All Forum Posts by: Ayelet Wiedermann

John,

First off, good luck! It's an exciting opportunity and I look forward to learning more about it!

We are in residential property management and work closely with the professionals that you are looking for. Give us a call and I'd be happy to walk you through recommendations and answer any questions you might have.

Ayelet

I highly recommend Brian Kappock. He's communicative, responsive, has years of experience and will fight for you! https://www.kappocklaw.com/

Thanks @Jason Stewart! 

@Rizwan Qadri, let me know how I can assist you!

Ayelet

@Andy S., @Mohammed Mahfuz Rahman is correct. You don't need to include the specific details on where the security deposit is held in the lease. Once the lease is signed, the security deposit paid and deposited, send the tenant a receipt with detailed information within 30 days.

Thank you @Christopher Berra!

@Andy S., great questions and there a couple of ways to handle this in New Jersey, depending on the situation.

1. You can charge a smaller security deposit, and then add the pet deposit.

2. You can charge an annual pet fee rather than refundable deposit.

3. For pet fees, I've seen monthly fees anywhere from $25-$100 per month, per pet, depending on the location, landlord, tenant, etc.

4. As far as ESA animals, you cannot charge a fee, however, tenants still need to abide by rules as far as caring for their animals and the property. You should have a clause in your lease agreement or an addendum detailing their responsibilities along with penalties for violations.

At Keyrenter North Jersey Property Management, there are a couple things we always go back to when making these decisions:

- How can we provide the best value/service to clients and tenants? Examples here are why are we charging these fees? What service or value are we providing that it covers?

- Compliance - always making sure we are following NJ State Law. Make sure you are handling the security deposits correctly. We put together the following blog post which outlines tenant responsibilities as it pertains to security deposits - https://www.keyrenternorthjersey.com/blog/4f0f9d23-698f-49fe...

Let me know if you have any additional questions!

Yes @Andy S., in New Jersey end of June through the end of July are the strongest months for leasing. If you want to give yourself a bit more time, go for 17 months.

@Andy S. I agree with the others, definitely list it now! The only thing I'd add is to do an 18 months lease or so, so that when the next lease is up you'll be in the warmer months.

 Yes, we do.

@Sateesh Kumar, it's tough to give up on a 2.5% interest rate, although of course your unique personal situation comes into play. Many of our clients in similar positions keep the investment and hire a property manager - that allows them a completely hands off investment, while continuing to build equity. Let me know if you'd like to consider. Happy to run through numbers with you to see what makes the most sense.

@Brandon Morgan, congrats on purchasing your first investment property! Yes, you can absolutely invest in single family and it can be a great investment. Keyrenter is a national franchise with over 10,000 properties under management across the country, and while we do manage multi-family, we primarily manage single family homes for investors. There is certainly much to be said for this strategy!

There are pros and cons to both SFR and MFR from both a strategic and financial perspective. Feel free to reach out, I'd be happy to jump on a call and walk you through it.