All Forum Posts by: Raj K.

Perfect! thank you all

@Kevin ManafiThanks ! Is it safe to mention this as an addendum to Lease Termination in the final lease document that they sign? and would something like 1 month's rent be legally correct to "hold" the lease?

@Melanie Thomas Actually I have a renter who is going to stay till the new renter moves in. I'm kind of covered that way. This is just in case the new tenants tells me 15 days before moving in that they dont want the house. 

Can I get them to sign a lease AND add a rider to the Lease indicating "Even though the lease start date is 11/21 -> the security deposit - which is 1.5 times rent - will be forfeited if you decide to not take on the lease"? IS that strong enough to challenge if they lawyer up?

Posted in the wrong forum I see... moved this to "General Landlording & Rental Properties"

Posted this earlier in the wrong forum. Reposting in the correct thread.

I have a unit I am trying to lease. This unit lease start date is in November and I have interested parties who are interested in renting it in November. I am deciding to finalize one of them and are using the standard verbiage for the Lease (inlcuding Lease termination - 60 days notice - X times rent early termination fee etc).

My question was - it is TWO months since the tenants will officially take over the lease. What if they decide anytime between now prior to officially taking over the unit that they dont want this lease and ask to back out? Am i protected by the potential loss of rent due to finding new tenants, spending the time again etc by making them aware that the Lease termination starts as soon as they transfer the Security Deposit and 1st months rent (I will consider this minimum as soon as they sign the lease)?  i am concerned about if they ask something like "Please give us our security deposit etc back - we found another place" AFTER signing the Lease but before the Lease actually starts - that I wont have an option but to give their money back and start the process anew. Can the Lease Termination agreement have a clause that says that their deposits can be forfeited BEFORE they actually move in?

This is in NJ FYI.

I have a unit I am trying to lease. This unit lease start date is in November and I have interested parties who are interested in renting it in November. I am deciding to finalize one of them  and are using the standard verbiage for the Lease (inlcuding Lease termination - 60 days notice - X times rent early termination fee etc). 

My question was - it is TWO months since the tenants will officially take over the lease. What if they decide after 1 month they dont want this lease and ask to back out? Am i protected by the potential loss of rent due to finding new tenants, spending the time again etc by making them aware that the Lease termination starts as soon as they transfer the Security Deposit and 1st months rent (I will consider this minimum as soon as they sign the lease) but i am concerned about if they ask something like "Please give us our security deposit etc back - we found another place" AFTER signing the Lease but before the Lease actually starts?

This is in NJ FYI.

I've had a lot of help given in these forums and feel far more enlightened to take more ambitious investment approaches (not risks anymore :) ). I was traditionally looking at my local state and thanks to these forums has given me a lot more confidence to branch out wider. Given this - the biggest change in my appetite is to look far beyond my comfort state (NJ). While eventually I will take the plunge into Multi Family Units - Im currently trying to increase my stack by taking on Condos/SFH and essentially increase my portfolio with at least some sort of healthy cashflow when it comes to rentals.

With this in mind - and it might be a tall ask - is there a wider state or nation level (definitely ok to purchase a paid plan) "tracker" that lists homes for sales vs rentals in different counties/states updated frequently? I do use zillows sale/rental map overlay but its very very manual and there's no spreadsheet like feature that I can glance at a county or state level where I can make a more informed choice as to which investment with my preferred % downpayment and all other costs included with expected rentals will give me the best cost:rental net monthly cashflow?

loved the walkthrough - the evolution of the assessment is now super clear in my head. @Bill B. < thanks for the @ tip as well

could you spin that last sentence for a rookie ?

their assessment is likely 250k and they're selling for 299k.

You wont sell for DOUBLE the assessed value which means your property is  likely worth a lot more. 

So their property is UNDER priced?

I'm interested in a specific property in Central NJ( Hillsborough Township). Im trying to understand the logic behind the pricing of some of the townhomes. These are the average trend of a particular type of Townhome. The particular townhome im looking at is being quoted at 299k. Its price history is below. It looks like its assessment in 2022 was 241k below. But this year they are asking for 299k - there havent been may significant improvements in this property. Its sibling property that does have more improvements is quoting 339k (10k price cut last month). 

Are these prices justified? Im a newbie and trying to understand this. To me - the acceptable price should be around 255k in 2022. Is that realistic ( dont want to offend them by askign 255k - assuming my lack of experience - I just have a few properties under my belt but this trend didnt make sense)