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October 10, 2007
First Time Landlord Looking for Info
The renovation of my tenant unit ismost complete and it looks like I am about a week away from showing the apartment to potential renters ( I own a two story two family house in plg and will rent out the top floor) and I have a few q's for anyone out there with experience.
1) Where can I find all info pertaining to NYC laws, rules, and protections for tenants (and landlords).
2) Any suggestions for where I can find a good sample lease on-line?
3) My real estate atty suggested I use a month to month agreement instead of a year long lease. The reason - its harder to evict troublesome tenants who have signed on for a year. Anyone have experience with this?
4) If I'm not using a broker - what's the best way to check credit reports? Thanks. This is obviously a huge step so I appreciate any feedback.
Comments
You can create and print standard leases here:
https://leases.rebny.com/default.jsp
There is a fee but it's really easy and worth the $9 or whatever it is...
There are several landlord books by NOLO, do a search on Amazon or google to find them. They used to make a NY specific one although now I think they onle sell one that's all inclusive with state specific chapters.. ( I have the old one. At the back of those books are resources about to check credit.
Also do a search on this site and there are recommendations for companies that do credit and background checks on prospective tenants.
Good luck.
Posted by: CrownGardener at October 10, 2007 2:41 PM
I own a 2 family as well.
1) http://www.housingnyc.com/html/resources/attygenguide.html
I find that site very useful even though its for tenants.
2)not sure. I got mine from another landlord i know.
3) I think that's a bad idea b/c potentially it could limit your pool of tenants. Plus it also means a tenant can move out any time they want as well. Its much more likely that they will move out unexpectedly than you will need to evict them. Just screen your tenant carefully and make sure you feel comfortable with them. In a two family home you need to really like your tenant b/c its not a normal landlord tenant relationship. You will be living with each other.
4) Smart move, as i said above you will be living with this person so you should be doing the screening. There are several sites for tenant screening i use this one. https://www.tenantverification.com/login.php
but stick with your gut make sure they person feels right for you.
Good Luck.
Posted by: guest at October 10, 2007 2:42 PM
This is probably more helpful than anything!
http://www.nycourts.gov/courts/nyc/housing/pdfs/Landlordbooklet.pdf
Posted by: guest at October 10, 2007 2:48 PM
Get a YEAR LEASE.. You're not going to want to have a tenant who is looking for a month to month. You want someone in your house that wants a long term committment, unless you want to take over the entire house relatively soon! Your atty is a knuckle head if that's the advice he's giving you!
Posted by: guest at October 10, 2007 2:51 PM
the tenant screening services are a great help. Review their sites ahead of time, there is a fair housing/fair credit law which states the agency must screen you as tenant in advance of tenant background or credit checks. This entails filling out and information package and an onsite visit to your house. The process usually takes about two weeks.
Posted by: 1910 at October 10, 2007 4:25 PM
Sorry that should read "they must screen you as a Landlord in advance..." i.e. owner or agent of owner.
Posted by: 1910 at October 10, 2007 4:29 PM
You can also buy standard lease forms at Staples, Office Max, etc. The packet of forms have blanks for you to write in, or you can go the their site and download a standard form that you can type in the info on, which looks better. You still have to buy the form, as the package contains the code to allow you to download their on line forms.
Posted by: Montrose Morris at October 10, 2007 4:41 PM
You're foolish to do a month to month lease. If your tenant has a reasonable knowledge of the landlord/tenant court he will realize that he is a "Holdover" tenant. More money and time for you because the emphasis of the law is that you are accepting him as a tenant and a tenant at the last rent. The legal costs of evicting a holdover tenant are also more costly.
Posted by: guest at October 10, 2007 5:59 PM
I think it's most important to pick high quality tenants. I'm not so sure that having a tenant " month to month" is a bad idea. You can write up a month to month lease. When you have a bad tenant, you need them out ASAP, not when the lease is up. In my experience, when a tenant needs to move they will break the lease. Are you really going to go after a tenant who breaks the lease? Why would you bother with that kind of time and expense? In this market, if you you have a quality apartment, you will be able to rent the apartment out again fast. Most tenants do not want to move unless they have to. If you are a small landlord renting apartments in your brownstone, I think you have more control over your building if you go month to month. This has worked well for me. I have rented out two apartments over six years, I get little turn over and everyone is happy.
Posted by: Rick at October 11, 2007 7:20 AM
Brooklyn Born you should be ashamed of yourself. Why have a consultation w/an attorney (and pay consultation fee) when you are going to seek guidance from non-attorneys? Yes, I am an attorney.
Rick is obviously an experienced landlord - follow his comment. The "month to month" understanding is always better than the lease. If/When you want the tenant out, give the thirty (30) day notice and wave goodby. Risk is right, you will have more control over your building w/the month to month.
I also suggest that you do a credit check on the tenant(s) and check their employment status (bi/weekly salary, location of employent, employer).
I wish you all the best.
Posted by: guest at October 11, 2007 8:42 PM
the Guest that says he's an Atty, is a Knuckle head atty. If I'm a "good tenant", I don't want to move someplace that is not willing to extend me long term security. If the tenant is aware of landlord/tenant laws, he knows that in a month to month/holdover situation, the landlord merely has to give a 30 days notice to terminate to the tenant.
Why would a good tenant want that. A good tenant is much more important than just having your apartment occupied. Get a GOOD year long lease, with all stipulations spelled out. If a tenant violates your lease, you can just as easily have a tenant removed as you can in a month to month holdover case.(which are both equally DIFFICULT)
The purpose of a lease if for your protection. If you think a month to month lease gives you an escape clause, you're kidding yourself.
Posted by: guest at October 12, 2007 11:02 AM
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