Unless the repairs are major then it should not take you very long to repaint, change the appliances and get them ready to rent.

Since it is unlikely that you will find a tenant for the remainder of November that gives you almost four weeks until 12/1. I would put both on the market ASAP mentioning what you intend to do by the end of the month. You will more than likely know which apartment is getting the greater interest right away so you can concentrate your efforts on that one.

My guess is that right now the two BR is the more appealing of the two as long as you are open to shares. It also fits more rental situations - a couple with a child, as a share or somebody who needs a home office. The outdoor space can not hurt either.

Besides, in this market it is really anybody's guess how long an apartment will sit vacant for. I would rather roll the dice with the one that I would be able to get the higher rent for.

Posted by: WrathOfGates at November 3, 2009 3:55 PM in response to Rental Renovations

Doubt there was much detail left in the building. The city issued numerous vacate orders and took ownership at some point due to unpaid taxes in the mid 80's. I'm sure preservation was not of utmost importance to the people living there at the time.

Posted by: WrathOfGates at October 14, 2009 2:26 PM in response to House of the Day: 58 6th Avenue Revisited

Brownjokester - they can split one floor into two sections. The renter gets the garden floor and half the first, owner gets the remaining part and the top 2 floors.

According to ACRIS it looks as if the same entity/person has held it since 2004 (just flipped it into another person's name) and mortgaged it to the hilt in 2007.

Posted by: WrathOfGates at October 14, 2009 1:43 PM in response to House of the Day: 58 6th Avenue Revisited

FYI - Blumberg not Bloomberg

Posted by: WrathOfGates at October 2, 2009 5:29 PM in response to Right of Entry

Before moving forward with a letter from an attorney I would schedule a sit down with the owner to address some of your concerns about the situation, especially the security issue. There is no reason to begin discussions in a threatening manner - save them as a last resort.

The landlord more than likely has the legal right to enter the apartment given advanced notice - so you don't want to start a fight you can not win. That said, I know of similar situations where the tenant/landlord relationship soured and believe me, you can make it very difficult for the place to sell by pointing out all the negatives of the unit.

Posted by: WrathOfGates at October 2, 2009 12:46 PM in response to Right of Entry

Good, finally a place to drink away the pain after a visit to the post office.

Posted by: WrathOfGates at September 22, 2009 11:47 AM in response to New Restaurant/Bar for Fulton Street

I really don't think that is true. Didn't DOF just go through a new round of appraisals? What figure are they currently using? What difference does it make if the building is a 4 family vs a 3 family regarding the sales price?

You really need to visit the DOF website and apply their formulas to figure it out. If your current appraised value seems reasonable then it probably won't change much. My taxes went down a few hundred (the appraisal remained the same - just recently increased) plus I was able to receive the $400 rebate check the city sent out the last 3 years.

Posted by: WrathOfGates at September 21, 2009 11:38 AM in response to Not Fair & Need Sleep

An attorney at this point is not necessary. As long as you are not using it illegally as a 4 family you should have no problems having this corrected. This issue has been addressed before in this forum and my response then was:

I had the same problem a few years ago. The DOF DOES NOT go by the DOB so the C of O will not do you any good. Your property was more than likely used as an illegal four family at some point and appraised that way (kitchens are not the only thing that they count to make this determination). The DOF will need to send an appraiser to examine the property in order to change it. I filled out every form online and spoke to numerous people on the phone to no avail. I then went over in person to the DOF - believe it or not, they were extremely helpful. The appraiser actually beat me back to my house and the correction was made for the next tax year.

I forget the specifics but my tax bill did actually go down. If I recall correctly, although a 3 family is taxed at a higher rate than a 4 (class 1 vs. class 2), the assessment ratio is 6% vs. 45% so it more than evens out. Also, you have missed out on receiving your property rebate checks the last few years because 4 family dwellings do not qualify.

Good luck!

