All Forum Posts by: Cynthia Brooks

Hello,

Can anyone give me an idea of what percentage are closing cost in Trenton, NJ on a small (2-4family) rental property? 5%? 6 %?

Thank you

Hello all,

I would appreciate some feedback on this unusual situation concerning my tenant of 3 years. (Background , I own a small 4 family building. I have a rent drop box installed on the inside of the caller door with a mail slot to drop the rent envelope into. It is under surveillance by a camera system. This has been in place for the last 3 years with no problems. Some of the tenants usually drop their rent in cash ( I know..I know but they have other options such as money order, cashier's check, direct deposit they choose not to use).

Recently, I renewed my tenant in 2F lease and increased the rent by 1.25% ( from $960 to $984) effective this month ( July). Rent is due on the 1st of the month with a grace period until the 3rd day of the month, 4 pm EST. On the 3rd day of the month  around 3pm I dropped by the building to check the rent drop box. It was empty. Later in the evening after 4pm I checked the camera to see if tensnt put rent in drop box before 4pm, she had not. I sent the tenant a text followed by written correspondence that rent was due on 1st and was now late, incurring a $50 late fee. The tenant responded back that they had deposited the rent in the box days before. I informed them so had checked the box and there was no rent envelope on it. I asked the tenant for the day and time frame when they deposited the rent. The tenant informed me they deposited the rent in the box on the 3rd the day I checked the box. I  reviewed the video from June 30 - July 6. At that point I suggested  that she contact the police and fill out a report if she was sure she had deposited the rent in the drop box. And informed her the rent was still owed in addition to the late fee and needed to be paid by July 13  (1 week's time).  The tenant sent me a text talking about how they had always paid their rent on time ( not true). Bottom line, I reviewed all the video, there is no where it shows tenant even going to the rent drop box to drop rent off. I have tried to be fair and give tenant every chance but I'm not taking an almost $1k hit on rent. Interested to hear some more experienced opinions on this matter, if you please. Thank you. ( Tenant is a good tenant for the most part. She is one of those who complain about the heat not being enough on the hot days, yet has her patio door open and on the cold days she doesn't say a  word about the heat.)

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*This link comes directly from our calculators, based on information input by the member who posted.

Stephen,

How are Beatty, Homes and Cass streets?

Stephen,

Thank you so much. I have been looking around Chambersburg, Villa Park, Mill Hill. The house I have my eye on is a 3 family 1/2/1 configuration. It needs value add  cosmetic updating (about $15k) to bring rents up.  If I can get it for the right price its worth pursuing.

My concern was I read there was gang activity in that area in  recent years.

Correction: Its the Chestnut Park neighborhood of Trenton , NJ.

Hello BP, Id its not too much of a bother, I have a few questions for the investors and landlords in the Chestnut Hill neighborhood of Trenton, New Jersey. Im thinking about investing in the area. Could you give me your opinion on: 1. The area as far as grade type ( B, C, D) . 2. The cap rate ( especially interested in knowing what kind of cap rate investors are getting in this area). 3. Your view on prospect for improvement ( up and coming area or going downhill area). 4. Also, in this area what is the typical per door rate ( I like to have at least $150 per door or more). Since I'm primarily located in Brooklyn, NY this would be a out of town investment ( plan to have property management in place). Thank you for your assistance.

Thank you all dor your valuable advise. Yes, I will bite the bullet and pay the bill. The business of renting must go on.

P.S. Just got back all the keys today.

Hello to all, I have a utility situation Im not sure how to handle. I was in the process of evicting a tenant when they moved out. We had a stipulation agreement for amount they were to pay, date they wer e suppose to pay it and move out date. Of course they failed to live up to the payment( $800) or date of payment portion ( 11/20/17) of the agreement and moved out (12/7/17) before the agreed upon move out date of 12/20/17. The problem is that when I contacted the electric company ( Con Ed) I was told they cancelled service on 12/1/17. The electricity is still ON. I was told if I wish to put the utility in a temporary account until get another tenant they would charge me begining 12/1/17. Call me strange but I dont feel like picking up the tab for their electricity bill. Now I admit my workman did go in and fix the place up ,took them 10 days ( I don't even want to go into the condition these tenants left the apartment in...lets just say it took a carpenter, painter, plumber exterminator and hardwood floor guy to reassemble the apartment). And I have had showings last last three (3) Saturdays for 2 hours each. I have no problem paying for my fair share of use I just dont want to pay for thier free ride anymore. I asked the utility rep when electricity would be turned off, they didnt know. Im still showing apartment and dont know when the lights will go out. Guess Im stuck footing the bill until I sue them in small claims court . What do you think, open temporary account (paying thier portion of the bill)? Or take my chances with the lights going out any day ? Thank you for your assistance.