Rental Property Investor · Jersey City, NJ · Member since 2011 · 1k+ posts · 876 votes
Got a trio of educated young people (25-30) applying for a large $1750 2 bedroom in a gentrifying area, just the kind of tenants I want to push the neighborhood, rather than the typical working class family of 6 that used to rent these places. Problem is one of them has a 3 year old eviction and several debt gone to collections in his report. The other 2 are a couple, he's making $63-93k (depending on bonus) and she's a full time student at a good college working part time making perhaps $10k. He's paying $1k/m in student loans with a 750 fico. They alone work out using 40x monthly or 3x yearly formulas, not counting his loans.
It's a bad season to rent and this is top dollar, responses to a beautiful recently renovated place were slow. My inclination is to put just the couple on the lease and make the deadbeat roommate their problem, and I won't be left with him alone if they leave. Thoughts?
Rental Property Investor · Jersey City, NJ · Member since 2011 · 1k+ posts · 876 votes
10y
Hey all,
Was writing the lease rider to include the “joint and several liability” and last month up front, when I realize: in that case what constitutes late payment? If they are late can I legally move to evict even if I actually have that month's payment? Or would that only count if I have been given legal notice they are leaving?
Was writing the lease rider to include the “joint and several liability” and last month up front, when I realize: in that case what constitutes late payment? If they are late can I legally move to evict even if I actually have that month's payment? Or would that only count if I have been given legal notice they are leaving?
You would need to include your terms of late payments in your lease. If rent is not in by a certain date of each month you need to say you would move ahead with eviction. Depending on your state of course...
Rental Property Investor · Jersey City, NJ · Member since 2011 · 1k+ posts · 876 votes
10y
Uh oh, got a problem. "Last month" is illegal in NJ! Apparently you can't take deposits of any kind exceeding 1.5 month in total. I knew that was the security limit, but didn't know it was universal, even including pet deposits. Do I punt and assume it will never get to the point where they will have a reason to find out?
Googling about "last month", most of the arguments against are saying you're better off taking more security, but neither is an option here.
Uh oh, got a problem. "Last month" is illegal in NJ! Apparently you can't take deposits of any kind exceeding 1.5 month in total. I knew that was the security limit, but didn't know it was universal, even including pet deposits. Do I punt and assume it will never get to the point where they will have a reason to find out?
Googling about "last month", most of the arguments against are saying you're better off taking more security, but neither is an option here.
I'm not a a lawyer, but you should never do anything with the assumption no one will ever "find out" Always go by the law. You don't want to wake up one day and find yourself in a lot of trouble.