All Forum Posts by: Richard Phillip Lewis

Hi James, welcome to BP. One of the things I always say to anyone interested in investing is to know your numbers. The great thing about numbers is if the math works it works!  It’s honest and straight forward. 

Your current buying power might be low but that’s okay. As long as you start and you can see your vision and your goal in your mind you can achieve your end desire. 

@D'Andre Byers

Perhaps you could view buying that first house now when interest rates are low as forced savings for your future investments. After a few years of paying the mortgage you can get a cash out refinance and use that money to make your next move. Just make sure you slow roll on the kids because they are quite expensive!

Hey @kevinclifton! Welcome to BP. 

The BP community provides a wonderful forum to connect and get feedback on your investing ideas. 

I live in manasquan and my girlfriends family is down in Jackson/Beachwood. I’d love to find some time to chat and share with you what I’ve learned in the past 7 months about real estate investing. 

If you already own a home you are already better position than myself. I’m looking to buy my first home (probably multi family) next spring/summer. I have a real estate license so I can help you with your research and looking at investment property as well. 

Hit me up on here or on Facebook and let’s make some moves! 

@Patrick Martone

Another thing you need to be aware of that so many aren’t is that the governer passed a short term rent tax last October, but I’ve heard he’s considering rewriting it. However it is still on the books and it requests that all homeowners that are renting their homes for 90 days or less to register with the state. The law also states there is a 10% tax on the rental if you don’t use a realtor.

If you use Airbnb they are required to take care of this tax for you. If you use craigslist (which most for rent by owners do) you are required to pay it yourself.

As a realtor on the Jersey Shore who is also an owner in our rental market here. If you have any more questions I’d love to help. My commission is negotiable for rentals because I believe home owners have the right to rent their property and shouldn’t be taxed for it but Gov Murphy feels differently.

@Mike OConnor This sounds fun! Good luck. Have you verified your market prices with a local real estate agent?

Are you budgeting 10-20% extra in your construction budget as a safety?

@Mark Miles

What’s your demographic you’re looking to rent to?

In my market here at the Jersey Shore. More People + Short Term Rental = Party House aka it’s gonna get trashed.

This is fine, but it’s easier to clean up a small house than a big house. In my market we rent a 3 bed 1 bath and they fit 6-10 people in the house.

@Chris Connery

I’m with you on that! That whole seaside to lavalette area is concerning. Those cut out “shore areas” is brick are sketchy too.

@Joshua Khoo Check out Mark Ferguson @investfourmore on Instagram.

@Mark Page In NJ our governor just created and passed a law last October called the Airbnb Tax. At the Jersey Shore we have a lot of STR for summer rentals. We rent by the week and there are also Airbnb rentals for weekend stays.

He passed the law arguing that it isn't fair that Hotels and Motels have to pay a tax and these STR don't. So now all short term rentals are subject to an Airbnb Tax of about 10%. The law goes on to say that if you list your rental with a real estate agent you don't have to pay the tax. The only way the tax is enforced is when a home owner registers with the state as a short term renter. I've also heard that the governor is looking into revising the tax.

Excellent @Chris Martino ! I will check them out for sure!