All Forum Posts by: Lynn McGeein

@Elvin William my buyer broker fee has always been negotiable. For example, if you’re a first-time buyer wanting to see 3 different cities, low down payment Ioan, no real idea of what you’re looking for, and need to lose 3+ offers before you’ll listen to my professional opinion on offer price & terms, you’re going to be paying me a lot more than an informed cash buyer looking in a specific neighborhood that listens to my advice so we quickly win the bidding wars we still have with lack of inventory in desirable neighborhoods. I’ve never thought commission should be a fixed rate, and I’ve never worked for brokerages that weren’t flexible, except my first one where I learned I never wanted to do that again.

@Sheri Rolfe if you’re already under contract, read through it carefully as it will usually explain if there’s a way for you to cancel without you being in default. In addition to commissions, you may owe damages to buyer. If agreement can’t be reached, there’s usually something about mediation. Buyer could even sue to make you honor the sale, depending on how invested they are. So read your contract thoroughly before making a final decision.

It may be best to find a professional management to assist until you learn what management entails, enough to make a decision on if you wish to self-manage or not.  Unless you know NJ landlord/tenant laws along with the commercial side of it, it may cost you more money NOT to hire professional management.  I'd at least interview 2-3 local property management firms, preferably ones that can do both commercial and residential to keep it all together. Read inherited leases thoroughly before the interviews, make a table of all important dates for each unit, like all renewal dates, how many days in lease for notices (inspections, non-renewal, etc.), and any special terms in there like required to maintain minimum heat, etc.  Have leases available and a list of questions to discuss during your interviews, and give tenants whatever required advance notice is necessary for inspections during the scheduled interviews so potential managers can walk through the units with you.  You may need to read NJ landlord/tenant laws to check required notice times for entry into units (I think my state is now 72 hours' notice). You may find they've all been getting a great deal for years, and you could have efficient management, less stress and more money with professional management.  Worth checking into, at least. 

@Tim Hill if you’ve never signed, she hasn’t moved in and she hasn’t paid required deposits and rent, how can there be a legal contract? Just return partial funds with notice saying you discovered eviction filing so she does not qualify. Any pushback, I’d let her know she should have made you aware of that up front, not lie about her rent history. Not a lawyer, no legal advice, just what I would do if I found that out before move-in. I do not sign the lease, either, until they provide all funds and sign.

@Jared York who owns the shared portion of the driveway? Sometimes it’s one with easement for access to the other. If you own it, maybe you can talk to city/local office to see if you have any right to restrictions for use if others are creating hazards on it. I also suggest that the tenant install a camera that stores videos of the driveway, then when tenant has proof, you can send notice to owner next door that he is to eliminate hazards he is creating, or you will sue for damages, especially if it costs you tenants, as they can’t afford and shouldn’t have to deal with repeated damage. Hopefully they’ll just be done with renovation soon.

@Joey Morgan if your client wants you to write subject to the existing mortgage, likely best to contact listing agent first and ask if seller is even interested, can save a lot of time if not. As a listing agent, I let my seller know it can trigger the due on sale clause and they lose control of the home but still responsible for the mortgage if buyer doesn’t pay, so most aren’t interested unless it’s a special situation where they really need out and no real buyers out there.

@Brandon Gall if it’s domestic abuse, in my state they can provide copy of protection order and give notice without penalty, and if abuser is only occupant left, you can then give notice to them. If it doesn’t meet that criteria, it would just be treated as an early termination request, with whatever penalty is in the lease, and both would have to agree or remain responsible through lease term. If the other qualifies on their own and agrees to it, I’d be ok with removing one. But only with transparency to all parties and signed amendment agreeing to changes.

@Matthew Wright know your landlord tenant laws as many states have or are enacting limits on application fees, some require itemizing and returning any unused portions if over a certain amount. For me, it’s just easier to have applicant pay Smartmove directly after I’ve checked landlord history and verification of employment. I only accept applications after they’ve seen the unit during one of my showing days, so it’s not that cumbersome as I only book about 12-15 appointments with maybe 4 applications received from that day.

@Julia King why is it necessary to explain? I don't think a tenant rents a unit based on the lease term of the neighbors. (Unless it's a STR causing problems each week). If they mention how nice it is that you're living next door, maybe just say, yes, but sometimes I rent it for a few months when I'm out of town. Otherwise, not sure it matters if you say anything.

@Derek Morrison I list “typical qualifications” in my rental listing then have a specific email response to inquiries that again lists my “typical qualifications,” along with an attached application form, that if they meet those, they can request appt x day for 20-minute time slot, and I only accept applications after meeting them at the appointment. If they can’t make my day, I respond that they can look online to see if it’s still available afterwards and if so, hopefully they can make the next one. Serious ones for my schedule. I do have those who show up stating “but my cats are clean” or “it was only one eviction” which I just say no, but I’ve also had those who may be slightly off income but have a qualified co-signer, or a lower credit score but it was for a medical bill or student loan, and they worked out well.