All Forum Posts by: Account Closed

@Vaughn Smith thanks for replying. My credit is very strong. I’ll keep PNC in mind.

Okay, so I’m trying to grab a HELOC on my 2 family in Clifton, NJ. I’ve owned the house for like 6 years and owe 255k, figure the house is worth at least 360k. I’ve talked to two people that said they can’t do it. They ‘don’t offer loans on those types of properties’. I’m just looking for some cash to do some upgrades and maybe even have waiting in case i wanna drop a down payment in something. What are my options in this situation? I don’t wanna re-fi because my PMI is very close to coming off the current mortgage and that’s going to be great.

@Rodney B Gibson I’m currently applying for a HELOC for some reno and capital for a possible purchase. I’ll be monitoring this thread as I’ve never done this before either.

@Greg M. Thanks for replying. The work will be extensive. All carpet in both apartments being removed and replaced. Walls being tore down. Maybe insulation. Definitely uninhabitable IMO. I’m going to draw up the notice to end lease tonight and offer to release them ASAP. I sense I’ll be getting some pushback. I’m going to do the same for the first floor. Insurance should cover rent until the repairs are done and they’ll go smooTHeR if the house is empty.

@Todd Powell Hi Todd. I’m currently dealing with a major catastrophe in my 2 family , and despite my recommendations, no one is carrying renters insurance. Now the home is not liveable, and everyone is looking to me to solve their problems. If they had insurance, they could go to a hotel or anything and it’d all be fine. So I’ve learned my lesson the hard way, and from now on i will require it. Hope my tale of woe helps with your question lol. Good luck!

For the record, i formatted all of that, but I am on mobile. @Robert Resz

Short version: my tenant (without my consent) tried to fill their own steam boiler, and ended up flooding my entire two family from the top down with dirty water from the radiators leaking through the radiator vents. I’m currently in the cleanup process with Servpro drying the place out, and moving forward there will be a lot more work to be done(carpet removal, opening walls to check for damage, insulation). Both of my tenants are on month to month leases currently so it would be easy to part ways with them by giving my one months notice. Which I’m currently thinking is my best option, since i won’t know the construction timeline and can’t make any promises on living space. Also, it’s only fair to them to let them pursue other arrangements; i would let theM go now if they wanted. I feel badly, but i don’t think it’s my responsibility to find them housing. One tenant is being very understanding and cooperative. The other(the one that caused the damage, ironically) is being very difficult. Giving me a hard time at every turn, attempting to deny me access to the contractors who are trying to make the house safe. I originally didn’t lay blame, or pursue damages from this tenant to reimburse my insurance deductible, but his behavior now is making me regret that. You try to be nice about it.... When all is done, I’d love to have tenant one back, but i can’t guarantee them housing at this point so that’s no given. Tenant two seems like the type to cause me a lot of problems, i think I’m going to post notice to end their lease, and may even consider a cash for keys situation (even though they should be giving ME money!) . Any input would be appreciated. Never been in this sort of situation before. Thanks, people.

Josh Dillingham thanks man. That’s the answer. Add to the lease upon my approval new tenants can be found that meet my criteria, releasing the other tenant from their responsibilities.

Josh Dillingham both current tenants are on the lease. I’m gonna carry the one month to month until he finds a new roommate. I don’t want separate leases for my two bedroom that’s a lot of annoyance. I feel like they have to get along or suck it up for the lease duration. My steady tenant doesn’t wanna go anywhere. Also, I’m in a very busy area so vacancy is almost certainly not an issue.

Okay so here’s the deal. My tenant’s lease is up and he’s going to need a new roommate for the two bedroom. He’s a good guy. Responsible. Well employed. I’d love to keep him. The trick is, he doesn’t want to be tied down to his new roommate in case the living situation doesn’t work out. I explained that i can’t lease him the apartment with the ability to sublet. But i can understand how he feels about the situation. I’m wondering what my best option is here. I’m thinking of letting him sign a six month lease, keeping the option open to alter the lease should him and the other tenant not get along. The main tenant has already stated his intent and ability to carry the full rent for a month or two whilst in between roommates. While i understand his dilemma, i don’t feel i can give him power over the spare room to rule over and kick people out whenever he wants. Unless of course it’s consensual. It’s my first time in this kind of situation and I’m wondering if there’s any options I’m missing. Ideas and advice welcome. Thanks guys.