All Forum Posts by: Peter Fokas

Its interesting to speculate on this. Based on recent news you would think the cities will empty out. I would say the subset of the working population that has families will consider moving out of cities faster then before but cities will not disappear.  Perhaps a good time to buy in major cities and sell in suburbs in the short term time frame. Whats not clear is the nearby smaller cities near major cities (ie. Jersey City to NYC). How will these places get impacted.

https://www.cnbc.com/2020/07/02/manhattan-apartment-sales-worst-on-record-biggest-plunge-in-30-years.html

 

Thanks Jessica. You are very helpful.

Recently acquired a property that has 1 commercial tenant (restaurant). They are on first floor of building and have been using the basement for storage and other things.  Their written lease with the seller does NOT state anything about use or access to basement. It only states 1st floor.  The seller did let them use the basement (I guess verbal agreement). I on the other hand want everything in writing so can I tell this commercial tenant that they cannot use the basement based on the written lease. I am amenable to allowing them to use the basement but not for free and in writing. Can I do that? Is there any "unwritten" rule that when renting the first floor of a building it automatically includes basement?

thanks for the replies. This is helpful.

This is a property I recently purchased (last week) with existing tenants. They are MTM with no written lease and no security deposit. Why I want them out? Its a 3 bedroom with one person identified as living there meanwhile last visit I saw around 8 people living there. Would say they have been subletting in the past and who knows how many people been staying there.

Jessica - I though the NJ Anti-Eviction Act prevented landlords from evicting without just cause.  Am I mis-interpreting the Act?

What are protected tenants? 

Can I give a notice to vacate to MTM tenant that has no existing lease in NJ without a just cause? Or do I need to show just cause if it ends up in the courts?

Recently acquired a property in NJ that has MTM tenants. Would like to remove them. Any recommendations on best course of action?

Thanks for feedback Allan but wanted to confirm - do you own any properties in Newark and if so any vacation rentals? I figured the only way to get a sense of this market is from someone who is in it. I know there are short term rentals there as you can see them on airbnb.com so it is an existing market.