Bianca Rodrigues
Tenants and rent increases
Hi All,
When purchasing a multi with existing tenants paying below market rents, how do you go about increasing rents? Do you provide some sort of incentive?
What happens if a tenant doesn’t want to accept your ren...
James Godbout
Recently Purchased home - Tenant claims rent is wrong
Hello,We closed on a house yesterday, a rent stabilized (or so we thought) 3 family. One of the units was currently rented for $3300, with an accompanying lease and last month's rent deposit collected at close. Howeve...
Paul K.
Raised rent 3 months ago starting May 10th
Hey BP community,
I raised rents by 6% on February 1st taking effect starting in May. Now Corona has hit and one tenant says she can't pay and the other just paid the the old amount. Question is should I still enfo...
Pal Sa
Payment options: first payment and rental payment
I would like to avoid meeting my tenants in person to accept payments and me going to the bank often. I am hitting some issues while trying to meet my needs. I am considering Zelle and checks as forms of payment.
Mov...
Dave Schimmels
Existing tenant month to month
My wife and I bought our first duplex with tenants in place. 2nd floor tenant is on a year lease, but the first floor tenant is month to month and has been renting for the last 16 years. She is older and is on a fixed...
Ken Winter
Rent Increase in NJ - Is Notice to Quit required?
I tried searching for an answer and couldn't find anything on point. This will be my first time increasing rent. I found something from the NJDCA that says a rent increase must start with service of a Notice to Quit...
Thom Ruley
Importance of cash flow for rentals
In my neck of the woods, prices have gone completely insane. With interest rates going up, I'm simply not finding properties that will cash flow. Is it more important to keep looking for a cash-flowing rental or is it...
Yusuke Koike
Seller Financing & DSCR loan
HiDoes anyone give me a professional advice on seller financing?As you know, recent interest rate has been increasing. This increase killed my deal so many times. Do lenders generally NOT allow a borrower to bring a d...
Bradley N.
Legality of Offering more EMD Money than a Seller Asks for?
I just purchased some real estate. When I made my first offer, the person helping me said the seller needed X amount of dollars for EMD. The seller responded with a counter-offer and we finally came to an agreement on...
Chris Harrington
Opinion on Rent increase
I think I know what I am going to do but would like to see what others think.Closed on 14 units in late Sept fully leased. Seller had a 4 pg lease for tenants with no other documentation, not even an application so I...