Posted by: WrathOfGates at September 15, 2009 1:28 PM in response to Not Fair & Need Sleep

If you are going to rehab the building you will have to file for a new for a C of O when you are finished the work. As it is a rehab project the banks probably won't care how many units it currently is as they are not figuring in any potential rental income at the moment - just that it will be an owner occupied building.

However, if you are trying to close on it as a two family then you need to prove that it was in fact a legal two family - separate meters, means of egress, number of kitchens & bathrooms etc. DOB does not go by how it is taxed.

Posted by: WrathOfGates at August 26, 2009 4:48 PM in response to No C of O

They probably based the daily cost on the year (2650 x 12)/365. I think this is the proper way to do it but not 100% sure. I wouldn't argue over the $20.

As far as the batteries in the detectors are concerned, it is the landlord's responsibility to keep them in working condition. The fact that they weren't checked by him is an issue.

Did you take pictures before you left? Ask for specifics as far as what had to be cleaned and then counter with your receipt.

The door shouldn't be an issue since it was documented.

Posted by: WrathOfGates at July 29, 2009 11:08 AM in response to Deposit Deduction?

A median is generally the way to go when there is the possibility of great unequal distribution. Generally household income is looked at using the median due to this reason.

If using the mean, taking a look at the standard deviation might help to get a feel for the margin of error.

Although the widget is highly unscientific to begin with, one glaring problem is the inclusion of the asking price in the HOTD posts. Obviously this is information necessary in the interests of the blog but it automatically skews the data.

Posted by: WrathOfGates at July 29, 2009 9:37 AM in response to Widget Underprices for Third Straight Time

Actually, I believe he is opening with a disclaimer about the "predictive powers" of the widgets (as in it is too early draw any conclusions) and does not make any claims about them following that comment. So in fact he and everybody else is agreeing with you on this point.

What he does go on to talk about is the two specific cases he does have data for - which you obviously have an issue with.

I doubt you will ever be able to grasp this concept so I will leave it at that. Maybe an adult ed stat class is in order?

Posted by: WrathOfGates at July 23, 2009 11:07 AM in response to Bearish Brownstoners Miss Mark on 2nd Street Sale

Brick-

I am sorry if you had difficulty understanding my reply.

By your response I assume you have passed a Stat 101 class.

Instead of calling names please give us your expert take on this. Please stick to the details of the post and not your assumptions.

Posted by: WrathOfGates at July 23, 2009 10:49 AM in response to Bearish Brownstoners Miss Mark on 2nd Street Sale

No brick - the post is about Brownstoner claiming that he was correct in stating that the owner would get close their asking price. He then goes on to show the lower widget price. In this case he is correct and his claim is more than valid given the number of responses. If he made a bold statement such as "based on this house the predicted widget price will be off X% on futures sales", well then the sample size would be 2.

Don't look at the big picture here. He is not predicting anything about the future accuracy of the widget.

Posted by: WrathOfGates at July 23, 2009 10:39 AM in response to Bearish Brownstoners Miss Mark on 2nd Street Sale

>i think someone got an F in quantitative statistics.<

Rob please explain this. A sample size of 406 is more than enough responses to make this claim valid.

Granted the entire process is very unscientific but I am curious as to your statistical take on this.

Posted by: WrathOfGates at July 23, 2009 10:25 AM in response to Bearish Brownstoners Miss Mark on 2nd Street Sale

Not sure how you came to the conclusion that this post was about the Flatbush Gardens. Pretty sure that some rep from Washington State wouldn't introduce a bill to specifically benefit that complex. If it is the mention of the "Flatbush Gardener" that confused you maybe a simple click on the name would have cleared things up.

Posted by: WrathOfGates at July 21, 2009 11:39 AM in response to Help from the Feds for Community Gardens?

This is what I have been looking for:

http://www.hud.gov/offices/fheo/FHLaws/yourrights.cfm

Owner occupied property is exempt from fair housing laws as long as they have 4 units or less - EXCEPT in NY State where it is two units.

