All Forum Posts by: Francesco G.

I would reach out to a title company in NJ and inquire

Stop working with the tenant. Send them a notice to quit and file eviction with the county. Bring a copy of the lease and other evidence of their breach of contract. You should be fine.

Chase Quick Pay with Zelle is great because most large banks use it as well. You can also use Venmo. It's easy to set them up and eat them going on it.

Yes, you'll need a lease to raise the rent.  They'll want a new one in place with the new rate.  I would contact them and see what the allowable increase will be and go from their.  Can't hurt to try, if not you can try to end the tenancy and find someone new.  

I recently purchased a fourplex in NJ and inherited 4 tenants. One is section 8 with part of the rent being covered by the tenant. It was actually very easy. Speak with the tenant and find out who the section 8 contact is and they'll provide all the paperwork you need. In NJ you can't evict or ask someone to leave just because you are selling and the new owner wants it vacant in buildings with 4 units or more and in some cases 3+ if not owner occupied. Not sure about NY. As for raising the rent on the section 8 tenant, you'll probably have to wait until their term is up and request an increase and sign a new agreement with the tenant. I let my contact know I was raising the rent a certain percentage and they approved. Then you send them a copy of the new lease. Usually you need to do it by a certain date each year (i.e. 60 days prior to expiration of the term). Raising the rents on the non-section 8 tenant s will depend on when their leases are ending and also if there is rent control on your city. If they're month to month you can send a notice (usually min 30 days notice) prior to next rent payment.

I'd say allocate the profits based on each investors % of cash invested

My answer would be both but first cash out refi. Use your cash for emergencies or if another deal comes along you'll be ready

I think if you're going to owner occupy it may be possible

Hi Tarik,

I'm in Union County and would be interested in checking out any deals you have here.

Great job and thanks for the before and after pictures!