All Forum Posts by: Mark Belenky

@Greg H. So, using the Basement as my primary residence wouldn't meet the VA Loan requirements?

I'm trying to figure out if I could legally use a VA Loan to purchase a multifamily home that has all of their units occupied and keep the units occupied during the 1 year primary residence requirement. Some of these properties have perfectly livable basements with a fully functioning bathroom and although I know I wouldn't be able to rent these out to anyone, would I be able to occupy that living space and still hold good standing by meeting the VA 1 Year Primary Residence requirement for this loan agreement?

@Martin Neal

I'm experiencing something similar but, were locked in for another 9 months.

Consider the following:

When will the unit be rent ready for the new tenant.

By the time the unit is rent ready, is it a good time of year to find a new tenant or is it a time of year where but too many people are moving (typically the holiday season) which could leave your unit vacant longer than if you were to have it ready in the spring.

I posted something similar and a general response that I got back from the community was that the majority of the tenants typically pay at the last possible minute allowed by the lease. If you provide a grave period, they'll leverage it.

Since you're on a month to month, you have the ability to set the terms within the regulations of your state. Best thing to do is to communicate with your tenant. Maybe the 1st of the month doesn't align with when they get their paychecks. Maybe telling the tenant that you've noticed that they've been missing the due date and if changing the rent due date to something that works for them will help them meet their obligations.

Just a follow up:

I do have a 5 day grace period where payment after the 5th of the calendar month a $25 late fee would be added along with an added daily $5 fee for each day payment hasn't been made there after along with an 18% Interest per annum. 

On the 6th day of no payment first thing in the morning, I had sent a "Friendly Reminder" email  to the tenant reminding them of the lease agreement referencing the payment and late fee section.  I received a response with an "oops" saw that they had initiated a payment through my online Cozy.co property management app.

Thanks everyone for sharing  your insight with me and the rest of the community!!

Happy Landlording :-)

@Lam N.

I like the idea of having that available to the tenants. After all I do want this to work out for everyone and if it's just a simple date adjustment I'm all for.

Thanks forv sharing.

@Russel Brazil - I think I've been extremely fortunate the past three years with an amazing tenant who month after month paid her rent on the first without a miss.  So, I figured I'd reach out to the community to hear some good advice from their experiences.

Thank you for your feedback.

Russell Brazil

I'm getting the sense that this is something to expect but, to have measures in place to sway the tenant from abusing their tenancy.  I appreciate all the feedback everyone. 

Thank you.

I have a new tenant of two months and as of now has submitted rent payment past the due date of the 1st of the month but, prior to the official "late date" of the 5th.  We're definitely not off to a good start but, I do understand that getting settled in can take more time for some more so than others.

Can anyone share their thoughts on how to best deal with this?

I've just renovated my primary residence and am about to put it on the market and I'm wondering if it would be worth getting an Independent appraisal done.  

The reasons:

I live in 1 of the 18 unit townhomes located in Keyport, NJ and these units are quite unique.  There aren't any true comparables within this or nearby locations.  Throughout the years these units ranged in price from $255k - $292 and now with real estate prices at a high, I don't want to leave too much money on the table however, I want to sell this home quickly.

The doubts:

I don't want to waste any more money than I already have renovating the home.

I was looking for Real Estate Investing PodCasts  that I could listen to a few years ago and came across the Bigger Pockets Show.  I have to admit that when I first heard Joshua Dorkin & Brandon Turner for the first time I thought they weren't a serious show but, after a few episodes I came to like their personalities and then got hooked and never missed an episode since.

Love it.