Posted by: WrathOfGates at July 1, 2009 7:32 PM in response to How to Assess Potential Tenants?

Money out is pretty much the same as one's spending habits.
If you want to believe it is different and that these places aren't looking at the entire statement, especially in this day and age, feel free to continue on in your own fantasy world.

bxgrl - I never have asked for tax returns and I don't know of many places that do. Most online statements that you print out have the account numbers x'd out as a security measure. A lease has to be honored if the property is sold or transferred so maybe that's why people don't ask more questions regarding a landlord's stability.

Posted by: WrathOfGates at July 1, 2009 5:58 PM in response to How to Assess Potential Tenants?

bxgrl, you are twisting my words.

I only used that bank crisis as proof that high credit scores and a stable income does not equate to financial stability. If the banks used stricter requirements maybe the crisis (however unlikely) could have been avoided.

My asking is the same thing as a bank asking - a business deal as I believe you referred to it. If you do not like the bank's terms you can choose another bank. If you do not like mine there are plenty more apartments available.

Now, if you made a promise to buy tomatoes at a store for 12 months in advance and that store ordered inventory based on that promise you can bet that they would probably investigate your ability to pay.

Posted by: WrathOfGates at July 1, 2009 5:44 PM in response to How to Assess Potential Tenants?

OK but in some cases (fortunately not mine) people require their rental income to cover their mortgage. You know, the sizable amount they borrowed that has to repaid? Without it, many people would default. Why is it out of line to do all in your power to minimize that risk? In no way am I out of line.

A quick google of the terms "rental brooklyn bank statements" returns hits for most of the big rental buildings such 110 Livingston. Change Brooklyn to NYC and you get even more. Are all these places out of line too?

THL you are just a bit out of touch with reality.

Posted by: WrathOfGates at July 1, 2009 5:35 PM in response to How to Assess Potential Tenants?

TownHouseLady - If the banking crisis had taught us anything it is that a high credit score and a stable job does not always translate to financial responsibility. Think of all of the equity loans that were handed out to this group of people that were used for new cars, vacations and other luxuries instead of to increase the value of their homes. Also, most no-doc loans only required a credit check and a letter for proof of employment(if not self-employed).

Just curious - when you applied for your mortgage did you balk at the banks requests? They too were (or at least should have been) trying to minimize the risk of default.

Posted by: WrathOfGates at July 1, 2009 5:18 PM in response to How to Assess Potential Tenants?

Rob -

Call anything you want.

I put a lot of effort into my apartments and lived in each as I finished the unit below. They all have the finishes and amenities I found necessary and enjoy. The apartments are identical in that way to the duplex I currently live in.

Trust me - the rent that I ask is more than fair. I do not need it to pay the mortgage. I NEVER increase the rent for a tenant that extends their lease. As a matter of fact I only receive $100 per unit more than I did in 2004.

Proof of this, even with what is considered my excessive demands and a poor rental market, I had my choice of 5 solid tenants for my last vacancy.

Posted by: WrathOfGates at July 1, 2009 2:57 PM in response to How to Assess Potential Tenants?

bxgrl -

I would take any steps necessary to prove to the tenant that the building they are moving into is financially sound. I'm not sure banking statements would be the only or best way to prove this but if that is the reassurance they request I am open to it. Really, what do I have to hide? If they want to see my tax returns have at it. I also have more than one account (which isn't a bad thing for anybody) which I use to pay all the bills for the building.

Posted by: WrathOfGates at July 1, 2009 2:43 PM in response to How to Assess Potential Tenants?

bxgrl - you must be hiding some serious bones in your closet.

I would gladly prove the financial soundness of my building to a potential tenant. There is nothing to hide there. As I mentioned previously, most of that information can be found online so why would I deny the request?

My advice to you is to never apply for a mortgage - especially now - because what the banks require border on the absurd. You will feel violated for sure.

It IS reasonable to know how much a future tenant brings in each month and how that money is spent. If a person cuts it close each month without a safety net - well I'm sorry, that person is not for me. I have put a TON of equity (both financial and physical) into my building and I do not want that risk.

