All Forum Posts by: Sami Gren

I would check with an attorney but I do not think you can legally deduct anything from a customer's deposit except damages or unpaid rent. In other words, the management company may be able to bill you for handling the deposit, but I don't think they can withhold fee from those funds. Of course, if they transferred other funds to you, they may have claimed to withhold it from the other funds, but billable against the deposit.

Does this have to do at all with laws? i would think this depends on the agreement they have with the management comapny

0 Votes

HI,

I have a tenant that wants us to apply the security deposit towards a month and a half of their rent and due to circumstances we agreed to do that in order to help them, I was just wondering if there is a specific form that I can have the tenants sign so we have it documented that they already used the deposit and they shouldn't be able to claim it when they move out?

Thank you.

0 Votes

Newark, New Jersey

I received an application for a rental and everything looks fine, income, credit etc. the rent is $1600 and security deposit is a month and a half, the total to move in is $4000, however they only have in savings $2900, would you consider that a red flag?

0 Votes

Newark, New Jersey

Hi all, on the standard rental lease in Nj it has a line to write the tenants current address, i was just wondering if this is required to write in the lease legally?

0 Votes

Newark, New Jersey

HI,

I have a tenant that on last renewal notice they signed that they won't be renewing the lease, in fact they already moved but still have some stuff to take out, I did give them the extra few days, now I was going to pick up the keys as they were supposed to finish up taking out everything,

and they just told me that they had an emergency and could not come today.

can I legally call my locksmith to open the lock and change it while they still have their stuff?

I just want to make sure that by law it is totally fine, if they cannot claim that they still live there and the only way to lock out would be through court

thank you

0 Votes

Newark, New Jersey

Quote from @Nathan Gesner:

Quote from @Sami Gren:

What if the residential lease ends in March but the storage agreement ends in July? Do you want a non-resident to continue storing items on your property while the new resident may want access to the same deal?

I'm just thinking out loud. To me, it makes sense to terminate the storage agreement at the same time as the residential agreement.

Good point, so I was thinking of making a non-binding lease, meaning that I should be able to terminate this lease even without giving any specific reason

1 Vote

Newark, New Jersey

Quote from @Nathan Gesner:

Quote from @Sami Gren:

HI,

my tenant has asked me to rent the garage in back of my multifamily property, I want him to use it only for storage, does anyone have any suggestions how to structure such a lease, or has such a lease form?

Thank you

It doesn't need to be complicated:

"Landlord agrees to rent Tenant use of the garage for $XX per month. Terms of the rental run concurrent with the residential lease. Garage will only be used for the storage of ordinary household items. There will be no storage of combustible or hazardous materials. Tenant will only store their personal property and not sublease or store for others. Landlord is not responsible for loss or theft and recommends tenant carry renters insurance to protect their belongings."

Something like that. You can also search self-storage facilities and borrow a copy of their storage agreement, or parts of it.

GREAT, thanks.

what is the benefit of it being concurrent with the lease? rather than having it separatee and just writing that I should be able to stop the lease at any given time?

0 Votes

Newark, New Jersey

Quote from @J. Mitchell Bernier:

Quote from @Sami Gren:

Quote from @J. Mitchell Bernier:

Quote from @Kenny Simpson:

The FED is slowing pace on rate hikes, the consumer is slowing and the economy is headed into a recession? These are all guesses at this point and some believe this will happen or is happening. If the FED eases with less rate hikes, that is signaling they need to slow down because the rate hikes are working and inflation is coming down. We have had recent reports that inflation is slowing 9% + to 7.7% and that has already had an affect on long term rates. The 30 year fixed mortgage as I type this sits around 6.125%, conventional NO POINTs and VA 5.5% NO POINTs. Those rates just weeks ago were .5%+ higher.

Do you see VA/FHA rates in the 4's and conventional in the mid to low 5's is possible by Q2 of next year? If that is the case we are talking new buyers saving $800 + a month here in San Diego on entry level homes. Home prices lower, rates lower, seems like the perfect storm for first time home buyer or to pick up your first investment property?

Sounds like patience is the strategy at this time.

Don't think we will see rates below 5% for a long time, but even at 5.5% that makes many investments way more attractive. I think if rates fall to around 5.5% the buyers will come back in droves and the market will rebound. Think that won't happen till 2024, but hopefully sooner.

hi, don't you think that buying will earn you more money than letting the money lose more worth by sitting in the bank account?

I believe that these days nothing makes sense, and rather buy something that could potentially make some sense as long as you don't lose, what do you think?

I am not saying you have to hold your money in a checking account, but some savings accounts are now earning 2%, a 3 month TBill is over 4%. So if that house you buy now for 200K is worth 180k six months from now, wouldn't you wish you would have waited. I will give you a real-world example: Down in Port Saint Joe, Florida, where we go to vacation. DR horton is building hundreds of homes and selling them. In September of this year, they were selling 1800 sqft brand new built homes for $465K, now those same homes on the same street are listed for $399K-$409K.

So yes, if you are saying over the next three years of holding cash, sure you are losing money, but I am talking about waiting 3-12 months.

below is the link to the two houses

What's for sale now:

788 Backwater Rd LOT 35, Pt Saint Joe, FL 32456 | MLS #734954 | Zillow

What's was sold in September:

864 Backwater Rd, Pt Saint Joe, FL 32456 | MLS #311786 | Zillow

I agree with your point, and I checked out those links, wow!

however, I find that new construction the prices aren't as predictable as older houses where it already has the set prices, here in new jersey I didn't see it going down really, and even if it did a little, I believe 100% that it is only a dip as the real estate market history will also show. could be in areas like Florida or suburbs it might fall more with less interest of new people moving there but crowded cities like Newark new jersey will always have the need for more apartments, and most important rents always go up with exceptions of maybe very short-term slips

0 Votes

San Diego, California

Quote from @Jaron Walling:

So... waiting on the Fed to do something is a mistake 99.9% of the time.

Better to accept today's rates over waiting and gambling on lower rates in 2023.

I agree with @James Hamling on the "reactive" nature of the Fed. I deal with it on a state level at my 9-5 and it drives me insane.

I agree to accept today's rates over waiting, however the fact at least here in New Jersey is that the prices did not drop, so we are dealing with same old prices and the interest rates are double. automatically the ROI will be much less, i still think its worth it rather than having the money in the bank, what do you think?

0 Votes

San Diego, California

Quote from @J. Mitchell Bernier:

Quote from @Kenny Simpson:

Sounds like patience is the strategy at this time.

hi, don't you think that buying will earn you more money than letting the money lose more worth by sitting in the bank account?

I believe that these days nothing makes sense, and rather buy something that could potentially make some sense as long as you don't lose, what do you think?

0 Votes

San Diego, California

All Forum Posts by: Sami Gren

Sami Gren has started 132 posts and replied 412 times.

Post: Rent security deposit

Post: form for a tenant that wants to use the security deposit towards their rent

Post: prospective tenant doesn't have full security available

Post: tenant information on lease

Post: tenant that left did not give the keys

Post: lease agreement for garage

Post: lease agreement for garage

Post: Mortgage rates in the 4's and 5's in 2023?

Post: Mortgage rates in the 4's and 5's in 2023?

Post: Mortgage rates in the 4's and 5's in 2023?