All Forum Posts by: Patrick M.

@John Hickey just realize you will be adding a feature to be enjoyed by the community, so it is very different from a private yard in Brooklyn. It could become a point of contention among tenants (and neighbors). I see it as an unnecessary liability in my market. Knowing Jersey City and having lived there I can't imagine you are competing with the semi-luxury rentals so there is a definite rent ceiling for your market.

Best of luck

That would be a step too far for me, but the luxury apartment just built down the street has one.

I feel the headaches and worries would not be worth it for me. And then some guy is going to bring his charcoal grill up there! Give you insurance agent a call.

Also you open yourself up to the mandatory allowance of satellite dishes.

As for tenant prospects: I have a beautiful yard on my multi with nice picnic tables- definitely a selling point for tenants, the prospectives love it... It is never used.

I have to agree with @Fred Heller.

If a buyer tried to renegotiate with me based on this ESPECIALLY if I knew it was an income property I would tell them to go screw. 

Maybe if you were buying a multi-family and one of the apartments was 400 sq ft instead of the represented 700. I would take issue- but I sure as hell wouldn't be in a position to have an appraiser inform me of this- I would have known.

If I was the seller I would think the buyer either got cold feet or was trying to strong arm me since we were "engaged" in the deal. Either way I would tell them to take off and I would take the $1000 for wasting my time when I could have spent it with a serious investor.

@Thomas S. That is hilarious! So the tenant gets a windfall! 

We can agree that the landlord is mope, but it is part of the deal- and @Jeremy Bonfini gets to use it for his advantage.

There is no requirement for a landlord to turn over a deposit if there is no deposit. Just as there is no requirement for a landlord to take a deposit.

I would be more interested in getting a shorter term with a better rate. I have never been able to look at life in 30 year clips, even when purchasing my home.

Also, think 2007. "Safe bet- like forced savings...." Equity is not always a constant.

Jeremy- I had this happen. This is the problem with an absentee who know he is on the outs. I gave 1 month notice of the need for security deposit. 1 tenant got it right to me and has transitioned well. 2 did not and it was one of the factors needed (under NJ law) to give them notice to quit. You don't want these tenants if they are dipping into deposits. (The one which adjusted well was a long term tenant who moved from his other building and started a family along the way.)

Congratulations and good luck!

Congratulations on the purchase!

This isn't rude. This is tenant friendly.

Tell him you will be doing a walk through after the closing to assess the apartment, take photos and review it with him so there is an accurate accounting for his security deposit. You will assess it then.

I would ask the seller for the background of the tenants though, I have very little faith in last minute tenants being placed by a seller.

my impression from your little blurb there is that you don't want to rent it. Sorry, just my take. Must! No! Have to! Why no just advertise the property and see who came looking. I gotta imagine a whole hell of a lot of people around Flint have been evicted or had bad credit- why not have a face to face discussion about it? Let them explain there situation to you when they apply.

When they look good and they seem like a taker consider reimbursing the $25 background check if they are eventually placed.

Looks like you have a property in a low income area and you want high income tenants?

some people are skittish on SS #'s for good reason. I have found that people don't mind as much providing them in a hard copy application, but get nervous on websites. I have never had an issue when in person.

Ultimately I will always wind up with the SS# when I have a tenant complete a W-9 for their deposit.

I would add: "Reason for moving"