All Forum Posts by: Sinil Kim

Yesterday I closed my first investment property in Ridgefield, NJ.  

It's duplex.  Each unit has one bed and one bath. 

Average rent for one bed room around the property is $1,200 to $1,400. 

But still the tenants living in the property with low rent. Previous owner didn't raise rent since 2012. 

Current tenants are month-to-month. They don't have any lease since 2013

I want to ask them to sign on new lease with market price like $1200 or leave

They might not sign on new lease with much higher rent. But I want ask them to pay. Or give them eviction notice.

What is nicest way to communicate with them? 

Is there a formal letter? or form or anything.

Someone said if I say something not proper, I can get sued. I don't know what is not proper.

I am just very very new landlord. I don't know nothing about being a landlord.

I need your advise.

Thanks

I’m about to close 2 family house in NJ.

Each unit has 1 bed and 1 bath.

I’m planning to update kitchen and floor and electrical panel for both units.

recommend me a good contractor.

Cheap but nice

great job. Now I am about to close my first investing property and it's two family house in NJ.I am going to rehab but no experience. I'm a little bit nervous. Hope my estimating is correct.

@Andrew B. what could be a good cause ? so complicated.

I hope tenants will move out when i give them a notice 

@Andrew B. What do you mean landlords is not allowed to end tenancy without cause?

Once you have a tenant, you should hold the tenant till they move out?

It's month to month. 

My attorney said I can give the tenants the 30 days or 60 days notice to vacate.

@Brandon Penn congrats 🎉 

I’m about to buy my first 2family house. Learn more about your skill and story 

@Sen A. it’s in Ridgefield. I got a message from my attorney. I have no reason not to vacate the tenants or increase the rent. But I decided to give 30 day notice of vacate as attorney suggested

@Matt M. yes. NYC and NJ along with Hudson River area is very expensive. So hard to make positive cash flow. I need different strategies to invest. 

Thanks

@Matt M. I know you live in Easton. I want to have coffee or lunch when I visit there if possible. I wanna learn from your. Btw  The property is   In North Bergen county. 

@Matt Michaelson

I was looking for a property near by Lehigh valley. I been there few time and don’t know the area well. I researched the market for several months. Still I am not confident yet. So I decided to invest my first property in the area that I know well.

But next target area is where I can drive within 2hours

I want to learn from a local people and listen to people they already invested into that area