Raising Rent In Lakewood

[etech0]

Can you keep us posted?

[YitzyS]

Can you keep us posted?

Can you wear a gopro?

[aygart]

Is this a true story?!

It definitely can be. There is no shortage of crazies.

[monkey]

Someone I know was told recently that his rent was raised to 3800 retroactive to when his contract expired 2 years ago, and is now being taken to BD because he's demanding the "extra rent" from the past 2 years. Even better is that this tenant was eligible for COVID rent assistance but his landlord refused to sign the necessary docs because he demanded the rent off the books. The tenant lost out on 21k because of it.

Unreal. Sad to hear these stories.

I heard a story about a tenant that’s been renting near yeshiva area. Upon renewal, tenant was willing to accept a increase in rent.

The landlords spouse passed away not too long ago. The landlord said they rented out the basement to cover costs of mortgage and stated that it’s still covering costs. Asked if tenant can learn something liluy nishmas as zechus (didn’t demand it in exchange, was a request if possible to do)

[jye]

It definitely can be. There is no shortage of crazies.

I always try to remember that I was once a tenant. Had one landlord who was crazy. Told us the spot on the public street was for her and off limits to us. Dumped a bag of garbage INSIDE our apartment because she claimed we put recycling in it. Turned out it was her garbage. Another landlord was the nicest person. There are plenty of tenants from gehenom too. Too bad there isn’t some kind of shadchan service to match them up so it’s מצא מין את מינו

[yuneeq]

Is this a true story?!

Heard this from tenant directly, hope I didn’t mess up the details. Landlord also says that the tenant has to be leave because he wants to move in. Landlord lives in Brooklyn and has no intention of leaving.

[rs242]

Heard this from tenant directly, hope I didn’t mess up the details. Landlord also says that the tenant has to be leave because he wants to move in. Landlord lives in Brooklyn and has no intention of leaving.

Sounds like a real animal.

[YitzyS]

I have a relative who lives in the BMG area. Never raised rent on the tenant, but after a number of year, the tenant started giving more rent, probably wishing to avert a situation in which he would be kicked out.

My relative knew that the tenant didn't have extra money, so he took the extra rent money every month and put it in an envelope. When they finally moved out, my relative gave them back the envelope with the money.

[ae123]

I have a relative who lives in the BMG area. Never raised rent on the tenant, but after a number of year, the tenant started giving more rent, probably wishing to avert a situation in which he would be kicked out.

My relative knew that the tenant didn't have extra money, so he took the extra rent money every month and put it in an envelope. When they finally moved out, my relative gave them back the envelope with the money.

Wow!

[jye]

I have a relative who lives in the BMG area. Never raised rent on the tenant, but after a number of year, the tenant started giving more rent, probably wishing to avert a situation in which he would be kicked out.

My relative knew that the tenant didn't have extra money, so he took the extra rent money every month and put it in an envelope. When they finally moved out, my relative gave them back the envelope with the money.

The Real Lakewood

[Sam 77]

The Real Lakewood

+1000

[jye]

There is always the financial perspective on the whole issue.Bottom line is the real way to look at your rental unit is as an asset like any other asset. It doesn’t really matter what you paid for your asset. It’s always a question of your return in your assets current value. in many areas asking prices are now 1-1.25 million. If you are charging 2500 for the upstairs and 1300 for the basement you are earning well under 3% on your asset after taxes. If your mortgage rate is over 3% that is negative leverage and a poor return in your down payment. No one expects you to charge less for any other asset you own simply based on what you paid for it or how you are financing it. If you bought your Toyota Sienna used for 15k a couple years ago and it’s now worth 23k due to the market would anyone expect you to charge the yungerman you are selling it to 15k because it’s unfair to take advantage of the current market price of your asset?

[dealfinder11]

There is always the financial perspective on the whole issue.Bottom line is the real way to look at your rental unit is as an asset like any other asset. It doesn’t really matter what you paid for your asset. It’s always a question of your return in your assets current value. in many areas asking prices are now 1-1.25 million. If you are charging 2500 for the upstairs and 1300 for the basement you are earning well under 3% on your asset after taxes. If your mortgage rate is over 3% that is negative leverage and a poor return in your down payment. No one expects you to charge less for any other asset you own simply based on what you paid for it or how you are financing it. If you bought your Toyota Sienna used for 15k a couple years ago and it’s now worth 23k due to the market would anyone expect you to charge the yungerman you are selling it to 15k because it’s unfair to take advantage of the current market price of your asset?

What about when you live “together” with one of you assets?

[aygart]

What about when you live “together” with one of you assets?

If you use a portion of an asset then you split by percentage.

[jye]

What about when you live “together” with one of you assets?

What anybody does when they share an asset- shared offices, desk, warehouse space, secretary. If one is the owner of the asset and the other pays a percentage of the fair market value of the asset or use of the asset.

[dealfinder11]

What anybody does when they share an asset- shared offices, desk, warehouse space, secretary. If one is the owner of the asset and the other pays a percentage of the fair market value of the asset or use of the asset.

You don't see a difference between the business relationship of a shared office space, and the personal relationship of sharing a house?

[aygart]

You don't see a difference between the business relationship of a shared office space, and the personal relationship of sharing a house?

Why would there be? What difference did it make if the upstairs is rented or owner occupied?

[jye]

You don't see a difference between the business relationship of a shared office space, and the personal relationship of sharing a house?

If I was renting to my nephew perhaps. A tenant is a business relationship. A cordial perhaps even friendly one, but in essence a business relationship. Nothing more and nothing less.

[dealfinder11]

Why would there be? What difference did it make if the upstairs is rented or owner occupied?

They are you neighbors on steroids. Families living connected lives, sharing front and back etc. And you both have a good idea of whats happening in each others personal lives (Soundproofing LOL). Any landlord that thinks they are just renting out "excess space" to help pay for their mortgage, and doesn't realize you are sacrificing a significant element of privacy is completely deluded IMO.

[aygart]

They are you neighbors on steroids. Families living connected lives, sharing front and back etc. And you both have a good idea of whats happening in each others personal lives (Soundproofing LOL). Any landlord that thinks they are just renting out "excess space" to help pay for their mortgage, and doesn't realize you are sacrificing a significant element of privacy is completely deluded IMO.

So you feel that when the upstairs is owner occupied rent should be higher?