All Forum Posts by: Mark Belenky

My current tenant's lease expires at the end of the month. The due date to renew the lease was due the first of the month though, tenant has yet to submit a response on whether they will be staying past the lease terms on a month-to-month basis or whether they will be vacating.  What's the best way to get a response from your tenant?

Maybe there's a standard letter or some sort of verbiage that I can send out to ensure that we will not be renewing the lease and that they have to now inform us on whether or not they intend to stay on a month-to-month.

Any ideas ?

It's always a good time to buy in the Market.  Especially when companies are going for below their true valuations like some are today.

     I just bought my first "REAL" investment which is a single family home.  It's a 7 Bedroom 3 Bath house which is zoned at R2 (2 Family) and my goals are to convert it to a two family where I'll live in one unit and rent out the other unit.  I've looked at the numbers and the numbers seem to work but, there will be a moment in time where I'll be more out of pocket than I've ever been.  

     Although it makes me feel uncomfortable I do know from the comps for local two families in the area, it would increase the property value by approximately $100k.  That's motivation enough to help make me push through my nerves.  

     Another motivation is that this is a project that I've never done before and I feel fortunate to be here and am extremely excited to get started.

@George W.Thank you for your response.

I have confirmed that it is zoned for (R2) up to a two family.

I guess  before I do anything I should talk with the town and request for their process for working on a project like this.  Hopefully they'll be able to provide me the proper guidance where I could just fill in the pieces to their framework.

Hey Joe, 

I just put myself into your boat.  I bought a Single Family 7 Bed 3 Bath home zoned as an R2.  If you've achieved your goal would you mind sharing how it all played out?  I'd love to get some insight and begin my journey.

I've just purchased my first Investment home with the intention to extend the parking space and convert the dwelling to a duplex where I'll live in one unit and rent out the second unit.  The end goal is to have have to have enough parking for a single vehicle per unit, to separate the water and electricity, and to convert the single family into a duplex. 

Can anyone recommend the professionals that are absolutely needed to accomplish these objectives and possibly and probably more importantly, some shared wisdom and advise.

Any feedback would appreciated.

@Mario Am Exactly!!

I love it!!

I have a tenant who pays their rent at the last hour of the 5 day grace period even though their rent is due on the first. I end up writing up an e-letter in preparation for them being late the night before and low and behold, they've submitted their payment literally within the last hour before their late payment actually kicks in. I’ve communicated to the tenant that the grace period is in place as a convenience not as an alternative to the due date of the 1st and yet it’s still an on-going occurrence.

I’ve been trying to figure out how I can give incentive to getting the tenant to pay their rent on the due date while allowing the grace period should a real emergency come up followed by a late fee should the extend past that.

@Kevin Phu That's my thought as well.  I guess I can ask a lender to confirm that that's the case.