Questions About Rent Stabilized Tenants
I just purchased a foreclosure last week. The bank who owned the property for the last year did not collect any rents from the tenants. The bank gave me an assignment of rents which allows me to collect a year’s worth of rents. The tenants are now giving me a hard time as they don’t…
I just purchased a foreclosure last week. The bank who owned the property for the last year did not collect any rents from the tenants. The bank gave me an assignment of rents which allows me to collect a year’s worth of rents. The tenants are now giving me a hard time as they don’t want to sign new leases and they don’t want to start paying rent. I just hired an attorney who will start the process to sue for the last 12 months of rent, plus the rent they owe currently. I am concerned that I won’t win, and these tenants will continue to live for free….am I worrying for nothing?
And I would be curious to know why McKenzie is so negative…bad real estate experiences?
Thanks DaveinBedstuy – my building is in Bed Stuy too – I assume you own property in Bedstuy? We should talk!
Brooklander, thanks for your vote of confidence, I met with a L&T attorney yesterday and we walked through the process… he hired the processor to start the preliminary 5 day notice. I think this attorney will be good. I am feeling better than I did a few days ago! Like you said, I am in it for the long haul…
Hey youngLL, You go girl!
There IS a learning curve. There is nothing wrong with a positive approach and a sunny disposition– just don’t be afraid to ‘send the lawyers, guns, and money’ in when needed.
NYC real estate is worth taking a risk on– I do. Esp since you are in it for the long haul. Make sure you have a a good L/T lawyer.
Welcome to NY real estate. It’s never dull, and I wish you all the best!
Don’t pay any attention to McKenzie…she’s a sour old b&^ch
BklynsoFar, thank you for the links!
Just so you know, I am not a rich kid, and I am a female 🙂 My dad passed away when I was 16 and I had to fend for myself since then. I just signed up to this site 2 days ago when I was searching for help with my dilemma. So no, I did not post anything a few months ago. Landlord 505, thank you for your note, I will certainly send the leases certified mail so they can’t say they never got it. I also have my first meeting with a L&T lawyer tomorrow who supposedly handles these types of things all day. I am not trying to get my tenants thrown out. They have lived rent-free for the last 12 months, and all I did was come in nice and friendly as I always am, and asked them to sign a renewal lease (oh, all but one have previous leases so I believe they are legitimate tenants – one tenant may not be, which I will find out soon enough I guess, in court). They refused to sign a new lease, and they refused to hear about a 3% increase, which I am legitimately allowed to do for renewing leases. Thank you so much for your input – and no, I will not sell this building. I want to use this as a very difficult learning curve, and I know I will get through it eventually. Good thing I got a good deal and my mortgage is not that high in the event it takes longer than anticipated to get them out or to pay… 🙂
Eman, unless I missed your sarcasm – why do you assume he is a “rich kid”. Are you jealous of youth, success, and ambition?
this is why there are rs laws in place.. to protect tenants from 26 year old rich kids trying to throw everyone in the street
“Why everyone is so negative about a young guy who’s taking a risk?”
A risk? LOL!
No risk there, the outcome is pretty well assured.