Triangle NC · Member since 2016 · 136 posts · 11 votes
Jersey folks...I may be selling my rental property in NJ in the upcoming months and would like to know if there is a particular form letter you would use or certain procedure one has to follow to inform tenant they need to move out. The tenants yearly lease expired over a year ago and she is now month to month given a new lease has not been written up. In the lease it states I have to give her 30 days notice. I am going to give her 45 days so she has time to find a place. Are there specific rules around how we have to give notice or a specific document I can use? Any input would be appreciated. Thank you
Glen Ridge, NJ · Member since 2016 · 69 posts · 41 votes
9y
Have you ever considered getting her to sign a longer lease and sell the property with the cash flowing tenant? Then it could be a TurnKey deal. There might be investors that would like the property here on BP. Would you mind sharing more details? Someone may take the place as is. If it meets your financial goals.
Realtor · Rutherford, NJ · Member since 2016 · 51 posts · 46 votes
9y
I do agree with Tim but i am in kind of the same situation where i am selling my two family. However i am having trouble showing the property because the tenants do not want to show the property for various reasons and this is causing me delays in selling the property. Sometimes it is better to have the property empty and let the person coming in figure out how they want o proceed with their planning.
Triangle NC · Member since 2016 · 136 posts · 11 votes
9y
Tim Pagano, the single family property I own is now zoned for two family properties so most folks want to come in,knock it down and rebuild. I'm assuming that is what the next buyer will do. Does having a cash flow tenant increase the sale price in any way? If not,then it's not worth it to me as my property is in a good location and for years I have had realtors, builders etc approach me wanting to buy.