Paperwork and such from prospective tenants?

So… I am keeping my coop but moving to a house. We are in contract on the home, so I went ahead and listed my apartment on the local list serv as up for rent. Man! I got a lot of responses. Several people have asked what paper work they should bring. So I come to you all to help me out of this mess. What do I need to request? Proof of income? Rent is 2k per month. Anything else? I’m guessing credit check, but how do I run a credit check? Move in would be August 1st. How do I lock them in once we both agree to this date? Lease and 1st month rent and security deposit? I think I’m in a bit of a mess here…

returnrestoration

in General Discussion 9 years and 10 months ago

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slopefarm | 9 years and 10 months ago

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Good advice from deborah and rick. One reason we do not use a broker is that I like to see the prospective tenants as they look at the unit, what questions they ask, etc. People have all kinds of inadvertent ways of letting you know what they will be like as tenants (good or bad) . I don’t want the broker funneling applicants to me one at a time. The unit is in my home and I want tenants who will deal comfortably with me directly as a landlord. Nice also to save the tenant the broker fee.

Rick | 9 years and 10 months ago

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Some really good advice here. Best to pick your tenants wisely. I have been a landlord for 18 years and never had a problem. Getting along well with your tenant is key. Provide high quality and be a little under market rate and you will likely have a nice long term tenant. Something else to consider is going with a month to month rental agreement with a 30 date notice, as an option to a one year lease. Tenants lives change and sometimes need to move and it rarely falls and the end of the lease date. Are you really going to take them to court for that? Plus with a month to month agreement, should something go really wrong with the tenant you can give notice and not live with a bad situation because you agreed to a one year lease.

Guest User | 9 years and 10 months ago

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You do not need to supply interest when returning the deposit, unless your rental building is a certain number of units – which in this case it isn’t. I am a long-time, small scale landlord. In addition to using a standard Blumberg lease, I add a rider with several items. They include when the rent is due, how long the grace period is and when late fees kick in; what the pet rules for the building are; and several other ‘house rules,’ like no smoking in the building. On the one or two occasions when we’ve had bum tenants, I simply don’t renew their lease after the first year is up, and they’re out. We have our own application, and tenants supply a current credit report (which they can download for free), their most recent two work and landlord references, social security number, phone and email etc., It has worked out great.

Guest User | 9 years and 10 months ago

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You do not need to supply interest when returning the deposit, unless your rental building is a certain number of units – which in this case it isn’t. I am a long-time, small scale landlord. In addition to using a standard Blumberg lease, I add a rider with several items. They include when the rent is due, how long the grace period is and when late fees kick in; what the pet rules for the building are; and several other ‘house rules,’ like no smoking in the building. On the one or two occasions when we’ve had bum tenants, I simply don’t renew their lease after the first year is up, and they’re out. We have our own application, and tenants supply a current credit report (which they can download for free), their most recent two work and landlord references, social security number, phone and email etc., It has worked out great.

BH76 | 9 years and 10 months ago

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You need to talk with your co-op’s managing agent or, if the building is small and self-managed, the board president before you do anything.

EJR | 9 years and 10 months ago

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While any form lease off the internet might not be enough, the appropriate Blumberg form (55, 186, etc.) will be fine 95% of the time. The bigger issue here will be the co-op approval process.

nhzxsrcoe | 9 years and 10 months ago

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Use a broker. Less work, more qualified applicants, another layer of liability protection, free for residential. If non-stabilized have a competent attorney experienced in NYC real property law construct a rider to attach to a REBNY Standard Apartment lease that is specific to your property and it’s attributes. A boilerplate lease is not enough on its own and only an inexperienced idiot would tell you otherwise.

EJR | 9 years and 10 months ago

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To add some color to what cmu mentioned about the co-op board, many co-ops restrict the ability of a shareholder to rent out their unit. Some co-ops don’t allow it at all, some allow it for a short period of time (e.g., a year or two). Co-ops often require their own set of documentation from the renter, similar to what is required of a prospective shareholder (though perhaps less onerous), and may require that the renter pass a board interview. Long story short, check with the board before you do anything.

cmu | 9 years and 10 months ago

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Wow, moz, way to scare a new landlord.

OP, I’ve been a landlord for 20+ years and know at least a dozen others on my block, and I doubt anyone would find anything ‘onerous’ or difficult. If you treat tenants right, you should have no problem. Nobody in their right mind would object to a credit check…you can do it online after you tell ’em and get soc-sec-no. Also, fwiw, I”ve used Craigslist in the past, but my last 2 tenants were block referrals.

I ask for employment verification, including proof of salary, do a credit check, ask for 2 references, at least one from a verifiable landlord. First+last+500 security. You lock ’em in by getting at least 1 month’s rent on lease signing, rest due on move-in date.

Get a boilerplate lease form, I use one that’s a page-and-a-half. Don’t listen to those who might want you to do a 50 page lease. There are some city mandated forms which you need, CO detector (you have to install one,) lead paint disclosure etc. You are supposed to keep the security deposit in a separate account, but who does? You do have to pay interest (look up %) after each year. Pretty easy.

Otoh, just noticed … your co-op board may be the fly in the ointment!

DouglasAlan | 9 years and 10 months ago

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We used e-renter.com. They’ve got all the forms basic and advice. I think we paid $39.95, which included background checks and some other stuff…in addition to access to all the standard paperwork you can print.

mozeeatupu | 9 years and 10 months ago

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I require proof of rent payments for the prior year.
Also be aware there are city regulations on signage you must display if you are running a credit report, and some agencies require an inspection of where you’ll store credit info.
Do not be a landlord if you’re not willing to follow the numerous and onerous rules, as a professional renter will take gladly give you a crash course.
Have an agent do the legwork and you just approve the final prospect.