Once again, call RE brokers and in house rental offices and you will find out my requests are in line with theirs.

Funny, but I have never had a person balk at these requirements. It could be that they just haven't vocalized it but everybody has seemed fine with them. Maybe because they see a well renovated apartment at below market rates helps - or maybe it is more the norm than you want to believe.

Posted by: WrathOfGates at July 1, 2009 12:41 PM in response to How to Assess Potential Tenants?

The root of the disagreement here is that I require bank statements. I am sure other people on this board have had to submit them, as have I, in order to rent an apartment. What do you think the landlord was looking at?

Credit reports only give you part of the picture. A person can have a high credit score, carry low balances - if any at all but still have horrible spending patterns.

Call any of the rental offices at the bigger new developments in W'burg, Ft. Greene, or along 4th Avenue and ask what their requirements are. I guarantee you that they are the same, if not in excess of mine.

Rob - there have been a few articles recently about "new" credit monitoring in the NY Times & WSJ - take a look. Not sure if it is true or not but......

Posted by: WrathOfGates at July 1, 2009 12:10 PM in response to How to Assess Potential Tenants?

THL -

Can't find the exact law at the moment - real property law 236 maybe - but here is a NY Times article that covers the topic:

http://www.nytimes.com/2004/05/02/realestate/your-home-when-owner-rents-out-part-of-house.html

It is not above the law at all. Owners of buildings that they occupy can pretty much set their own rules as long as they do not discriminate by race, gender, sexual orientation etc.

Posted by: WrathOfGates at July 1, 2009 11:56 AM in response to How to Assess Potential Tenants?

As I have mentioned before, anybody who has used a broker to rent an apartment has been had their finances reviewed in great detail. Just because they don't tell you doesn't mean that it doesn't happen.

No bxgrl you are wrong. If I feel secure renting to you then I know that I will receive a rent check whether it be the 1st, 5th or 15th.

Also, what do you think your credit report is about? It is one method that banks use to predict future tendencies. Do you get angry at them when you apply for credit? Supposedly they are now flagging people for shopping at discount stores and even looking into what people by to determine creditworthiness. Is this wrong? Maybe - but a necessary evil.

Posted by: WrathOfGates at July 1, 2009 11:35 AM in response to How to Assess Potential Tenants?

THL -

The laws are absolutely different for owner occupied buildings than those that are not. Read up on it. Privacy is subjective. The beauty of the market is that if you do not like what one landlord's requirements are there are many other options.

Also, it is legal to call the place of employment to verify if a potential tenant is employed there (with written permission of course).

Rob -

FYI - no trustafarian here. Worked my ass off after college and saved as much as I could. Purchased a house in 2000 before the market exploded and fixed it up over time. If you think working 80 hour weeks in your 20's and spending your free time rehabbing a house is having the upper hand - I'm guilty.

Posted by: WrathOfGates at July 1, 2009 11:22 AM in response to How to Assess Potential Tenants?

You are wrong Bxgrl. If I am renting an apartment to you I have every right to protect my investment in any way I choose. Examining a potential tenant's spending habits is an absolute necessity. References are good but not always an accurate indicator of future tendencies.

If the right tenant was concerned about the stability of my building financially I would gladly show them anything that would alleviate their concerns or put them in contact with past tenant. Most of that information is available via the Internet.

Have you ever used a broker? In my personal experience I have always had to hand over my 3 previous bank statements. What do you think that is for? Believe it or not, a good broker will go over the statements in a more precise manner than I ever would. They do not want a client to complain about a tenant that they placed.

Posted by: WrathOfGates at July 1, 2009 11:03 AM in response to How to Assess Potential Tenants?

When a building is owner occupied basically anything goes.

