All Forum Posts by: Shefali R.

Hi - Financing experts, need help choosing between two loan options on the table. 

1. Bank A is offering $400k for Prime + 1% (small local bank) 

2. Bank B is offering $435k for Prime +1.75% (large national bank)

All other terms are identical. Is it worth paying an extra .75% on entire principal for an additional financing of $35k? What other factors do you consider when choosing a funding option. 

Thanks so much! 

HI - I am buying a townhouse unit and trying to assess whether the third bedroom is a legal bedroom or not. The reason I am curious (I had assumed it was a third bedroom) is because there is an adjacent townhouse is being marketed as 2 beds and 3rd room as bonus room. Would any of you know: 

1. What is best way to find out if third room is legal (per NJ building code) - I called the town and they said they dont track this 

2. What is the NJ building code for a bedroom for a unit built in the 1990s - is there a simplified list available somewhere or some building department I should call

3. Can i market (for renting it out) as a 3 bedroom unit - it is spacious, has an attached bath and looks and feels like a respectable bedroom. 

Thanks!

Shefali

@Mags S. thanks. yes, the price is high for the town but exactly on point for that specific gated community (has amenities and 24/7 security) and all 3 beds rent pretty much the same price in this community. I suspect, it has to do somewhat with timing - we listed a week before labor day wknd.

@Chris Pohlson, that's a great idea. we are current listed at $2195 but maybe I should offer something like $1,900 first 6 months and $2195 next 12.

@Peter Dascoulias II and @Mindy Jensen, thanks! that's a great idea, for branding as well!!

I did check craigslist and looks like ours is the only listing so thankfully no scam ones!

@Frank Squire thanks!

@Joe Fairless thanks! will try that. might also try the premium listing on Zillow/trulia so that our listing shows up first always. does that help?

Experienced Landlords - what are your thoughts on this: 

We have a 3 bed townhouse in good location, available for rent at market rate (not higher/probably a tiny bit lower than market) not receiving significant interest for four weeks now. Has had about a handful of showings, everyone says they love it and will apply and then dont!! Pics are beautiful, listing is easily visible on hotpads, zillow, trulia and craigslist. 

1. How do you drum up interest in rentals if you dont want to reduce rent to below market 

2. Any creative thoughts or suggestions 

3. We are self listing it - am wondering if this would do better with a broker (area is Newark NJ). I wonder what do brokers do different?

@Julian Barnes, I came across this old post as I was researching crash pads. We are planning to lease our property out to a flight attendant who is starting a crash pad business. Did you go through with the crash pad idea. how was your experience. Thanks!

@Jay Hinrichs thanks. I was wondering if there were any special clauses I need in my lease agreement and any specific risks (wear and tear/etc) I need to be aware of.

good to know it is a common enterprise. I will research online but if anyone has specifically done this, would love to hear from them. thanks!

Hi - we are considering renting one of our properties to a small 'crash pad' company that rents to flight attendants - basically our lease agreement would be with the company who in turn will furnish it as a crash pad and sublet to flight attendants as a crash pad (we are near an international airport).  Have any of you ever done this or ? what has been your experience. what are the risks and what specific clauses should we have in our lease agreement. Thanks!