Starting in the short term rental industry in 2019, Ryan Goldfarb purchased and renovated a 2-family in NJ with his brother. His business partner had been doing STRs for a while, so they decided to give it a try with the 2-family. Focusing on distressed properties in the Atlantic City area, Ryan and his business partner are taking the STR business by storm. Ryan Goldfarb recently did our member spotlight and sent in some stunning photos of his STRs that will have other hosts taking notes and guests start planning their next great vacation. Using HostGPO’s RugsUSA Discount Program, he purchased some rugs that add texture and brighten up every room and has also elevated his listings to beautiful luxury units with HostGPO discounts on West Elm furniture, Helix mattresses, and Brooklinen bedding.
What do you find most rewarding about your career?
Nowadays, we primarily buy and renovate distressed properties in Atlantic City. We are taking a focused approach to what and where we buy. With each new listing we bring online, we are exposing more people to all Atlantic City has to offer — outside of the casinos everyone associates with the city. We encourage people to explore the many independently-owned bars and restaurants throughout the city, particularly in those along the rapidly transforming “Orange Loop”. It’s gratifying to see the benefits reaped by these local businesses thanks to the influx of guests. For years, the city was plagued by a dilapidated housing stock — too much supply of housing many investors believed was not worth the headache or their investment. Thanks to the STR model, we believe it’s viable to acquire and substantially renovate buildings starved for investment. With each house we renovate, a house is saved, and the block is improved.
What is your favorite rental property you have and why do you love it?
We had a vacancy at the Luxury Waterfront Airbnb the other day, so my business partner and I stayed here overnight. Before spending most of the day running around, I opened up my laptop at one of the dining tables. I was teeing up an order for one of our upcoming listings while watching the morning sun gleam off the water in the backyard. Beyond the serenity of our waterfront location, the house is warm and open with plenty of natural light, particularly along the back of the house facing the water. The bedrooms are all comfortable, and the living area is spacious and open — great for congregating with groups. In addition to a natural gas grill and fire pit in the backyard (with a hot tub coming soon), we converted the 2-car garage into a recreation room, complete with a ping pong table, a retro arcade, darts, an arcade basketball game, a bar, and a seating area with a mounted flat-screen TV.
What’s the craziest story you have from hosting?
We briefly hosted a listing in a building in CT we have since sold. Upon check-out, our cleaners went by the apartment. I find it difficult to accurately convey the condition the apartment was left in. Food was everywhere (not just on the tables, but on the floors and smeared on walls). The smell of liquor permeated the air, masked only by the smell of marijuana. Mattresses were gashed, as if they were stabbed. Doors had been broken down. Beyond the mess, there was much to repair. Fortunately, after much back and forth with our cleaning team and nearby property manager, Airbnb ultimately reimbursed us for much of the damage.
What’s one “pro-tip” you’d be willing to pass on to the community?
Before going live, spend at least a night in each of your listings. Cook a meal. Test the Wi-Fi. Stream Netflix. Use the shower. Ensure the basics are working as they should, but take note of how things could be improved. Another Tip: Before you begin furnishing your rental, invest some time (or pay someone else) to create a floor plan of the listing. This will help optimize the layout as you’re selecting furniture and it will also help provide a visual cue for additional details to add to complete the design.
What’s the most recent item that you can remember that you’ve ordered from HostGPO?
We had an initial round of photos taken at a new listing, and weren’t happy with how they came out. In addition to adding some wall decor, we realized the dining area was missing something. We added this rug, and it was a game changer!
What would you tell others about whether to join HostGPO?
It’s a no brainer.