Guest Guest Posted March 19, 2008 Report Share Posted March 19, 2008 I wrote yesterday about selling my house, I'm thinking it might be smarter to keep it as a rental and hire a management company to handle it and I can just be the recipent of the money Anyone have the experience in being a "landlord" of a property? I'm nervous because this neighborhood attracts scumbags and I am kicking myself in the ass for buying it. Link to comment Share on other sites More sharing options...
Guest Beware Posted March 19, 2008 Report Share Posted March 19, 2008 If you get BAD tennants it's hard to evict them in NY State! Renting is ok only if you get good tenneants who have jobs and can pay the rent. Often the renters get 4 or 5 months behind on the rent and dissapear in the middle of the night!!!! Link to comment Share on other sites More sharing options...
Guest Guest Posted March 19, 2008 Report Share Posted March 19, 2008 Have potential tenants fill out a rental application and run a credit report. You can screen out many losers that way. If they lie on the app, it's reason to deny. If they have bad credit, it's reason to deny. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 19, 2008 Report Share Posted March 19, 2008 My suggestion would be to do a very intense screening of anyone that you might rent to. If as you say it is a full house, and depending on the location, I would be a little careful of who you hire to manage the property for you. There are a lot of these " property management companies " that don't give a dang who they rent to. You might be better off finding a family to rent it to yourself, working out a very good lease, and just doing it yourself. Good Luck either way Link to comment Share on other sites More sharing options...
Guest Guest Posted March 19, 2008 Report Share Posted March 19, 2008 My in-laws have some rentals. I'm surprised at how many of the tenants leave a mess behind when they move out, so be prepared for some cleanup work each time and make sure you get a good security deposit. People really don't seem to care when it's not their property, sadly. Don't let them use the security deposit for the last month's rent. Consider not allowing pets or charging extra for them. Consider buying your own carpet cleaning machine up front. If you don't have any other businesses now, keep in mind that you'll get into some new areas when doing your income taxes. Don't forget to check with your insurance company on what kind of coverage you'd need. I wouldn't skimp on anything liability-related, considering how people are these days. You'll need to decide how to handle the lawn mowing and snow shoveling. If you don't want to do it yourself, the tenants might be willing to do it for a discount on the rent, which may be cheaper for you than hiring a service. I believe there are very strict rules to follow when advertising the property to avoid anything even remotely discriminatory. I'm sure the information is on some government web sites somewhere. I suspect the Press & Sun-Bulletin's classifieds department would know the rules too. If any local corporations have lists of available properties that they give to their new hires, you'd probably get better-quality tenants if you could get on those lists. @ Link to comment Share on other sites More sharing options...
2pelo Honey Posted March 19, 2008 Report Share Posted March 19, 2008 If you're going to do that, I'd also recommend lining up a good local real estate attorney. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 19, 2008 Report Share Posted March 19, 2008 A friend of mine and his cousin used to have a dozen or so rental units around Broome. For a long time, things were fine. The last few years he's been getting stiffed a lot by people who trash his places and disappear. He's had to serve dozens of eviction notices. He finally started doing the paperwork himself instead of paying a lot of $ to have his lawyer do it. I don't envy him. He and his cuz are selling their places and getting out of the rental biz. I don't blame him. Too much human trash in this area now. Link to comment Share on other sites More sharing options...
2pelo Honey Posted March 19, 2008 Report Share Posted March 19, 2008 ^^^ This is true, but I remember hearing horror stories from friend's and relative's who had rentals even back in the early 90's. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 19, 2008 Report Share Posted March 19, 2008 If you're going to do that, I'd also recommend lining up a good local real estate attorney. I know a lot of Real Estate Attorneys and most deal with the transfer of real property and not rental issues. When you're talking evictions and suing for damages, that's more of a litigation issue than a real estate issue. Link to comment Share on other sites More sharing options...
Hockey Fan Posted March 19, 2008 Report Share Posted March 19, 2008 I work for an attorneys that do some evicitions and I would never own a rental property. Some of the things I've seen and heard. It's crazy!! Link to comment Share on other sites More sharing options...
Guest Amanda Posted March 19, 2008 Report Share Posted March 19, 2008 I'm a landlord for a property out in port crane. I haven't had any problems and have been pleased with the whole experience so far. I think this is in part because the house is out in the country and not in the city. But I do think if you go about it cautiously you will be glad you did. I wrote up my own lease agreement with my own rules and regulations and had it notarized at the bank and had the tenants sign. Everybody got a copy and everybody is protected. I haven't had to go through any trouble with late payments or having to do any evictions though... I'm sure thats where the headaches begin. You should interview and screen anyone who is interested in renting the property. Just protect yourself, thats the bottom line. I wouldn't recommend hiring a management company though. You will make much less money than you would if you were in charge, and it just adds one more person to the mix should the agreement go sour. I always recommend handling your business on your own. I am also a realtor (let the bashing begin) so if you have any other questions just let me know and I will give you my email address and I would be glad to help out! Link to comment Share on other sites More sharing options...
