All Forum Posts by: Jesse Santos
Jesse Santos has started 1 posts and replied 3 times.
Post: Prospect tenant wants to negotiate security deposit of 1.5
- Rental Property Investor
- NJ
- Posts 3
- Votes 1
Quote from @Nathan Gesner:
Quote from @Jesse Santos:
I appreciate you sharing your thoughts, experience & examples! I'm just getting back in the game as a landlord so I'm a little rusty. The 2 year term did seem like a positive, but I agree with you all, thanks so much for the advice!
1. Don't reduce rent for longer terms. In fact, don't accept longer terms! I have a lot of experience and can tell you that the majority of renters ask to sign a longer lease because they want to distract you from looking too deeply into their past, they want to entice you to select them over other qualified renters, or they want to negotiate a lower price. In my experience, about 80% of them will break the lease early and you'll lose money because you negotiated a lower price!
2. Don't negotiate on your fees. If your house is worth $3,800 a month, then that's what you charge. If you require a 1.5x deposit, then that's what you charge.
This tenant already negotiated a rent reduction (costing you $2,400 in two years) and now they are asking for a 50% reduction in the deposit. I would withdraw my offer immediately and look for a new renter.
Post: Prospect tenant wants to negotiate security deposit of 1.5
- Rental Property Investor
- NJ
- Posts 3
- Votes 1
Hello all!
I'm asking for 1.5 month's rent for security, which totals to $5,700. Prospect tenant says he counters with $4,000. He's signing a 2-year lease agreement and we already came down on the rent by $100 after negotiation (which I thought was over).
My question is, is negotiating a security deposit common and is that a risk I should be ok to take?
Post: Allentown. Looking for my first multi-family purchase.
- Rental Property Investor
- NJ
- Posts 3
- Votes 1
People always need somewhere to live. I've read ton of investor success stories in areas where you wouldn't expect. I can't say from personal experience in that area, but I have a multi -family home in Jersey City, NJ in the not so great area and no matter what, the rent average continues to increase. Keep doing your research and do your best to minimize your risk, but I wouldn't completely shut the area out.