Rob - why, given the choice of having a tenant who works from home or one that travels 3 weeks a month (all other things being equal) would I choose the person who is around all the time? I have lowered the rent for people who travel a lot to reflect the reduction in utility usage and wear & tear on the building. If you were an owner you would fully understand this simple fact. And no worries Rob - I doubt you would even get past the initial interview in the process for "landlords like us".

ABSOLUTELY check their spending habits. I've had statements from people who make over 100K but spent the majority of their income eating out and on clothes leaving a very narrow margin for paying things such as rent and bills. If you apply for a mortgage the lending bank is as intrusive - probably more so in this market.

I have found 4 tenants that I consider perfect over the last 6 years. Judging by the low turnover I have had, we cohabitate very well. You also don't want one tenant making life hell for another.

Posted by: WrathOfGates at July 1, 2009 10:44 AM in response to How to Assess Potential Tenants?

I agree that instincts play a large part in who I rent to. Run a credit check, get pay stubs, and a few bank statements and maybe speak with a past landlord or an HR person at their place of employment. You can actually tell a lot by examining a person's statements - look at their spending habits and where the transactions take place or even the date. Generally I rule out anybody who uses their debit card at a bar 7 days a week. After performing the above and meeting prospective tenants everything usually falls into place and a favorite emerges.

Since you live in the building it is also nice to find a person who isn't around very much. I find people who travel for a lot for work the best. They are never around and they seem to have very stable employment.

The apartment leases available at REBNY (https://store.rebny.com/store.jsp) are much more comprehensive and worth the extra few dollars (definitely not the place to cut corners). I find it easier to strike out a few non-applicable terms then add a bunch. They also (supposedly) offer more protection for the owner than the standard Blumberg forms.

Posted by: WrathOfGates at July 1, 2009 10:17 AM in response to How to Assess Potential Tenants?

Casaer's Floor & Carpet Center on 5th and Prospect used to carry it. Not sure if they still do but might be worth the call.

Posted by: WrathOfGates at May 18, 2009 4:30 PM in response to Linoleum Repost

Oops...APR. I purchased a few years back so like everything else maybe this has changed.

Gus - if the house is already a two family and set up in a legal fashion (means of egress, etc.) then there is nothing harmful about having the designation changed. Check with your architect regarding any possible violations.

I prefer to be proactive in such matters. For instance, if some issue arises with a difficult tenant and he/she decides to call the DOB who knows what will be found? You are then stuck with making the necessary alterations on top of paying the violations plus the loss of the rental income.

Posted by: WrathOfGates at May 14, 2009 3:07 PM in response to C of O Issue

BobJohn -

Owner occupied 2-3 family houses should qualify for the same ARP...at least that is what I found when I was shopping around for my mortgage.

Posted by: WrathOfGates at May 14, 2009 2:57 PM in response to C of O Issue

lf2009 -

1-3 family houses are taxed at the same rate (Class 1)

4-10 family buildings are taxed alike (Class 2)

I believe buildings with more than 10 units belong in Class 4.

Posted by: WrathOfGates at May 14, 2009 11:12 AM in response to C of O Issue

The main advantage of having the house designated as a two family only occurs when you go to sell. The banks will allow up to 70-80% (lower in this climate) of the rental income to be applied to the mortgage based on market rate. So, if the market rate for the rental is $1500 a month, the buyer can add over $1000 to his/her qualifying income. This opens up the pool of potential buyers because on a 30 year mortgage it translates about an extra 200k. Of course this is in the simplest terms, other factors come into play - but you get the idea.

Arkady - you do not pay more tax for the "2" designation. 1,2 & 3 family houses are all in the same class and taxed at the same rate. Only if the designation allows for a higher assessment (unlikely) would there be any difference.

Posted by: WrathOfGates at May 14, 2009 10:49 AM in response to C of O Issue

I had the same problem a few years ago. The DOF DOES NOT go by the DOB so showing them the C of O will not do you any good. Your property was more than likely used as an illegal four family at some point and appraised that way (kitchens are not the only thing that they count to make this determination). The DOF will need to send an appraiser to examine the property in order to change it. I filled out every form online and spoke to numerous people on the phone to no avail. I then went over in person to the DOF - believe it or not, they were extremely helpful. The appraiser actually beat me back to my house and the correction was made for the next tax year.