Guest A Reasonable Atheist Posted March 19, 2008 Report Share Posted March 19, 2008 Before you consider renting out a property, ask yourself some questions: 1. Is my sole goal to make lots of money? 2. Do I realize that if anything goes wrong with the building, be it a problem with plumbing, heat, hotwater, roof, etc, I will have to pay to fix it? 3. Do I realize that when I rent a property out, I lose legal control over that apartment, but maintain a duty to keep the building habitable? 4. Do I realize I can't just enter the tenant's apartment willy-nilly? 5. Do I realize that I may lose money in this transaction? Be sure to really consider this decision before you go into it. You seem to indicate that you just want to have a company run it and sit back and collect a check. I suggest you may be better off selling the property. Link to comment Share on other sites More sharing options...
Mouser Posted March 19, 2008 Report Share Posted March 19, 2008 I'm a landlord for a property out in port crane. I haven't had any problems and have been pleased with the whole experience so far. I think this is in part because the house is out in the country and not in the city. But I do think if you go about it cautiously you will be glad you did. I wrote up my own lease agreement with my own rules and regulations and had it notarized at the bank and had the tenants sign. Everybody got a copy and everybody is protected. I haven't had to go through any trouble with late payments or having to do any evictions though... I'm sure thats where the headaches begin. You should interview and screen anyone who is interested in renting the property. Just protect yourself, thats the bottom line. I wouldn't recommend hiring a management company though. You will make much less money than you would if you were in charge, and it just adds one more person to the mix should the agreement go sour. I always recommend handling your business on your own. I am also a realtor (let the bashing begin) so if you have any other questions just let me know and I will give you my email address and I would be glad to help out! Please register and send me your e-mail address via PM Thanks @ Link to comment Share on other sites More sharing options...
Guest weinermobile Posted March 24, 2008 Report Share Posted March 24, 2008 I've owned a rental property for over 20 years. We have been very fortunate in having good long term tenants for the most part. We've had a couple of doozies and some property damage but have learned from our experiences. As a landlord, you need to be fair and offer a safe well maintained home or apartment. It is work but also be aware that there are a fair number of renters that treat rental property poorly because it's not theirs, so be prepared. Also you have to consider why you want to rent. If it is to make money you need to have at least a 3 family apartment to make a profit. A house or two family will pretty much cover the mortgage and provide you with a tax write-off over time. You need to be very vigilant in screening potential tenants - don't make a rush decision because a tenant may really like your place and want to rent from you. Yes, you have to be careful not to be discriminatory but you can set limits as to what you will and will not accept in renters. Each town, city, village has a landlords 'bill of rights' to refer to. Ask for first and last months rent plus a security deposit. While that may seem like a lot, it screens out those that are serious from those that are not and it also protects the landlord to some extent should a tenant skip out and not pay rent. Have a lease that is carefully scrutinized by a real estate attorney to protect you and the tenant. Evictions are a pain in the neck and do take awhile. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 24, 2008 Report Share Posted March 24, 2008 I wrote yesterday about selling my house, I'm thinking it might be smarter to keep it as a rental and hire a management company to handle it and I can just be the recipent of the money Anyone have the experience in being a "landlord" of a property? I'm nervous because this neighborhood attracts scumbags and I am kicking myself in the ass for buying it. Tom at Orion reality will do a good job of managing yourproerty - screening your tenants and making certain it is not destroyed. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 24, 2008 Report Share Posted March 24, 2008 I'm a landlord for a property out in port crane. I haven't had any problems and have been pleased with the whole experience so far. I think this is in part because the house is out in the country and not in the city. But I do think if you go about it cautiously you will be glad you did. I wrote up my own lease agreement with my own rules and regulations and had it notarized at the bank and had the tenants sign. Everybody got a copy and everybody is protected. I haven't had to go through any trouble with late payments or having to do any evictions though... I'm sure thats where the headaches begin. You should interview and screen anyone who is interested in renting the property. Just protect yourself, thats the bottom line. I wouldn't recommend hiring a management company though. You will make much less money than you would if you were in charge, and it just adds one more person to the mix should the agreement go sour. I always recommend handling your business on your own. I am also a realtor (let the bashing begin) so if you have any other questions just let me know and I will give you my email address and I would be glad to help out! so what protection does a notary offer you? all a notary does is attest that the signatures are true and not a forgery. that's all. do you not realize that? notaries are nothing. do you think that a notarized document is enforceable? not just becasue it is notarized. and the fact that you wrote the lease with all of your stipulations, probably makes it unenforceable. check with an attorney Link to comment Share on other sites More sharing options...
