All Forum Posts by: Patrick Tully

New Jersey Sercurity desposit Act is one of them that I just found, landlords are required to put tenants Security deposits into a separate bank account that accrues interest, send them a letter stating the bank and type of account within 30 days of receipt, and pay them the interest annually. Owner occupied dwellings, two units or less, are not required to do this unless the tenant ASKS for them to do this. 

   Failure to comply allows the tenant to have the landlord use the security deposit towards the rent......this includes failure to just send the letter. Anyway looks like i need to make these accounts and send letters. Missing something like this could be pretty yikes.

Thank you. I guess a lot of the things I am concerned about are probably state and local. For instance, maybe needing fire suppression system in 3 units and bigger but not needed if its owner occupied type of thing ( just a made up example). Registering as a landlord is something I luckily remembered because I have a co worker who had to evict a tenant. Upon the first day in court, the judge saw he wasn't registered as a landlord and said go get that fixed and see you in thirty days. Added a month onto what was already going to take 2 or 3. You don't need to register as a landlord if owner occupied and under a certain number of units. I don't think i would have seen this anywhere if i hadn't heard through him. 

     I own a multi family home in Long Branch NJ. My family and I have resided in the upstairs unit for the last four years while renting out the bottom apartment. The property value has nearly double and the rental market is on fire over here. It has worked out far beyond anything I could have imagined. We are now moving on to bigger and better things and its time to rent out the unit we have been living in. I will now be operating a two unit non owner occupied property.
   I remember when we first bought the place and I was researching everything I need to know about land lording in my area, I would read some requirement and then disregard it because it stated " owner occupied dwellings below x number of units" were not bound by whatever this requirement was. Now that I will no longer be owner occupied I am not sure if I know everything I need to do differently.
   I know my taxes and deductions will be different. I know I must now register as a landlord with my city. I believe I need to make my property insurance company and my lending bank aware of the change? Any ideas about what I am missing? Any NJ or Monmouth county specific that I need to be aware of (if anybody from her reading)?
  Any help would be appreciated. Thanks!
Pat