All Forum Posts by: Michael Germinario

@Eric Dea @Donnie N.  In short, I never ended up transferring title.  Instead I went in the complete opposite direction and decided to sell my property.  Real estate investing doesn't suit my lifestyle at this point.

If you do decide to transfer title make sure you speak with a real estate attorney first who can guide you through the pros and cons.  It is important to understand that your lender has the right to call the note payable in full if you transfer title.  My understanding is that this rarely happens, but still a risk you need to consider.

Good luck!

UPDATE:  I want to take a moment to amend my comment here from almost 2 years ago.  I initially wrote that it's ok to bend the rules on security deposit upfront.  IT'S NOT!  These tenants turned out to be nightmares and made my life miserable.  They were always late with rent, always making excuses, made ENDLESS maintenance requests that were baseless, kept the apartment filthy, and overall were just awful people to have to deal with.  So I want to formally change my opinion here to NO EXCEPTIONS!  I've learned that some tenants can put on a real show just to get into your nice apartment, and then their true colors come out once it's too late.  So no exceptions, stick to your rules to avoid problems.

Hi BP!

I'm under contract to sell my 2 family rental home in NJ.  The new owners intend on occupying one of the units as their primary residence.  As such I need to serve legal notice to quit to my tenants in that unit for 2 full calendar months, as advised by my attorney.  Here is a sample letter I found, can anyone with NJ experience validate that this notice will hold up in court?

NOTICE TO QUIT AND DEMAND FOR POSSESSION

I ____________________, landlord of the premises located at, ____________________ in which ______________________ (tenant) now resides requests that as of _________________, (date) you quit the unit and give up peaceable possession thereof.

Received: ___________________________ (tenant) on _________________ (date)

I certify that I personally delivered this notice to________________ (tenant) on _____________. (date delivered)

_________________________________ landlord or agent

Thanks BP!

Hi @Mark Scarola, I won't be able to attend.  Enjoy the meetup!

Hi @Adrian Smude,

Thanks for your feedback, and I do have an update for you.  We spoke on the phone last night and I was all prepared to go through each item in a professional manner but to my surprise it wasn't necessary.  The tenant simply wanted to say "thank you" for putting together an organized package and for an overall good experience.

I was shocked and very happy to hear this of course, so I wished them well in their future endeavors.  All that stress and anxiety for nothing.

Thanks again to everyone for their helpful feedback!

Mike

Thank you @Mark Brogan, @Mark Scarola, @Jeff Rabinowitz, @Michael Hicks, @Tyson Luthy, @Account Closed!

I appreciate the feedback!

Hi BP!

Here's the situation:  Tenant moved out and was adamant about receiving the full security deposit back.  I explained that I will enforce the lease and any damages, or uncleanliness above and beyond ordinary wear and tear will cost the Tenant.  I conducted final walk through, documented everything, and sent the security deposit refund package to Tenant.  Included was a letter that detailed everything itemized, with lease paragraphs to reference where they violated terms.  Also included were receipts, photos (date-stamped), and of course the check (less a few hundred dollars from violations/damages/etc).  Tenant must have received the package yesterday because Tenant is now calling me multiple times per day, but not leaving any voice-mail.  I find this strange??

My opinion:  Case closed, I upheld my obligations and did everything by the book.  There is nothing I can say or do that is any different than what I provided.  If they won't leave a voice-mail I see no reason to call back.

I am very ethical and want to continue to do things by the book so I am torn over the question, should I call back or go with my instinct?

What would you do?

Thanks,

Mike

Thank you for really adding value @Marcia Maynard!  I appreciate your knowledge sharing very much.  If I'm ever in Vancouver, WA I owe you lunch (at least!!)

Thank you @Al Williamson and @Marcia Maynard!  I appreciate you taking the time to give me advice.

To me, this is a clear violation of the lease so it is a matter of me figuring out which tenant that particular cable belongs to and enforcing the lease.  It is a 2-family house, and one of my tenants is moving out tomorrow so it may have to come out of security.  If it is the other tenant, then they can simply call their provider and have it fixed properly.

Thanks again!

Hi BP!

I noticed a cable/wire hanging off my roof yesterday and I think its connected to a Direct TV satellite dish.  It looks awful and I want it removed.  My question is could this cable be anything else, or is it definitely connected to the dish on the roof?

I don't see the point for a cable TV/Internet provider to run cable on a rooftop, but maybe I'm wrong...

Also, can this cost be deducted from my tenant's security deposit as part of the moving out policy (ie. "must leave in same condition as delivered, less ordinary wear and tear")

Thanks in advance for your help!

Mike