All Forum Posts by: Patrick M.

A new lease needs to be completed. I would hope that he could appreciate that. Increased water usage is the least of your concerns. Wear and tear will increase significantly and you will be painting on turnover.

Why don't you ask one of the callers to send you the link???

Exactly @Johann Jells, I was imprecise in my parenthesis placement.  

You can ask someone to leave with (or without) proper notice anytime. If you have 3 units or more (and you don't reside there) then you are subject to NJ Eviction Law and they don't have to leave except with cause outlined by statute. And only after proper notice to cease and quit. You will find a host of resources on it.

How many units do you have?

I would have been burned had my wife and I not been employed. It is very doable but will also depend on the job and property. In our case the only property which would make sense was one that was in need of a bit of work. As completely amateurs we wound up biting off almost more than we could chew- almost. But in the long term it allows for a higher yield on repositioning.

I confess that there were many times between 9 and 5 when my thoughts were completely wrapped up in tenant and building issues- not productive for my w-2.

As for investing I would get out the word to anyone and everyone that you want in. Go to professional meetings- talk around town, etc. My pay off was very favorable owner financing. They were "dog" properties that a bank would certainly have a problem with and it was only because everyone knew I was looking. And I was able to close the properties with less cash.

I agree with @Laticia Braxton except I would make sure that your mother signs and sends it, I have little doubt that the tenant will claim that your mother gave him the concession.

When I get into issues like this I never call or look to discuss it- everything is in writing and properly served. Notice to cease followed by a notice to quit.

Good luck

I see- if that is the case I would be more concerned with getting my rents up to market rent.

@Johann Jells that is exactly my point, you have a defined ceiling to your rent. If you will not require going beyond that ceiling (which you can't do) to be profitable and it works out in other ways- liability, structurally, variance, etc. then you have your answer.

Best of Luck

@John Hickey I don't doubt for a second that you did your homework, dedicated yourself to improving your property and as a result increased your rents. My point is that you cannot with certainty say it increased it by $500 in the white hot market that was Brooklyn. All landlords saw a significant increase in rents from 15 years ago.

For those that are not in the know- a tenant in Brooklyn actually pays a broker to find them an apartment- we could all only dream of such demand.

Additionally, comparing - private deck/terrace to a multifamilies shared use is significantly different.

There is a tremendous amount of luxury and semi-luxury apartments in JC. Pool/Gym/terraces and shared event spaces. And they are continuing to go up. OP needs to identify his ceiling- because it is there.

I am very impressed that you got out of Brooklyn when you did as it seems to be settling down quite a bit. That was well done.