I forget the specifics but my tax bill did actually go down. If I recall correctly , although a 3 family is taxed at a higher rate than a 4 (class 1 vs. class 2), the assessment ratio is 6% vs. 45% so it more than evens out. Also, you have missed out on receiving your property rebate checks the last few years because 4 family dwellings do not qualify.

Posted by: WrathOfGates at May 5, 2009 4:14 PM in response to Change tax class from 4 fam to 3

Now if we could only get the cyclists to respect the traffic signals INSIDE the park. Many times I have attempted to cross the road at a crosswalk with the light only to have these self-righteous idiots scream and yell that I am cutting them off. These signals are there for cars AND cyclists alike to protect the pedestrians - by running through them the cyclists become exactly what they are fighting against.

Posted by: WrathOfGates at April 16, 2009 1:50 PM in response to The Fight for Prospect Park's Roads

Normal wear and tear.

However, if you had a "carpet clause" in the lease that they did not follow then you might have a case regarding the floor. Of course this should have been addressed during the time that they were living there.

Posted by: WrathOfGates at March 31, 2009 10:23 PM in response to Assessing Tenant Damages

I think it is about time we should revisit what all you experts said about 147 across the street:

http://www.brownstoner.com/brownstoner/archives/2008/09/house_of_the_da_566.php

What did that sell for?

Posted by: WrathOfGates at March 24, 2009 2:25 PM in response to House of the Day: 154 St. James Place

Not sure exactly what goes on in there but I've had some of their fabulous "corn whiskey" (aka moonshine). Delightful.

Posted by: WrathOfGates at March 13, 2009 11:59 AM in response to When a Candy Store Isn't a Candy Store

Hannible, 4 family buildings do not qualify for the $400 homeowner rebate. Get your facts right.

Posted by: WrathOfGates at March 11, 2009 11:04 AM in response to Understanding income/expense

CookieCutterBrownstone -

A security deposit only has to be held in an interest bearing account if it is for a rent regulated apartment or part of a building with 6 or more units. Otherwise, it is up to the landlord what he/she wants to do with it. The only stipulation is that it can not be combined with any of the owner's own funds. So unless your apartments fit the above criteria then you probably did not miss out on any interest.

Posted by: WrathOfGates at March 2, 2009 10:37 PM in response to Tenants moving out early

Another two of these connected houses are for sale on the same side of the street. This fact could have influenced the seller to take the price.

Posted by: WrathOfGates at February 25, 2009 2:31 PM in response to 2777 Bedford Avenue Sells for 25% Under Ask

Owner shows up as Metro United Properties aka the infamous Shaun C Anderson.

Posted by: WrathOfGates at February 3, 2009 2:26 PM in response to House of the Day: 51 Cambridge Place

First off, the restaurant is Vini e Olii. Oleo is another word for margarine. That said, I can see why you would find this place pretentious.

The food is great, service can be spotty at times but always functional and the prices are good for the quality of the ingredients. Luckily, most people disagree with you as it is a great place to have in our neighborhood and does very well.

Posted by: WrathOfGates at February 1, 2009 10:36 AM in response to Streetlevel: A Tenant (Finally) for 936 Fulton Street?

Is the rental market in center park slope that bad?

Posted by: landlord at November 3, 2009 4:33 PM in response to Rental Renovations

the rental market is awful

Posted by: bitter_bubble_buyer at November 3, 2009 4:50 PM in response to Rental Renovations

the rental market is awful

Posted by: bitter_bubble_buyer at November 3, 2009 4:50 PM

That means you're charging too much!

Posted by: rf at November 3, 2009 8:29 PM in response to Rental Renovations

"rental market is awful" = no renters OR no renting stock?

Posted by: CHMomma at November 4, 2009 10:38 AM in response to Rental Renovations