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General Landlording & Rental Properties

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EDWARD M.
  • North Bergen, NJ
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Just closed on my first two-family! What now?

EDWARD M.
  • North Bergen, NJ
Posted Sep 22 2017, 11:09

So, we finally closed on our first two-family home yesterday afternoon. I gave myself sometime to let it sink in and enjoy the fact that it was finally over, we got a house we liked, after a 15-month search. The seller will be living in the owner's unit through to the end of October and we have the agreement on paper (forgot the name of the document we signed). The second floor tenant is currently month to month, and I'm not sure how to initiate collecting rent, setting up a new lease, charging security deposit (made the mistake of not asking the seller to collect one prior to the sale), etc. Now, she's currently paying below market rent, I am looking to increase it. I'm considering all the possible scenarios. If ultimately she chooses not to agree to my terms and not sign a lease, how much time do I have to give her to move out (NJ)? I don't want to put myself in a situation where I ask to increase her rent, she gets angry/upset, and decides she wants to move out and doesn't pay the next few months of rent.

Also, utility bills (water, sewage, gas which will be paid wholly by me), are these all automatically transferred to my name or is there a process I have to go through for that?

My attorney mentioned registering myself as a landlord. Is that at the township, county, or state level? 

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