Raising Rent In Lakewood

[flyingace]

There are people in Lakewood who are not charging market rents. My cousin just signed a three bedroom basement in Prospect area for for 1550. And his friend recently signed for 1450. When I asked him how he got it he said "there are nice people out there!"

[coffeebean]

Buy a house

Find me one for a decent price. I'm in

[coffeebean]

There are people in Lakewood who are not charging market rents. My cousin just signed a three bedroom basement in Prospect area for for 1550. And his friend recently signed for 1450. When I asked him how he got it he said "there are nice people out there!"

Wow, where did he find these apartments?

[coffeebean]

1) Good point! 😂

2) When people have been here for a while, have jobs and kids in school, it’s not so practical to make the move to OOT.

Two other points worth mentioning: OOT is not necessarily cheaper in the larger picture. While housing may be cheaper, Kosher food, Judaica and most of all tuition is much more expensive. I looked into an OOT community before making the move I did and putting everything together, it didn’t come out cheaper. Also, from what I hear, the job market for a frum person (yeshiva education with no degree) is not comparable from what’s available in the greater Lakewood area to any other community.

There's also way less job opportunities OOT, especially if one is used to an in town lifestyle.

[coffeebean]

Alternatively, you can look at buying in one of the more outlying neighborhoods. You’d be able to get a house very suitable for a frum family in mid 400k - low 500k range (that’s what I did). It requires taking an element of risk as there’s no way to know how a new neighborhood will develop. It also requires not being a sheep (as in following whatever everyone else is doing). But hey, it may cost an extra 100k to be a sheep, it’s getting expensive to be a sheep....

Are there any non-sheep houses with basement/tenants to help me pay the mortgage? It may be worth the extra 200k to have half of the mortgage paid by a tenant.

[knowitall]

There's also way less job opportunities OOT, especially if one is used to an in town lifestyle.

If you’re looking for a salaried job, you’re right, opportunities OOT are much more limited. If you are an entrepreneur, or in real estate, you’ll likely have a lot less competition OOT.

[flyingace]

Are there any non-sheep houses with basement/tenants to help me pay the mortgage? It may be worth the extra 200k to have half of the mortgage paid by a tenant.

Doubtful that any of the surrounding towns have legal basement rentals or two family houses.

[aygart]

Are there any non-sheep houses with basement/tenants to help me pay the mortgage? It may be worth the extra 200k to have half of the mortgage paid by a tenant.

Believe it or not, there are very good reasons for prone to want those houses that are not wooly.

[yesitsme]

What's the standard when you hike up the rent by 60% do you also replenish the security deposit to match the new rate

[Pony]

Are there any non-sheep houses with basement/tenants to help me pay the mortgage? It may be worth the extra 200k to have half of the mortgage paid by a tenant.

No basement apartments in my neighborhood but there are very suitable houses in the upper 400k to mid 500k.

Also, in my particular area, we have some of the OOT advantages. Everyone gets along and is friendly, that a includes a striemel wearer, a chabadnik, long time kolel learner etc. My kids know that there’s a one in three chance that they’ll get gilila on any given shabbos:). Point is, in a new small developing neighborhood, everyone counts and is needed by one another.

[aygart]

No basement apartments in my neighborhood but there are very suitable houses in the upper 400k to mid 500k.

Also, in my particular area, we have some of the OOT advantages. Everyone gets along and is friendly, that a includes a striemel wearer, a chabadnik, long time kolel learner etc. My kids know that there’s a one in three chance that they’ll get gilila on any given shabbos:). Point is, in a new small developing neighborhood, everyone counts and is needed by one another.

Once upon a time I described West gate this way.

[coffeebean]

No basement apartments in my neighborhood but there are very suitable houses in the upper 400k to mid 500k.

Also, in my particular area, we have some of the OOT advantages. Everyone gets along and is friendly, that a includes a striemel wearer, a chabadnik, long time kolel learner etc. My kids know that there’s a one in three chance that they’ll get gilila on any given shabbos:). Point is, in a new small developing neighborhood, everyone counts and is needed by one another.

Which neighborhood? Pms open.

[jye]

There are people in Lakewood who are not charging market rents. My cousin just signed a three bedroom basement in Prospect area for for 1550. And his friend recently signed for 1450. When I asked him how he got it he said "there are nice people out there!"

Is mispricing an asset at way below market value a function of being nice? Any nice people who are willing to sell me their Sienna for below the market price? How about a nice Jewelry store who is willing to be mivater on the market price of 1800/oz for gold and will sell me some gold pieces at the $1100/oz price of a few years ago?

[Ver hut gazugt]

Is mispricing an asset at way below market value a function of being nice? Any nice people who are willing to sell me their Sienna for below the market price? How about a nice Jewelry store who is willing to be mivater on the market price of 1800/oz for gold and will sell me some gold pieces at the $1100/oz price of a few years ago?

big deference. Both in what you are selling and how it was obtained. Also it would be very nice and proper if someone gave a discount on a weeding ring to a fellow yid.

[dm123]

Is mispricing an asset at way below market value a function of being nice? Any nice people who are willing to sell me their Sienna for below the market price? How about a nice Jewelry store who is willing to be mivater on the market price of 1800/oz for gold and will sell me some gold pieces at the $1100/oz price of a few years ago?

Heard once one of the judaica stores in Lakewood (Torah Treasures maybe?) buys extra large quantities of sforim and sells at his cost plus profit rather than current market (even long after market rises) and only raises once he has to buy new stock...

Maybe I heard it about an old lakewood silverstore as well (schwadron maybe?)

[jye]

big deference. Both in what you are selling and how it was obtained. Also it would be very nice and proper if someone gave a discount on a weeding ring to a fellow yid.

I actually bought my sienna with 30k miles just before prices skyrocketed in 2020. At just under 50k I’m told it’s worth almost $10,000 more than I paid. Am I supposed to sell it at the 2020 price?

שכירות is מכירה ליומיה. Of course one can sell his house on ridge to a yungerman with a large family for the 450k he paid for it rather than the 1.25 million market value but that makes him a baal tzedaka not just a nice guy.

[dm123]

Is it just a difference in mindsets/goals?

Mindsets:
Need to get as much as I (rightfully) can by charging market value vs what do I care about market value, my costs on this are X so I can charge X + profit margin and that's all the hishtadlus I need to do.

Goals:
Cover a mortgage/home expenses so I only need to charge my costs to offset the house vs I need to buy a new house/new car and therefore need to get market value so I can translate that into a new house/car for myself.

[yelped]

Is it just a difference in mindsets/goals?

Mindsets:
Need to get as much as I (rightfully) can by charging market value vs what do I care about market value, my costs on this are X so I can charge X + profit margin and that's all the hishtadlus I need to do.

Goals:
Cover a mortgage/home expenses so I only need to charge my costs to offset the house vs I need to buy a new house/new car and therefore need to get market value so I can translate that into a new house/car for myself.

Do you expect yourself to have this mindset, or only others?

[Ver hut gazugt]

Do you expect yourself to have this mindset, or only others?

myself and others 

[dm123]

Do you expect yourself to have this mindset, or only others?

Yes