All Forum Posts by: Eric V.

@Thomas S.

That may be partially true with m2m leases, but the Big problem with them is that tenants can move out any time including your good tenants. Re Renting in Nov-Mar is very difficult in my area in the northeast as no one here wants to move during the holidays and winter in the cold. Vacancy and lower rents are the result. 

I always try to get the leases to end in spring/early summer making re rental much easier, and there are usually more tenants  (at a higher rent) to choose from.  

Also M2M in NJ does not really protect you much from a problem tenant. They get the same "rights" to eviction as a standard 1 year lease. 

The best clause that has helped me get rid of a "holdover" tenancy was the 1 1/2 times rent increase at the end of the lease for "holdover" tenants. Holdover tenants have not made a new lease  with the landlord and are able to stay in the property (in NJ) but at the new 1 1/2 times rate. 

@Michele G. 

Unfortunatly it's usually me dealing with these issues. I love it when they find rags paper towels feminine products all jammed up and say (after living there for 9+months) "we didn't put any of that stuff down there, it must have been the guys who lived here before us."

@Michele G.

Gonna add that drain clause to my lease template right now, had this happen twice but both times the tenant paid for it and told me later, they tried to use it as negotiation point on security deposit return.

Ha.... i thought NJ was bad.

Make sure Late Fees are brutal. Have them initial this section. Shows them you are very serious about getting paid on time, and won't stand for BS late payment excuses. I have additional late fees at 5, 10 and 15 days and daily after 15 days. 

Add landlord has right to pick, destroy, replace any lock at anytime without notice that has been changed without giving landlord a key.

 Make entering property 24 hr notice. Some leases don't make this clear or are longer.

The goal is to get great tenants upfront, but if there are problems and you need to evict, you want things in your favor.

make sure late fees are to be paid as "additional rent".

Has anyone successfully completed a 1031 exchange using a Hubzu purchased property as the replacement property? Thanks in advance.  

Has anyone successfully completed a 1031 exchange using a hubzu purchased property as the replacement property? Thanks