All Forum Posts by: Marc Winter

Of course, there are always legal/liability issues when you open a rooftop for tenant use. It's best to speak with your attorney, city zoning/permit office, and check with your insurance provider. 

Proper fencing, access/egress routes, and signage are serious considerations.  Other issues may become apparent as you progress with your plan.

In PA, when working with other licensed brokers/agents, the emd is given to the listing broker. They hold it in escrow until closing or termination of the contract of sale. Check with your state or local MLS policy.

Verbal offers are kind of 'iffy' to me; we like to see a written offer, followed by emd if/when accepted.

Crawlspace vents have been closed off in many of my properties for many years--never had a mold issue in the crawlspace or flooring.  

We found that insulating the walls of the crawl space with solid foam board insulation and keeping a small oscillating fan on at all times keeps the crawl space dry and comfy.  (I don't recommend insulating the ceiling of the crawlspace--it will cause condensation and dripping.)

Make sure there is some sort of vapor barrier on the floor of the crawl space--either thick plastic sheeting or cement.  Cover the plastic sheeting with gravel.   

Hope this helps.  Good luck.

We always sent certified, return receipt along with regular mail.  When those were returned to us undeliverable, those letters were kept unopened in that tenant's file.  Letting the l/t judge open the letter for themselves is great evidence in our favor.

Other than that, stop communicating with that tenant--it's in the court's hands at this point.

A great word to keep in mind with this type of recalcitrant tenant:  "Next!"

There are water leak detection alarms you can install in the basement--probably some that will alert on your phone.  I also like installing one next to the water heater--when those heaters pop, it can be messy.

Since you work totally remotely and you want to house-hack, move to your ideal/dream location.  You know, that place where you'd really like to live.

If you're happy where you live (and work) you will do well with your investing.  If that's NJ, then stay there.  If not, 'Green Acres'...

Rent is rent, a fee is not rent, nor is it security.  

All repairs above and beyond normal wear and tear must come from the security deposit.  

Make sure to document all deductions, and after move-out, properly inform the ex-tenant of any security deposit deductions IN WRITING, within the legal timeline according to your L/T state laws.  

Note:  in PA, we must inform the tenant within 30 days of moving out.  We send both regular and certified mail to the forwarding address the tenant provides us at moveout, OR to the rental address they vacated.  

If the mail comes back as undeliverable, do not open the envelope--just keep it in that tenant's file for possible future reference. 

Follow your state's L/T laws, document everything, no cheating, and sleep well.

Good luck!

@Greg Scott is right:  the only thing worse than a vacant unit is having a bad tenant living there.  Cut the cord, do not extend or delay.  Be prepared for a mess to clean up.

BTW, letting a tenant get 30--60+ days behind is not good property management.  Make sure to follow your own rules (lease).  By letting the tenant slide, you will be responsible for all the expenses without the rightful income.

Our policy is simple: our lease states rent is due on or before the 1st, late if not received by the 5th, and proper notice to pay or quit will be posted on the 10th. 

BTW, along with the posted notice, we attached a list of local community/government agencies that have helped people in need in the past.  Help comes to those who help themselves.

We just follow the lease. Agreed, it's not always easy--but running a business does come with both challenges and rewards.

Good Luck!

Yes, virtual staging will work well with a rental.  Remember to add the original unstaged photos as well. 

Include a statement that the rental comes unfurnished. (Some folks might mistakenly think the virtual staging is how the apartment will be rented.)

First, contact your VA lender to make sure a disclosed 2nd mortgage is permitted--in the past a 2nd was not allowed.

The purpose of the VA is to provide veterans with basically a $0.00 downpayment mortgage. Pulling money out over 100% of the VA appraised value of the property is a no-go zone for me.

Perhaps go conventional with the $300k bringing the ltv down to about 30%, and get a lender to approve that disclosed 2nd mortgage.  

Maybe save your VA for another property when you really need it.

Lastly, keep in mind that 'cash out' at closing will add to your monthly payments, so you'll be paying interest on that money.

Good luck!