All Forum Posts by: Marcin G.

Hi BiggerPockets Friends!

I am about to say "No" to a tenant in response to a request for having a cat in the room. Would you recommend the best way to do so?

Of course, the lease does not allow to have pets.

However, it is more complicated ... I owe and manage a student rental property, and when COVID hit the college went into online learning mode, so finding new tenants is almost impossible. Therefore, in July, I allowed one of the new tenants to get a cat. She got two cats (of course), and now another tenant is asking to keep a cat in the room. I really want to say "No", so any help would be appreciated.

Have a great day everyone!

I called my property insurance and asked them if they would cover the cost of the hotel. I have the "rental income insurance" on the policy. They said no, as it covers the rental income loss for the time when the house is damaged and being repaired only.

Unfortunately, I do not think my tenants have renter's insurance.

After yesterday's storm Isaias, the rental house lost power and ETR is provided by PSEG for Aug 9th. The tenants want to go to the hotel for a few days until the power is back on.

I am sure their food in the refrigerator will go to wast as well.

Am I responsible for the hotel cost in this situation?

Do you think the PSEG in NJ will help to pay back for their food?

Any other good advice on how to best handle this situation?

We rent our house to students because it is close to college and a hospital. Students are not a protected class, so I want to confirm if we can accept the rental application only from medical students here in New Jersey.

Does anyone see any problems with such approach?

In my area in NJ a single family house rented to one family usually does not cash flow.

I am thinking about buying a house from 2 retired brothers who live in single family house: one brother lives on the top floor and has his kitchen, bathroom, 3 bedrooms, etc. and the second has similar setup on the bottom floor. There is also separate entrances to each floor.

What things do I need to worry about if I would like to rent to 2 separate families?

My town does not have rent control, and the house is on a residential street where most people own their SF homes, and the street is zone for single family homes.

Can the municipalities not allow me to rent each floor separately? For example, by not giving me a CoO?

Last, I would like to sub meter electric and water. What solutions do you recommend and do I need to worry about building department not allowing me to do it?

Thanks!!!

I hope this updated excerpt from the ad is more clear, is it?

"We can accommodate groups between 6-8 tenants. The room setup and rent will vary based on your group size:

Group of 6: all single rooms - $1000
Group of 7: one double and five single rooms - $1100
Group of 8: two doubles and four single rooms - $1200"

I am advertising first time since I have acquired my student rental, and am a bit paranoid about protected classes and what is legal and what is not to state in the rental property ad.

Hence my question:

Is it OK to provide a scale for rent prices depending on the number of tenants, for example:

"We can accommodate groups between 6-8 tenants. 

Group of 6: everyone will have each own room - $price 1
Group of 7: one largest room will be shared - $price 1 + $100
Group of 8: the two largest rooms will be shared - $price 2 + $100"

Hi BP friends,

I want to double check if marketing my rental house to "medical students" will get me in any sort of trouble.

I do not believe students are a protected class and as long all my ads will do the same this should be fine, correct?

Also, after a month if such a strategy will not work, I would change and advertise to all students, and then next month to all applicant classes. Are there any issues with such a plan?

Best,
Marcin

Hi bigger pockets fiends,

There are two sides to the "cash for keys" situation. 

1) I am a landlord and I'm interested in the best way of handling and covering myself when proposing "cash for keys" to the tenants. How do I make sure I will not give cash or wire the money to the tenant's account and then the tenant will not move out by agreed date.

2) My aunt who lives in the same apartment in Brooklyn last 15 years, was just offered $10K for moving out because the owner is selling the building and the buyers would like the building to be vacant at closing. For her, it is like winning a lottery and she wants to take advantage of this situation. She is afraid that the owner could give her a check which will bounce later after she moves out. Also, she thinks taking $10K cash on the weekend means she will check if the cash is real on Monday after handing over the keys. Any advice for my stressed aunt would be much appreciated ;-)

Best,

Marcin

That is a nice trick. I am already at the max lease term that the HOA allows - 24 months. I think I will ask politely for 50-50 cost split.