All Forum Posts by: Kenneth Chen

@Sunny Burns, Bravo Sir, maybe you hit a sweet spot location ?  We just placed a new tenant here (Jersey City) starting Aug 1st. When we listed in July it was pretty slow. I just asked my agent and she has properties sitting in Hoboken, and with rent reductions. She says people are leaving currently. I do see a number of airbnb properties up for sale around here too. Normally we have a lot of interest when we list, this time was lightest, I think we listed right around July 4th. We are fortunate our location is good and the unit is pretty bright, airy and although not new, it shows well. In any case, glad you are seeing that response, that is truly awesome, particularly during this historic moment we are living through. Take care!

@Ralph Miller, thanks so much for asking. I have been thinking of my lvp posts and realize that my posts do not fully tell the story. We became accidental house hackers about 5 years ago. Mostly our rent increases have been gradual, and they all coincided with unit turnover, small cosmetic fixes, basically lots of paint and flooring.

To be fair, I realize now, that I need to heavily credit the improved rental market in my area with all of my rent increases. So I cannot take full credit for my biggest increase after we put in the lvp. My agent and I follow rental comps regularly and so it is a combination of our updates and what the market will bear which determines our rents.

For sure though I still like to think the new flooring and paint has provided us with a new level of stellar tenant, and this value is equal to or actually likely more important than the few extra dollars the rental increase provides. Providing greater peace of mind.

A side note, our unit is located incredibly well, sun drenched, feels spacious and inviting, compared to other units in the area. We are in Jersey City, with an amazing commute into NYC, so we now have had a ton of appreciation and drawing professionals from manhattan and Brooklyn the past 5 years or more now.

Here is a rough breakdown of what we did rent wise, and with paint and minor cosmetics, the past 5 years ~

2015 ~ first tenant $1200

In preparation, we cleaned and Painted, steamed carpets.

Upon his move out, we did a lot of deep cleaning.

Steamed carpets.

Touch up walls and paint.

2016 ~ second tenant $1250

A lot of deep cleaning upon move out.

Steamed carpets.

Touch up walls and paint.

2017 ~ third tenant $1275

Upon move out:Repeated Deep clean.

Touch up walls and paint.

2018 ~ fourth tenant $1550

This tenant was spectacular. Tenant left the unit immaculately clean. In 2018 we discovered bigger pockets. The forums, the books, the podcasts, and eventually meetups. This inspired us to treat our accidental rental more like a business. To find this new amazing tenant, we first took our time ~ We repainted bathroom vanity. Painted kitchen cabinets. Added kitchen cabinet hardware. Installed new kitchen and bathroom faucets. New water shutoff valves. Removed most carpet and installed lvp. Painted bathroom floor. Painted kitchen counters. Painted exterior door (private entrance) New hardware and locks on doors. We also began a routine of quarterly walk throughs of the unit throughout the lease. And began more seriously writing up house rules to amend the lease.

2019 ~ fifth tenant $1500 (we went down on rent, so we could do an 8 month lease to end in June, rather than October.)

This tenant was also spectacular. Treated apartment respectfully and left it immaculately clean.

2020 ~ sixth tenant moving in Aug 1st. $1525

RENT: We asked 1550, she asked for 1500. We offered $1500 for two year lease or $1525 for one year. Tenant agreed 1 year for 1525.

TURNOVER AND PREPARATION: Because of personal matters, and the pandemic, we let the unit sit empty, and ventilate a couple of weeks. We did repeated deep cleanings, removed the rest of the carpet in the smallest room / office and replaced with more lvp. Installed new toilet.

Hope this is not too long winded but felt I must fill in the gaps to provide a more useful context for our lvp and how it integrates with our unique scenario and corresponding rent increases.

@Ralph Miller, I think in summary the rent ultimately needs to be based upon the comps. New flooring etc. helps us look at 'nicer' hopefully higher comps. As far as recouping cost, I am trying to keep the reserves high as possible, while providing a best possible product for our tenant, at a competitive rent.  We have an old old house so it always needs some work done lol.

Let us know what you decide and I am always curious what type of flooring are you installing or considering ?

@James Shen Good luck, I am casually looking for the same. We have been in JC since 2002 in a 2 family, and planning to buy another at some point.

@Ki Lee

@Ki Lee

@Ki Lee,
Bravo on the apartment property, sounds very exciting. Just curious, do you know which particular brand and version peel and stick your colleague uses, and how long it lasts for her?  5 years seems like it will go by quickly, and most floors may last that long if treated fairly well. If you plan to sell in 5 years, might you wish the floors to still look new ish? In this case, may it be worth investing in a most durable floor, so you do not have to worry about doing the floors again in 5 years?

I currently have trafficmaster allure which I believe Brandon Turner mentioned using several years ago. It is currrently $1.98 sq ft and after two tenants and two years it still looks new. I am curious about the $.98 sq ft peel and stick though, if it could last 5 years, I would put in the unit I am living in now and save the $1000 to put toward the next duplex we buy.

As a side note, I have read in other discussions some landlords prefer to always buy standard floors, which are always in stock and easily available, in the event you need to match it later for repairs, or to use in units you buy in the next few years.

Best wishes with this project. Eager to hear how you guys proceed.

@Ralph Miller you could save by doing it yourself. I am a novice and my teenaged son and I did this on our own. I believe Brandon Turner had long ago recommended Allure lvp from Home Depot, which we bought for about $1.98 square foot. We have had two tenants in for the past two years and it still looks like new. Good luck, either way you will love it, it is a great modern look. Based on our new floors and painting our cabinets white, our rent went from $1275 to $1550.

@Johann Jells, Thanks, so much Johann, I had kept your toilet suggestions in my property management file for sometime now. Today, just had our first American Standard Cadet 3 installed, based on your good review.  Much appreciation for your experience and guidance. Also, used a new sharkbite all in one supply line including a 1/4 turn valve, curious if anyone else is using these?  Thank You Everyone.

Thank you, so very much, Justin for all you do for the community.

@Hud Malik, Over the past year or two, I have attended inspiring top notch meetups hosted by @Sunny Burns and @Darren Sager

These are pre-pandemic meetups of course, but Sunny and Darren are wonderful leaders in the NJ community.  

done ;-) many many thanks everyone.

@Hud Malik

Thanks for sharing. Would like to connect with you sometime. I am in Northern NJ, and sending you moral support in your property search.