All Forum Posts by: Mina G.

$1300 per month per apartment.

Whats my alternative? I don't know anyone that has this kind of money so no private money.

4 Unit apartment that will gross $62,400 per year in rent.

Sale Price: $295,000

Expenses:

Taxes: $14,154 (Actual) Annually
Insurance: $2000 (Estimate) Annually
Water/Sewer: $2000 (Estimate) Annually
Utilities (landlord electric account) $2000 (Estimate) Annually

Is this a good deal?

I have 6% to put down. I can't qualify for a mortgage because I already have a mortgage that sky rocketed my income/debt ratio.

Is there hard money lenders that would lend me 94%?!

The area has it's own light fixture, switch, walk-in closet with light inside window and heat radiator. I have a feel this area was a room before and the previous owner maybe knocked down the wall? Not sure but I will definitely build a wall next time it's vacant.

Thanks for the quick reply Ned.

Hello, I currently have an occupied apartment that is a 2 bedroom with a huge living room. on the 2nd floor where I live it's the same setup but instead of the huge living room it's a regular living room and a bedroom about 8.5" by 12.5".

Thinking ahead... When/if the tenant move out can I put up a wall to split the living room making a 3rd bedroom? there is already a window in place and heating radiator (same setup as the apartment above just no wall)!

Is this legal? and will I be able to rent it out as a 3br?

William, what is your insurance deductible? If it's more than the cost of a new stove (I doubt it), don't report it. Insurance deductible is what you pay when you open a claim. Usually it's $1,000. At least around here it is.

@Darren Thank you!

@Aly L Thank you very much. Actually my initial lease I downloaded it from ezlandlordforms website it's made specifically for NJ state. I did inform my tenant of $50 increase and she agreed. I got her to sign the lease renewal form that I posted sample of above.

Thank you for replying. It's a 2 family house. I live in one apartment and the tenant in the other apartment.

I found this form online for lease renewal.

WHEREAS by a lease dated ********* (the “Lease”) the Tenant leased from the Landlord certain premises known municipally as ***address*** (the “Leased Premises”) for and during a term commencing on January 01, 2013 and expiring on December 31, 2013 (the “Term”);

AND WHEREAS the Tenant and the Landlord have agreed to renew the Term for a further term beginning on January 01, 2014 and ending on December 31, 2014 (the “Renewal Term”) on the terms and conditions hereinafter set forth;

NOW THEREFORE in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration (the receipt of which is hereby acknowledged), the parties hereto agree as follows:

1.The Landlord and the Tenant hereby agree to extend the Term for the Renewal Term.

2.During the Renewal Term, the rent shall be **New Rent amount**

3.The Landlord and Tenant hereby covenant that the Lease is in full force and effect, unamended, except as expressly provided for herein.

Is this good enough? or Should I just have them sign a whole new lease.

Also if I have the tenant sign this notice do I still need to mail a certified letter stating that the rent will be going up?

Also what do you think is a fair rental increase? (My taxes and insurance increased) - No claims but I guess it increased because of the hurricane.

My tenant lease is coming up for renewal. How long before the expiration date should this be done? I'm planning on increasing the rent. Do I need to give notice as well or the lease renewal will be enough? By the way I'm in New Jersey.

Can I use the same NJ lease form for renewal or is there a different form?

Also what should I do about the deposit? Do I need to give it back to tenant and take it again? or what should I write in the lease about using deposit from the previous lease?

Thanks

Thanks, I will check with the city then contact a contractor.