All Forum Posts by: Mark Berge

Hi Ryan, thanks for the thoughts. One thing that did happen a few months ago, we had some windy weather, I put the recycle bins out the night before and the next day she came back home an said that there were scratches on her car. It is a newer car and she parks it in the driveway. I called my insurance agent and they said that it was an act of god or something and that it had nothing to do with me. 

I told Kim that and she was not happy. I then asked her to move out and back and forth she said ok. Later on I felt bad and said I would not kick her out. One of the issues with house sharing is the hassle factor. Sometimes people are quiet and sometimes they bother me. I had a guy renting the same room for a year and he finally got on my nerves and I asked him to leave. He was hyper and had an attitude. 

House sharing is much different that renting a whole house out to a tenant on a say one year lease. 

Hi all, I have a spare bedroom in the house that I live in. I first rented it out on airbnb. Had a few guests stay and then a possible guest said that she was relocating from germany to new jersey and was interested in renting through airbnb for a month while she was looking for a job and an apartment. She moved in Oct 2, 2022 and then after about 3 weeks she said that she wanted to rent the room for a few months, I said yes and we agreed on the rent thinking that it would be for a few months. She found a job but then she told me she was not working there anymore. 

Fast forward it is 7 months and she is still here paying rent on the 1st. I told her that I would like to fix up the room and rent it out again on airbnb. I don't know how to handle this issue. The good thing about airbnb is that on the listing I can turn the availability on and off when I get sick of sharing my house with strangers.

Any thoughts?

Are you using a realtor for this deal? A good one should be able to handle these details. Yes you have to pay the commission but why not let them handle the details as well as your real estate attorney.

Hello all, the tenants lease expires July 31, 2023. He pays on time and works from home, keeps the house in good condition.

He said that he wants to buy a house. This would be his 3rd year lease if he renews. I told him that I have a little leeway but I don't want to have find a new tenant in the fall or winter. Since his father recently passed away and both where on the lease the tenant says that the house is too big for him. The NJ standard lease that he signed last July states that - 

27. RENEWAL OF LEASE: The Tenant must be offered a renewal of this Lease by the Landlord, unless the Landlord has
good cause not to do so under applicable law. Reasonable changes may be included in the renewal Lease. Not less than 60
days before the expiration of the Term of this Lease, the Landlord shall notify the Tenant of the proposed terms for the renewal
Lease. Within 30 days after the Tenant receives the Landlord's renewal notice, Tenant shall notify Landlord whether Tenant
accepts or rejects the proposed renewal Lease. If the Tenant does not notify the Landlord of Tenant's acceptance, then the
Landlord's proposal shall be considered to have been rejected. If the Tenant does not accept the renewal Lease, the Tenant must
vacate the Property at the end of the Term.

I know that my real estate agent can find a new tenant probably for more rent than the current tenant is paying since it is a sfam in a good area, no bars on the windows, etc. 

Any suggestions?

When you did a background check on the tenant before he moved in did his check show any prior arrests, etc?

Hello all, I have a primary 2 bd 1.5 bath fixer upper house that I bought a few years ago. I have done a fair amount of work on it while I  live in it. 

For a while I rented the extra bedroom on airbnb, one guest asked to stay while he worked and said he was going to buy a house. He ended up staying for a year when he got on my nerves and I asked him to go. 

About a year later I again put the extra bedroom on airbnb and had guests stay for a night or two. Then a guest saw my listing and said she was moving from Germany to New Jersey and needed a place to stay while she was looking for a job and an apartment. She moved in Oct. 2022 and asked to stay month to month for $850 per month which is below fair market rent. I said ok. She said she got a job at a solar company in Bedminster and was working there. Now it is March 16 and I asked her if she is saving for an apartment. She said she doesn't have a job so she can't save for an apartment. She said she is looking for a job everyday. She pays the rent by check on the 1st so no problems with that. 

The problem is that I didn't think she would stay so long. I really like to have the house to myself and hate to put someone out. I have checked and the fair market rent for a one bedroom here in North Jersey is $1016.

Any thoughts on how I should proceed?

I don't know if you've heard of cascade financial? I made an offer over asking on a sfam reo and the other buyer a llc got it because my agent had

been sick so she couldn't show it to me. I knew it would go quick. Sure enough they took their offer. For some reason I don't know if they got clear title. Cascade financial isn't like us bank, etc. They are a small firm, they didn't even do a clean out of that reo like most banks do. When I look at the county clerks site public records, anyway I'm not an attorney who would do the title work. Being able to close quick on a good deal is always a plus, still need to do inspections, tank sweep and title work though.

I have been looking for a sfam fixer upper to buy, rehab and rent out for cf for 2 years in North Jersey. When I find one, I make a full price offer and everytime get beat out buy someone else, usually a fix and flip person. At least I have two deals that I bought in 2019, early 2020 for a good price. The market is not good for buy and hold investors like myself. Fix and flip making a quick buck is I guess what most people are looking for.

For sfam high end purchase are you able to get rents that will pay back the piti and positive cash flow?

Hi all, my model tenant who pays on time and takes care of the house asked if he could possibly move out before the lease is up. He said he may buy a house or move in with his girlfriend. He's been there for a few years with his father who just passed away so he said now the house is too big for him.

The lease started on 8/1/2022 and ends on 7/31/2023. It is a good 3 bd/ 2 bath with new roof and new gas boiler and new electric water heater. He said he might want to move out 6/1/2023 to buy a house or move in with his girlfriend. I said ok, just make sure you don't move out in the winter when it will be hard for me to rent the house out. He said ok. The way the housing market is here in New Jersey, I know that I could probably raise the rent maybe 3-4% and easily get a good tenant in there. Any advice on this? This is my first and only rental property although I do rent out a extra bedroom in my house to room mates.