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16 December 2024 | 9 replies
We have a clause in our lease that plumbing clogs not caused by mechanical/material defects in the plumbing will be charged to the tenant, and if your lease doesn't have similar I would recommend such a clause.
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15 December 2024 | 5 replies
Demand for February/March move-ins should see a notable uptick sometime in January, but you'll for sure see your strongest rental demand in late spring/summer.Your most recent post mentioned that you were going to look for someone for a 6-month lease - I think this is a great way to approach it to minimize vacancy loss while biding your time until we get into the higher demand summer months.Getting creative with your lease term and credits/concessions could also be a good way to solve a few potential problems in one shot.
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17 December 2024 | 29 replies
When I have provided it, I write it in the lease that it's not included in the lease and I'm providing it as a courtesy only and if the tenant wants to use it they may and if it breaks down, I won't be replacing it.Allen
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18 December 2024 | 9 replies
Besides we're hospitality people, not selling property or leasing it long term, and somewhere along the line a few states got their definitions very very mixed up!
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18 December 2024 | 2 replies
Duplex appraised 380 (super ****ing low ball) brings in an estimated 3,900 a month in rents. buyer agreed and SIGNED addendum to purchase at 397,500. day of closing they dont show, tell us they didnt know what they agreed to pay over appraised value and are trying to get us to accept 386k. my agent had me lock in our month to month long term tenant to a year lease for THEIR lender and now they pull this.. they have only 5k in escrow account.. my agent wont reduce his commission from 3%-2% to help bridge the gap. suggestions??
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9 December 2024 | 1 reply
@Ali Mol In a lease-to-own agreement, the $1,666 monthly credit should be treated as a liability (deferred credit) rather than rental income, as it is allocated toward the purchase price.
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9 December 2024 | 2 replies
Per NJ law, must I include account number in the lease?
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21 December 2024 | 10 replies
The DSCR program "Must use the lesser of the two either common rent from the appraiser 1007 rent schedule form on the appraisal or the lease".You also have to factor in the taxes and insurance because a guesstimate or ball park can kill the approval.
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8 December 2024 | 2 replies
Wet signing the lease in person is the only opportunity to talk to the tenant about stuff that matters - so we quickly switched back.