All Forum Posts by: Patrick M.

Tenants are told what the utilities are in our ad and when we do a walk through. Gas stoves leave no room for mistaking. I forward new tenants the phone numbers for natural gas and electric to switch over the utilities before move in. 

There are a couple of units in my market that are all electric... they have a lot of turnover- gas is far cheaper for heating/water.

I raise every year. This year will be the largest increase in my apartments... but it is not near market. My market has increased exponentially as people fled NYC. I cannot raise on a current tenant $300-400.

That being said- I will have a vacancy in April-May and it will be snapped up right quick at just below market.

I have also seen a couple realtors/property managers come in at truly astronomical numbers and they are paring back a little each week. That is not for me- I go with a no vacancy policy.

My market had rent control tide to CPI. The rent could only be raised by the amount of yearly CPI (from 4 months before lease expiration). The 12 month CPI in Delaware from December is 6.6%. That would call for a conservative increase of $90.75. 

I am on great "terms" with all of my tenants, but that doesn't matter, I send them out a yearly lease renewal with a letter informing them of the rent increase. You should cite this figure if it makes you more comfortable.

Trust me- tenants know the scarcity of units and if they decide to leave it is not going to be over $25.

Sounds like she has a good read on you.

Personally, if it was me, I would hand deliver the notice to cease/quit when I showed up for an inspection of the property. there are too many qualified tenants out there looking for a home.

But in reality, you need to hire a property manager. You are an absentee landlord that is in no position to properly maintain the rental or a tenant. 

@Bruce Woodruff agreed... kinda funny- for a blue state, NJ is going more and more red these days.

I see the potential for a lot of localities to revisit rent control. My market finally got rid of it on vacancy a couple years ago... But with the resurgence of Progressive policies and blanket demonization of landlords... it will begin to be proposed.

I operate on a 60 day lease renewal notice. I list the apartment as much as six weeks out and work with the tenants to show it. 

I don't do vacancy.

Each week I do a survey of my market it goes up. I am really astounded by a few of the same realtors that continue to set these high ceilings and sit on them for weeks.

They make me more money then they make their clients or bosses!

I prefer cash in my pocket to equity. My kid's tuitions is in cash, not equity. As is my home mortgage... and bills... toys...

I am far too good of a landlord to put off being paid for years, if then! I want to get paid handsomely- but I am willing to take it on a monthly basis.

My market real estate prices have sky-rocketed in the last 2 years. There was absolutely no talent that went into it, just a confluence of events. Loser with a clapboard shack increased his equity...

That would make me very nervous if I was running victory laps and patting myself on the back because of equity.

The district attorney, Alvin Bragg, told prosecutors in his office in a memo that they should ask judges for jail or prison time only for the most serious offenses — including murder, sexual assault and economic crimes involving vast sums of money.

And this ladies and gentlemen is called turning the asylum over to the inmates.