All Forum Posts by: Corey W.

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Good pick! That area has been getting gentrified.

Calandra's Bakery should be in your area, check them out. They have great cakes and cookies.

Congrats @Jay Batista! Which section of newark?

Rentprep and My Smart Move have a few screening options available.

https://www.rentprep.com/tenan...

https://www.mysmartmove.com/Sm...

If your specifically looking to attract tenants with pets that can't rent elsewhere. Ensure your insurance policy allows those particular breeds. Some policies may restrict the breeds allowed on the property.

You could try giving two options for renewal, one 12 month lease with standard rent and one 6 month lease with a higher rent. It may not always be easy to rent in the winter but even with a 6 month rent it could be better than having to drag through court in an attempt to gain a few dollars back.

I would even start to find a new renter earlier as well if no/minimal work is needed on the property. Start posting ads 30-45 days prior to the move out date, that could help with gauging your local winter market.

In the end you have three options; agree to a shorter lease term, risk loosing the tenant midway a 12 month, or decline to renew. How much do you trust your gut that the tenant would stay the entire 12 month lease term?

I use my own server to host nextcloud and keep all my receipt scans in there. Normally my folder structure is year > tax quarter > business/usage > property > storename_date_property_card used_item.ext

With this setup I can easily backup to external drives or multiple computers in case of a crash, corruption or anything else that may go wrong. Helps with the peace of mind that I'll have multiple copies easily on hand.

I've also tried a few programs but none worked the best along with some being a pain to export the receipts. Whatever you decide to use, you should ensure you are able to easily export the receipts as .pdf or picture files so that way you can always use folders or import into another program if needed.

I've used TD Bank in the past, as i used to do my personal banking with them.

I don't have a strong opinion one way or the other to use them. However any time I have needed to go into any location for desk help, they are always very helpful and nice.

Hey everyone!

I'm looking at my potential second purchase. I found out right in time that my neighbor would like to sell their property, as of the moment it would be an off market deal.

Just looking for input on if I should proceed forward in pursuing the property.

.

Asking Price $350,000

Built: 1912

Rents: under-market at

1BD 1B $800

2BD 1B $1000

2BD 1B $1050

Potential rents are $1000 for the 1bd and $1350-$1600 for the 2bd's. Higher end rent would require some repairs and rehab.

Capex $285

Maintenance $285

Vacancy $190

Insurance $110

Water & Sewer $85

Taxes $1042 ($12,500 per year)

.

Structure of the property is in decent condition, no current leaks or issues found.

Two leases are month to month as of this month, the one bedroom has a lease until august.

Gas, heat, and electricity are all paid by the tenants individually. Garbage service is included with the taxes.

Mortgage would be required and the seller is open to holding a small portion of the note.

Similar properties in the area or even duplexes have sold for $390k to $450k.

.

If any other info needed, just let me know. Thanks

Unfortunately some states require you to accept section 8, some require no discrimination from the start, and others may require you to accept if the tenant becomes eligible and is accepted into the program.

If your rental is in MA, I believe that's one of the few states where your forced to accept it, no matter if it's the start of the lease or middle of the lease.

I'd check with a lawyer in your area for full details but it seems you have to accept it and add the section 8 addendum to their lease.