Guest Guest Posted March 24, 2008 Report Share Posted March 24, 2008 so what protection does a notary offer you? all a notary does is attest that the signatures are true and not a forgery. that's all. do you not realize that? notaries are nothing. do you think that a notarized document is enforceable? not just becasue it is notarized. and the fact that you wrote the lease with all of your stipulations, probably makes it unenforceable. check with an attorney If he/she wrote the lease with their own stipulations, and the people agreed to them and signed the lease, how wouldn't it be enforceable? I'm thinking about entering into a rental agreement, hoping to learn from others; I'm not trying to cause any trouble just seeking advice. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 24, 2008 Report Share Posted March 24, 2008 If he/she wrote the lease with their own stipulations, and the people agreed to them and signed the lease, how wouldn't it be enforceable? I'm thinking about entering into a rental agreement, hoping to learn from others; I'm not trying to cause any trouble just seeking advice. any document (contract) that is absolutely one sided is deemed to be non enforceable. it can not be all in favor of one party at the expense of the other. either get a pre printed lease at staples or go to an attorney. you can say the sun is rising at 12:00 midnight and the tenant can sign and attesst to it, but taht does not make it true. pure and simple. and a nortary means NOTHING, other than it is a true signature. it does nothing for the legality of the document. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 24, 2008 Report Share Posted March 24, 2008 any document (contract) that is absolutely one sided is deemed to be non enforceable. it can not be all in favor of one party at the expense of the other. either get a pre printed lease at staples or go to an attorney. you can say the sun is rising at 12:00 midnight and the tenant can sign and attesst to it, but taht does not make it true. pure and simple. and a nortary means NOTHING, other than it is a true signature. it does nothing for the legality of the document. i apoligize for my typos. there were not mis-spellings. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 24, 2008 Report Share Posted March 24, 2008 i apoligize for my typos. there were not mis-spellings. there, i did it again Link to comment Share on other sites More sharing options...
Guest Guest Posted March 24, 2008 Report Share Posted March 24, 2008 What ever you do, dont rent to the COPP family! Link to comment Share on other sites More sharing options...
Guest Guest Posted March 24, 2008 Report Share Posted March 24, 2008 any document (contract) that is absolutely one sided is deemed to be non enforceable. it can not be all in favor of one party at the expense of the other. either get a pre printed lease at staples or go to an attorney. you can say the sun is rising at 12:00 midnight and the tenant can sign and attesst to it, but taht does not make it true. pure and simple. and a nortary means NOTHING, other than it is a true signature. it does nothing for the legality of the document. I am the poster that wrote the lease agreement. I appreciate your advice. It sounds like you may have thought I was emphasizing having the document notarized more than I intended. I never said that because I had the document notarized that I was safe my any means, I know that is not the case. And there were no crazy stipulations in the agreement. No smoking, tenants are responsible for maintenance, late fees or fees for bounced checks, and the condition in which the property is to be left when tenants vacate the premisis; these were the main areas of my concern that I was very specific about my requirements. Nothing crazy or unfair to the tenants. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 24, 2008 Report Share Posted March 24, 2008 I am the poster that wrote the lease agreement. I appreciate your advice. It sounds like you may have thought I was emphasizing having the document notarized more than I intended. I never said that because I had the document notarized that I was safe my any means, I know that is not the case. And there were no crazy stipulations in the agreement. No smoking, tenants are responsible for maintenance, late fees or fees for bounced checks, and the condition in which the property is to be left when tenants vacate the premisis; these were the main areas of my concern that I was very specific about my requirements. Nothing crazy or unfair to the tenants. now, i understand. i was not taking shots at you, just wanted to make sure that people don't think that any document is ironclad, becasue it is not, especially ones that are written to protect only one party. a lawyer have a field day with documents prepared by quasi professionals, much less interested parties to the contact. @ Link to comment Share on other sites More sharing options...
bcdiogenes Posted March 25, 2008 Report Share Posted March 25, 2008 Here are a few things I learned from family and friends in the business: * Late fees are not enforced in court, even if it was included in the lease agreement. However, you can get around that by offering a discount if they pay before the first of the month. For example, let's say you want to get $500 per month for an apartment. Write the lease to say $540 per month due on the 1st. If the tenant pays before the first, the tenant is entitled to a discount of $40, for a total due of $500. This does stand up in court. * By all means, collect the first and last months rent plus the security deposit. * If you decide to allow pets, advise that they need to provide a flat fee ($400 for example) that is non-refundable. This fee will cover the additional costs incurred to clean the property upon their departure, regardless of how good the little pooch is. Remember, if they are good tenants, you can always decide to give it back when they leave. * If you have tenants perform lawn mowing and snow shoveling, be sure to enumerate in the lease the charges you will apply if they do not perform those tasks. Remember, you will get the notices and fines from code enforcement - not the tenant. * Keep an eye on the property. Typically, the courts do not allow you to charge cleaning fees when you later chase down a tenant that left in the middle of the night. To clarify, you can submit expenses you paid someone else to do the work (like Service Pro or Maid to Please), but they will not pay you to clean your own place up. Apparently the courts feel that your time and labor aren't worth anything. * Document, document, document. I hope this is helpful. @ Link to comment Share on other sites More sharing options...
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