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Investment Properties in Atlantic County : Real Estate Advice

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Activity 8
Sun May 28, 2017
Kathy Burgreen answered:
First of all, have you thoroughly investigated the demographics of Atlantic City? The entire area has plenty of low income residents and many are on Section 8 which is government assistance. Residents cannot afford high rents and the unemployment rate is high.

You need to investigate whether there is enough people who are looking to rent AND can afford the high rents that you want. For those residents with jobs, what is their income? Are residents employed in lower income jobs or higher income professional jobs? The lower income jobs cannot afford high rents.

As for honoring the current lease - yes, it's the law. You also need to notify the tenant a specific number of days before the lease expires as to whether or not you will renew it and for how much.
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Thu Feb 11, 2016
thinz answered:
If it were me, I would post my contact information along with the address of the property and be ready to submit pictures of the property to interested parties.
Also consider doing an interior video tour of the potential for the home along with recommended improvements. I think you will get a very good response. This model works very good in Detroit where there are many homes foreclosed or in desperate need of repair.
Good luck...If you have other questions, email me directly at thinz@apexgroupus.com and make sure to put "Trulia Reply" in the subject line so I find it in the appropriate email; folder.
Tom Hinz www.shortsaletosell.com
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Fri Nov 6, 2015
thinz answered:
Most times you can get a sense from the listing price - in most of the short sales we've done in the Keansburg/Highlands area, the BPO value gets adjusted down to reflect the cost of doing the work...so the buyer would not be overspending for the property in a flood zone. However, it is not uncommon for the seller's lender to first try to list the home at the pre-Sandy "business as usual" price and reflect a crazy price that will not get any buyers.
Once that happens, it becomes apparent that the lender needs to either fix the problem and try to sell higher (unlikely) or decrease the BPO value to reflect the costs to remediate the situation in an AS IS sale where is. Always ask for full disclosure on the height requirement issues and work done before submitting an offer! Tom Hinz www.shortsaletosell.com
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Sat Oct 31, 2015
Diane Christner answered:
I think you may have answered your own question -- high property taxes, high jobless rate, people moving out of the area..... why would you want to purchase a rental property with all those negatives? ... more
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