State Assistance
hi guys...i was lookin at a home in new jersey that has the state paying rent that would equal 631 a month and teh house is 39k has long time tenants in place now my question is when the lease is up in dec 2005, can I up rents or would the 631 stay in place for ever also is there any type of security deposit incase my bldg gets trashed...im new and only 19 so any help is appreciated
Depends on the lease. If the tenant has a lease - you, as the new landlord, have to honor. Once the lease is up you can raise the rent.
Now..you will have to check with the state to determine how much they will give you (the tenant) or if an inspection is required. In VA - I could charge $1000 for a place and have the state give $700. THis would mean that the tenant would pay only $300.