All Forum Posts by: Christopher Morris

Not sure about any conferences but there are a handful of good REI meet ups! I messaged you with more info.

We’ve found the best way to raise rent is:

• Determine market rent
• Share the proof with the tenant
• Tell the tenant, given your rent is $x and market rent is $y, what do you think if a fair increase?
• Often, they may volunteer a higher amount than you were hoping for.
• Those that respond “$0” or something ridiculous, you can request income documentation from them to justify.
• Don’t be afraid to share with them how much your property taxes & Insurance increased and that YOU cannot afford to absorb the.

ALWAYS get an increase or something of value annually or tenants will start thinking they should never have an increase, making future increases that much more difficult to negotiate.

Hi Christopher!

Congratulations on your first accepted offer in Bayonne, NJ! It's great to hear that you're looking to maximize your rent roll by improving each unit in your duplex property. Here are some tips and advice to consider:

1. Upgrade the flooring: Vinyl floors are a fantastic choice as they are durable, easy to maintain, and cost-effective. They can provide a modern and fresh look to your units, attracting potential tenants.
2. Fresh coat of paint: Hiring a painter to give the units a fresh coat of paint is an excellent idea. Choose neutral colors that appeal to a wide range of tastes and create a bright and inviting atmosphere.
3. Enhance lighting: Good lighting can make a significant difference in the overall appeal of your units. Consider installing energy-efficient LED lights or adding additional lighting fixtures to brighten up the space. Well-lit rooms tend to feel more spacious and welcoming.
4. Kitchen and bathroom updates: These areas are crucial for potential tenants. Consider making minor upgrades like installing new countertops, faucets, or cabinet hardware to give them a modern touch. If budget allows, you could even consider updating appliances or adding attractive backsplashes.
5. Curb appeal matters: Don't neglect the exterior of your duplex. Enhance the curb appeal by maintaining the landscaping, adding fresh plants or flowers, and ensuring the entrance area is clean and inviting. First impressions are important and can attract quality tenants.
6. Offer amenities: Consider adding value by providing amenities such as laundry facilities, off-street parking, or outdoor spaces like a patio or balcony. These additional features can justify higher rent and attract tenants who are willing to pay more for the convenience they offer.
7. Research the market: Take the time to study the rental market in your area. Understand the rental rates for similar properties and amenities in the neighborhood. This will help you set competitive rent prices that reflect the improvements you've made.

Remember, communication with your tenants is also essential. Providing responsive and attentive property management can contribute to tenant satisfaction and potential rent increases in the long term. Best of luck with your rental property venture in Bayonne!

yes doing minor cosmetic rehab can always get your return back. You can also try experiment one unit being semi furnished and the other unit not furnished. You will be able to compare and differentiate your competitors from that neighborhood. @Carlos Valencia @Albert Bui

Quote from @Christopher Morris:

Hello BP, I have been reading up and listening to podcasts on house hacking especially in NJ (Jersey City, Montclair, Bloomfield). As I'm looking for a house hack, I'd really love to live in a decent area (some in Jersey City can be iffy). Has anyone had recent success stories in 2023? 

As home prices in NJ are very high, it makes the decision to go FHA VS live-in Conventional hard for me. I could put a down payment for a conventional (20-25%) 550k duplex, but I feel it could hurt my chances of buying as many duplexes in a 5 year period (for example) if I go conventional VS an FHA at 3.5%.

Any help would be appreciated!

It's tough out there to make numbers work! I've been considering house hacking in NJ. I live in a very desirably town in upstate NY, refinanced at a super low rate, so will keep the house as a rental. But I work in NYC and my WFH days are coming to a close. So I too am faced with this predicament.

Are you commuting into NYC? Or would you be open to other areas not mentioned that may be more affordable?