Tenant Search for 2 fam in JC

Investor · Member since 2020 · 6 posts · 2 votes

Hello BP,

Looking to close on a 2 family in JC this month. We are going to be owner-occupied this property. Wondering how you guys look for tenants? Any recommended agents or PM who can rent out my other unit?

Thanks in advance.

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Anthony Swain

Real Estate Agent · Charlotte, NC · Member since 2021 · 147 posts · 150 votes

Hey!

Do you plan on doing long-term rentals?

Do you plan on self managing or hiring a property management team?

If self-managing, there are plenty of softwares out there i.e. Stessa, RentRedi, Avail, Tenant Cloud, etc. that make it superrrr easy!

If you're hiring a property manager, then they should help place a potential tenant for you. I'd make sure to have a clear cut criteria of the tenant you want in the property to help direct the PM company.

I spoke with another investor that uses a real estate agent in New Jersey to help place her long-term tenants. I guess it is more of a thing in that state. In NC, that doesn't seem to be something agents do frequently.

Good luck with your house hack Hayan!

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Anthony Swain
Real Estate Agent · Charlotte, NC · Member since 2021 · 147 posts · 150 votes
2y
Hey!
Do you plan on doing long-term rentals?
Do you plan on self managing or hiring a property management team?
If self-managing, there are plenty of softwares out there i.e. Stessa, RentRedi, Avail, Tenant Cloud, etc. that make it superrrr easy!
If you're hiring a property manager, then they should help place a potential tenant for you. I'd make sure to have a clear cut criteria of the tenant you want in the property to help direct the PM company.
I spoke with another investor that uses a real estate agent in New Jersey to help place her long-term tenants. I guess it is more of a thing in that state. In NC, that doesn't seem to be something agents do frequently.

Good luck with your house hack Hayan!
1 Reply
Brian Sardinskas
Real Estate Agent · NH · Member since 2019 · 18 posts · 18 votes
2y
Hey @Irene Kee,
Congrats on the investment property!
I personally rent out my own units. I use Zillow and Facebook market place to advertise and find tenants. I was able to get plenty of applicants using these methods.
Then I use apartments.com to set up direct deposit. This has worked great so far for me!

Hope this helps!
1 Reply
Jonathan GreeneBusiness Member
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
2y
Do not use a PM in Jersey City, the suuuuuck. In New Jersey, the tenants pay the realtor fee so you aren't out of pocket on that. In Jersey, the tenants will pay 3.5 months rent up front (1 for first month, 1 for realtor fee, and 1.5 for security). This helps you vet tenants, but a realtor will also get you relevant info from NTN or Rent Spree so you can factor in everything to make the best choice on tenants.
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Irene Kee
OP
Investor · Member since 2020 · 6 posts · 2 votes
2y
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Irene Kee
OP
Investor · Member since 2020 · 6 posts · 2 votes
2y
Quote from @Anthony Swain:

Hey!
Do you plan on doing long-term rentals?
Do you plan on self managing or hiring a property management team?
If self-managing, there are plenty of softwares out there i.e. Stessa, RentRedi, Avail, Tenant Cloud, etc. that make it superrrr easy!
If you're hiring a property manager, then they should help place a potential tenant for you. I'd make sure to have a clear cut criteria of the tenant you want in the property to help direct the PM company.
I spoke with another investor that uses a real estate agent in New Jersey to help place her long-term tenants. I guess it is more of a thing in that state. In NC, that doesn't seem to be something agents do frequently.

Good luck with your house hack Hayan!
It will be long-term rentals.
thank you for sharing!
0 Reply
Irene Kee
OP
Investor · Member since 2020 · 6 posts · 2 votes
2y
Quote from @Jonathan Greene:

Do not use a PM in Jersey City, the suuuuuck. In New Jersey, the tenants pay the realtor fee so you aren't out of pocket on that. In Jersey, the tenants will pay 3.5 months rent up front (1 for first month, 1 for realtor fee, and 1.5 for security). This helps you vet tenants, but a realtor will also get you relevant info from NTN or Rent Spree so you can factor in everything to make the best choice on tenants.
Thank you for the tip!
will probably look for a rental agent.
1 Reply
Irene Kee
OP
Investor · Member since 2020 · 6 posts · 2 votes
2y
Quote from @Brian Sardinskas:

Hey @Irene Kee,
Congrats on the investment property!
I personally rent out my own units. I use Zillow and Facebook market place to advertise and find tenants. I was able to get plenty of applicants using these methods.
Then I use apartments.com to set up direct deposit. This has worked great so far for me!

Hope this helps!
That is very helpful! I will check out FB and Zillow.
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Dominic RosatoBusiness Member
Real Estate Agent · Jersey City, NJ · Member since 2022 · 82 posts · 61 votes
2y
Hi Irene-
Our team works primarily in Jersey City helping landlords like yourself. We advise landlords to require two main criteria:

1) Household income should be at least 40x the monthly rent.
2) Applicants must have a credit score of 680 or higher.

It's also important to review credit reports for red flags like rental collections or high credit card balances. Additionally, you should examine the past two months of bank statements / investment accounts to ensure applicants can afford rent even if they lose their job. You'd be surprised just how many people are living paycheck to paycheck. If applicants don't meet these criteria, then we would typically allow them to use a US-based guarantor with an income of at least 80x the monthly rent.
One more thing- Don't make exceptions based on personal stories! In times of need, everybody becomes a master story teller. Just remind yourself that you are running a business and let the numbers speak for themselves. Occasionally an applicant comes along with income of only 30x the rent, but they have flawless credit and bank statements showing 250k in savings. In these (rare) scenarios, it makes sense to make an exception.
Happy to chat further if you think we might be a good fit! Best of luck.
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