All Forum Posts by: Adam F.

When screening applicants, do you apply the income = 3x rent standard for each applicant, or for all tenants who would be living together combined?

Hey everyone,

I offered one of my tenants a year lease back in May. They let me know they were in the process of looking for a house so they asked to stay m2m. My goal was to have my renewal cycle in the Spring/Summer because it can be hard to find tenants in the off season. I gave them a 3 month lease until Jul 31, requiring advanced notice if they didn't plan on renewing in August. When the time for notice came, they told me in writing they would be signing for a year beginning in August.

It's now Jul 30 and they haven't signed the new lease yet, and they just told me they are giving me 3 months notice that they will be leaving 10/31. The 3 month lease they are currently under requires 60 days notice of non renewal, but it doesn't specify whether or not that is renewal of the 3 month lease or a 1 year lease. Either way, they gave me the notice saying they would stay for 1 year.

I'm not exactly sure what to do here. Part of me wants to just say it's fine, but at the same time I'm worried about finding a new tenant during that time. Technically they're not breaking a lease because they didn't sign it yet. If they were under contract, it's my understanding that by law they'd be responsible for rent until a new tenant is placed. In the past, I've also used early termination clauses of 1 months rent. What I'm currently thinking is telling them that I can't do another 3 month lease or m2m, but they can sign a year lease and will pay the penalty for breaking it. But what's the alternative? I don't want to have to threaten eviction over this. Obviously I can't make them stay a year, and I don't expect them to now vacate instantly.

Thanks for the advice. I may give it a shot. All three quotes came in at $750

@Dennis M. I think if the unit was vacant It wouldn’t be as urgent and I would be more willing to learn on the job DIY, but with tenants in there I just feel I need it done quickly and right and am willing to pay. However 750 does seem high to me. May need to shop around

@Dennis M. the problem is I’m going to be away for 2 weeks and need it done ASAP. JW what a fair price for something like this would be 

@Steve DellaPelle @Aaron Sauer I ended up just taping / stapling some poster board over the garbage bags. Seemed like the cheapest and quickest fix until I can get the work done. Aaron thanks for the tips on replacing the drywall myself, however I'm going to hire it out.

I got an quote to repair and paint the 2 holes for $750. Does that sound reasonable?

Hey everyone,

My upstairs tenant had some leak issues from the attic this past week due to a leaky AC unit. The leak was just resolved, but as a result there are 2 big holes in the ceiling (about 1’x2’). The HVAC guy recommended waiting a week before officially patching the holes to make sure the unit doesn’t leak again.

I’m looking for suggestions on how to temporarily cover these holes for the tenant until I can get a drywall guy in to fix them. Right now I taped a garbage bag up there. Anything better I can be doing? Thanks.

@Shawn Mcenteer That really makes sense. As a new NJ investor it can be discouraging hearing the types of returns people look for and seem to get in so many other parts of the US, and often talking down on low cash flow as if it's a "bad deal". I'm really trying to figure out the best strategies in the NJ markets so I'm not constantly searching for the seemingly rare high cash flow properties and overlooking other opportunities. 

@Shawn M. Also prices are high along with the rents so although vacancy is low, I’m having troubling finding some good cash flowing deals

@Shawn M.

Yeah actually, personally I’m referring to Jersey City but also interested in the New Brunswick area which is showing a lot of new development