All Forum Posts by: Margharita Silva

Hi everyone, beginner landlady here; i am renting out my condo in NJ and found a tenant who is a student. His parents will be his guarantor and i was wondering what documents i should ask from them? Typically from the tenant i would ask for pay stubs, credit score, proof of income /employment, savings etc. Should the guarantors provide the same ? thank you!

Hi everyone, I just bought a condo in NJ as primary residence but because of work commitments i may have to stay where i am a bit longer and i am considering renting it. First off, is there a standard lease you use? Any special clauses you think i should put? How do you screen tenants - do you use a web based service for background/ credit check, if so which site? Any advice appreciated. Thank you! 

@arthursoto ye -Arthur let me ask you - how do you go about finding tenants in Passaic Park? Do you use a standard lease? Is there a website you use for credit/ background checks for tenants? Do you have a realtor or property manager or just handle all your tenants yourself? Are there any specific things with the city of Passaic i should be aware of? I may rent my condo in the future and could use your advice as a potential "landlady" Thank you

@Carol C. i ended up buying a condo in Passaic Park, i am not an investor but looking to owner occupy, yet it is an investment whether you are an investor or not. In my opinion Passaic reminds me so much of Brooklyn, especially Williamsburg when i first landed there 20 yrs ago. It has industrial, residential and commercial sections. Very diverse population which i like. It is urban and walkable, you don't really need a car, there is 24 hr transportation to NYC and a train station. Then there is a nice quiet park and it is in the middle of many other pricier towns. I personally like it and i think it is a bit undervalued for what it has to offer.  

Hi Everyone, i just purchased a condo in a condo building and consider renting it.

Regarding offering a lease, should i have it drafted by an attorney  or research for a template online? I am not using a broker.

I want to meet and screen tenants and i found someone who is interested (and employed)

Other than a lease, are there any other documents or any other type of contract  i should give to the tenant? 

Thank you in advance! 

@Arthur Soto are there any projects you are aware of in this area, like any new  condo projects, rehabilitation projects especially along the river perhaps where the industrial pre war factories are located. I can see so many possibilities there because it is not suburban unlike Passaic park.

@Arthur Soto Thanks Arthur, do you know the Carlton Towers on Aycrigg Ave? The prices seem very low in that building and wonder if they will appreciate at all? 

I am considering purchasing in an area 'Passaic Park' in Passaic, NJ. I am debating between WNY and this area.

How is the real estate market there in terms of appreciation?  Any recent developments?

Hi @Jason Lee. There is a strong possibility that i may have to relocate overseas for work next year and so i would keep the apartment as an investment property for rent in the event that happened.  How can i see the liens on the county site? It was mentioned in the financials that they may not get that money back. The property manager wasn't being very clear about how the amount reached 400K and over how long and with how many people. He said the loan went to the reserves and from there they take the money for the capital improvement projects which are happening right now. I tried to contact the board but they weren't responsive. I like the location (Blvd E) and commute to the city and there seems to be lots of development in WNY so i was hoping it would appreciate in time but also i realize with such buildings the resale value doesn't go up much. Do you agree?

Thanks @Diana Tian. The maintenance fee is not very high, nor very low, $360 includes heat, hot water and gas. It is a doorman, elevator building with laundry and small gym. I am buying cash, which is why i am worried. I can see on tax records that in 2011, an owner was able to buy with a FHA loan but many people seem to have bought with a conventional loan recently. It is currently not a FHA building but also pretty sure Citibank for example wouldn't loan there, the building has a very few resident owners. I am really confused with the prices in this building (or in WNY in general) because according to tax records a lower floor studio similar size sold for 150K in June. There is another listed for 140K now. I am planning to live in the unit for about a year but want to rent afterwards and have it as an investment property but worried that they seemed to let arrears snowball so much.