All Forum Posts by: Kar Sun

verbal agreement does not cut it. your brother needs to have temporary occupancy addendum to the agreement. it spells out if there is rent, what is the max stay (no more than 60 days otherwise it is considered an investment property for a buyer), daily rate over agreed time to possession, needs to have signatures. Additionally closing date (title document signing) and possession date should be different. it needs to be in a contract. you can get a form online that is applicable to your state. I am surprised buyers agent did not mention it. Have this stuff on paper. 

 ok, do not just use rentometer. look on zillow, apartments.com, zumper, realtor.com what similar units go for. I would not blindly trust some rentometer algorithm.  

I would drop this property manager

Yes, as long as you have comparables in your market. The only time it can go higher is if you have a highly desirable feature on your property.  I would not increase every month. Just assess what you need for the life of your upcoming contract. $50 dollars is practically nothing these days. 

great subject and I have seen several threads on it. Following.

none. there is a wealth of resources where I may not need any real estate agent. Going through a transaction not involving any agents and everything is great so far. 

 I am not letting anyone fill any application unless they go through pre-screening questions. How quickly they respond to these questions and in what format matters a lot. It tells me about their character. Only several people will be invited for each batch showing. And realistically only 1 or 2 out of 20-50 visitors will be qualified. It is just like a job interview. I do not have several hrs each time to spend on the applications. Apps are for those who are most qualified because apps are not free and there are fees. They only have one chance to make an impression. I have another full time job and do not have time for tire kickers. I do not need unqualified people pestering me about money back. 

 This was funny but to the point.

For my A class units I would actually consider removing tub/doing light remodel altogether for a long term tenant who would be willing to foot half the bill. I would have them sign appropriate documentation releasing any interest in a property. This can actually be a win-win in some less common cases given the current prices. 

sell. how are you going to manage an out of state rental? you will have to pay to a property manager to do so. if you had 3 or 4 of these it would make more sense. I do not see a need in property managers for most small portfolios. also, is NJ a landlord friendly state? yep, I do not think so. get rid of  it. 

I would take  cash negative flow at this point in a good location. I know it will eventually be cash flowing and it will appreciate even sooner. In part due to tremendous inflation.