All Forum Posts by: Madeline Mercer
Madeline Mercer has started 1 posts and replied 13 times.
Post: Open window in bathroom causes havoc

- Rental Property Investor
- Newark Nj
- Posts 13
- Votes 3
Yes getting a report from the plumber would be ideal; however, I believe your issue will be no one knew that an open window would cause the pipes to explode. had you given them a notification the first time when it happened then you could say "Hey I explained to you this would happen" or have it written in the lease agreement. Therefore, it would be seen as breaking the agreement. However if they were not given notice the first time it happened, no one knew why it happened so therefore I don't think you have a win, but that's just my guess.
Post: tenant says he's afraid that his infant will cut her fingers on brand new radiators.

- Rental Property Investor
- Newark Nj
- Posts 13
- Votes 3
I'm only guessing but since this is a child I think you need to find a way to resolve that issue. As far as the other issues that you already resolved, maybe they needed to be repaired but for the most part you're upgrading your apartment and they are paying the rent; so why does it matter.... make sure the child is safe. No regrets! Thank you.
Post: New tenant has yet to move in after 5 months, but has been paying rent

- Rental Property Investor
- Newark Nj
- Posts 13
- Votes 3
If I had to guess I would guess there is nothing you can do until she actually stops paying because technically she has not abandoned the property if she's paying you. My understanding of abandoning means to leave and go away. She never entered so she has not left. As long as you're getting paid you cannot dictate when she can or cannot enter, whether she lives there or not you're getting your money. She's getting whatever satisfaction she's getting out of it. You have to wait until her lease expires and then address it, if she wants to continue paying what are you gonna do an eviction on the basis of she's paying you money without actually occupying the property. As far as her trashing the other places you should have done your due diligence. I believe she is your tenant until she technically moves out (not literally) or the lease expires. I'm not sure how that will turn out but good luck to you.
Post: No 30 day notice, do I need to return deposit back to tenant?

- Rental Property Investor
- Newark Nj
- Posts 13
- Votes 3
From the what I remember a tenant has to give you 30 days notice when their lease expires. If they move out during the lease period you get to keep the deposit apply it towards the next two months rent (the legal limit). You can bill them for two month's of loss rent as you work diligently to replace them. You must notify them by certified mail of the shortage between their security deposit and the cost of cleaning, repairs and two months rent. And request payment within 10 days to avoid legal ramifications.
Post: Midterm rental websites

- Rental Property Investor
- Newark Nj
- Posts 13
- Votes 3
Good day BPs
I'm looking for a mid-term rental mentor. Preferably in New Jersey but anywhere is better than nowhere?
Post: Approve or Deny? Expenses > Income but meet Gross 3X of Rent

- Rental Property Investor
- Newark Nj
- Posts 13
- Votes 3
If you feel strongly about her potential as a good tenant, why not offer her lower rent and slowly increase it as her situation improves. I feet that would be much better than setting the both of you up for failure. Which would ruin you confidence in humanity and ruin her credit...... again. Furthermore, if your concern is the quality of the tenant pool why not forgo the credit score requirement instead of DTI. If your concerns are the tenant missing one payment per year, lower the rent to be equivalent to 11 months rent, you seem to be able to afford the cut in revenue to get a qualified tenant quickly and/or help a struggling human being . Good Luck.
Post: Tenants wants to add 3rd tenant to 1br unit

- Rental Property Investor
- Newark Nj
- Posts 13
- Votes 3
I agree with BillB. in addition to, you must include in your new lease a requirement for additional tenants. I give guest 7 days visits afterwards they are in violation of their rental agreement and subject to eviction proceedings. No subletting allowed. any agreed upon additional tenants are subject to 100$ additional rent each adult (for wear and tear and water) they will be require to complete a background check at their cost of ______$. make certain the additional tenant knows the rent so the current tenants are not subletting and gaining financially.
Post: Rental property with tenants in place - how to go about adjusting the rents?

- Rental Property Investor
- Newark Nj
- Posts 13
- Votes 3
I had a similar situation in Irvington Nj, a quadplex as well, with four below market tenants. the city's rent control rules: 472-1 Establishment of rents. (UNLESS OWNER OCCUPIED OR CAPITAL IMPROVEMENTS)
If the land lord supplies heat, rent increase shall not exceed 4%
otherwise don't exceed 3%.
tenants 65 or older 2%
new tenants increase can not exceed 5% over the last tenant's registered rent
you must provide a new tenant the previous rent amount in writing.
you must apply to the city for each increase with 60 days notice, depending on the US department of housing and urban development for a unit of similar size.
fines will be levied on a daily basis if in violation.
What would you do if you found your property is in a rent controlled city?
fortunately or not I lost that deal.
Post: Financing my purchase

- Rental Property Investor
- Newark Nj
- Posts 13
- Votes 3
@Chad Davis. I will get the report later this morning. What's the plan?
Post: Financing my purchase

- Rental Property Investor
- Newark Nj
- Posts 13
- Votes 3
@Joseph Guzzardi Jr. The payments were sent from my bank's auto pay.