits and they said I'd be looking at about $20k total, so that's not really an option.

Another thought is I could try to have the tenants split the gas heating bill, but not sure if this is feasible or legal.

Anyone have any suggestions here or done something similar?

interested in hearing more opinions and possible solutions on this.....

I currently have a 2 unit on oil heat, 1 thermostat, shared ducts, so I have to foot the entire bill and it's killing my revenue in the winter, costing $1000 some months.

I've looked into converting to gas and into installing electric baseboard heaters.  Both options are right around $7000.  With the electric baseboard heaters I wouldn't have to cover any of the monthly heating expenses, so financially it's a win, but I do worry about the inefficiency, and the high cost the tenant will have to pay.  With the gas I have to shell out the $7000 and continue paying the heat bill for both units, though less than oil, it's still fairly significant during winter months.

I'm not sure what to do here.  I did ask the HVAC company about mini splits and they said I'd be looking at about $20k total, so that's not really an option.

Another thought is I could try to have the tenants split the gas heating bill, but not sure if this is feasible or legal.

I'm going to look into the ideas @Roy N. laid out (heating with either ductless heat pumps, electric thermal storage heaters), but given none of the HVAC companies have mentioned this option I don't know it's viable in my area.

Anyone have any suggestions here or done something similar?

@Michael Dasilva 

@Rick Estacio

@Matt Turlip

Hey guys, I found this thread researching Long Branch, shore towns, and Asbury. I'm interested in buying a property in the area that could be used as a vacation home a few weeks out of the year, STR in Summer, and LTR in winter (I know, idealistic). I've seen better deals pop up in Long Branch but I was told by a realtor that the town doesn't allow STRs. Is there a work around to this or other near by towns that are more str/investor friendly?

anywhere else seem appealing right now on the north part of the shore?

thanks!

@Stephanie Walker Thanks! I will let them know you recommended them.  Best!

Hi All!

I'm in need of a new tax consultant/preparer and thought I would check BP for any recommendations. I'm looking for someone with strong knowledge in REI and ideally, but not necessary, in the North NJ area.

Thanks in advance for any recs and/or advice.

Best,

Mark

Agree taxes in Hudson county seem crazy high mainly because of the assessed values.  If you're looking to house hack in NJ, and be close to Manhattan, the taxes are going to be high.  But if you live in NYC close to manhattan the prices will be higher.  I was shocked to hear how low taxes are in Brooklyn, but was equally shocked at the prices and condition of those properties and the neighborhoods can be hit or a big miss.

As others have said though if the numbers work then it may still make sense.  With a house hack you have to consider how much you would be paying to live in the same space and also think how that will decrease over time as you raise rents, which in that area should steadily go up unless everyone really does flees the area to live on the farm.  That area is also an appreciation play, which who knows what the future holds, but the past does indicate an upward curve. 

@Steve Babiak @Sean Ross @Dave Foster

Awesome info here- thanks guys!  Looks like I have some homework to do.

I'm not sure I'll be able to use it, but hope to do one at some point as it seems like a powerful tool.

@David Krulac much appreciated!  Will let them know you recommended them.