All Forum Posts by: Michael Craig

@Account Closed even though you toured the property with the seller agent you can still have your buyer agent represent you for the remainder of the transaction - have your buyer agent submit the offer if you want to go through with the deal. If this is your first deal, it is encouraged that you utilize a buyer agent who you trust - they will be more likely to have more of your best interest in mind (and not the sellers best interest).

To answer your question, what does the agreement you signed with your agent say about violating it? You may want to terminate the existing agreement before moving on.

@Account Closed Why not utilize a buyer agent who is representing YOU at the expense of the seller?

@Justin Juhan, @Jill F., @Glen Gallo

I misspoke, it's a standard vinyl window - not Plexiglas. I'm going to replace it as there doesn't seem to be a balance mechanism I can swap out on this particular window. Thanks for the input.

@Scott Mac great feedback - I can see how this will be helpful but not exactly the repair I was looking for. Any additional recommendations?

Hello,

I have one window in an apartment that will not stay up. I believe it is less than 10 years old. It is made of Plexiglas with nice trim around it so I really do not want to replace it. However, there are no balance mechanism to hold it up - the sash slides freely in the frame. Is there anything I can install in the frame that will prevent the window from falling? Note, I cannot remove the sash as the frame encompasses the sash and there are no sash retainers. 

Greetings,

Does anyone use home security cameras at their rental properties? Do you prefer hardwired or battery powered?

What does customer experience mean to you (in respect to real estate)? How do you handle frequent, trivial requests from tenants? 

Hi BP,

I have an inherited tenant who's rent is critically under market value - I can get roughly 25% more without investing a dime in the unit (already received offers from future renters). 

I closed on the property in February and the tenant's lease expires mid-June of 2019. I will not be renewing this tenants lease because in my experience, all inherited tenants in the past have caused me problems. Is this too harsh of a reason? After-all I own the property and live in the unit directly under it.

@Ryan Rea

Great question and the answer is it depends. As you noted, people pay more for the number of bedrooms. 1,100 square feet is more than enough room to have a 3 bedroom apartment, however this depends on the size of each bedroom and how the unit flows. 

If you think the unit will flow after the conversion and your contractor(s) think it will flow and a third party thinks it will flow and feel right, chances are it will rent well. Something to consider is, try doing one conversion at a time and compare how the 3 bdrm unit rents vs the 2 bedrm unit.

Another thing I found when renting multi-bedroom apartments is, it's best to keep the bedrooms as similar as possible (in size and layout). 

@Michael Elfant

More problems, more money to be made. Go for it, especially if the numbers work and the owner is compensating you fairly for it. Brush up on NJ tenant/landlord laws, hire an attorney and if you do it right you can have them out in 2-3 months. Who knows, they may voluntarily move out, in which case it would be sooner that. 

I recommend you talk to your real estate attorney who is closing on this deal with you. He will point you in the right direction and may give you a discount since you are giving him additional work.