Landlords will pay tenants to leave

[Gregory B.]

After reading through these forums I've realized that the difference between how people approach real estate is Day and night. I'm in NY, more specifically NYC, and see advice given that is down right shocking on how to approach LT issues. In NYC decisions are made based on business/economic terms, rather then the emotion of many on these forums. I tend to see a lot of responses to question on here stating that people need to act like a business, but then proceed to tell people that they need to show the tenants who's boss and how they are being taken advantage of instead of weighing the economics from every angle. Maybe the market isn't saturated with tenants and it will take 6 months to relent the premises plus turnover costs, so evicting a recidivist last payer is not the right option? But, I will constantly see situations on here where people on these forums demean others about being taken advantage of by the tenant and how they need to show them you are a business and won't be taken advantage of. Or, they strive to make a black mark on the renters history no matter how little the breach is. These answers show that they are not thinking with a clear business mind. With that said do you think that all rentas should be managed by a third party who is not emotionally connected to the property? And in reference to the title of this post, with half of all rentals in NYC being rent regulated, it is common for LL's to Buyout tenants who are defaulting on the lease or breaking the law. Now the business purpose behind this is the LL then can take certain increases in rent and in the right circumstances deregulate the apartment. LLs will pay anywhere from several thousand dollars and free rent to millions for apartments to do this. I feel like many LLs will be shocked to find this out and would refuse just based on many of the responses on this forum, even if that is the correct economic decision to make. What are your thoughts? Pardon my ramble and typos, this was written on my phone.

[Patrick M.]

NYC cannot be extrapolated to anywhere else. In NYC tenants have brokers finding them apartments- who they are paying! Wow- I could only dream.

The bottom line is you must have set rules in and out of a lease and when those rules are not being followed you must address it immediately and with conviction.

I will tell you right now- my ex tenant thinks I am a big jerk-head because I did not allow her daughter, grand-daughter and baby daddy move in with her. Another ex tenant thought I was a no good because I provided a notice to cease and then quit when the broken down car was not removed from the driveway. Are you seeing a pattern? I did not feign interest in what her daughter's situation was, I was not concerned with the reason a broken down car was still on my property- I wanted it gone and it was going to be removed. I am the landlord, I don't want any tenant friends. I am respectful and kind, but I do not suffer tenants who seek to take advantage of me or my buildings. And the renters I want and get appreciate that.

Likewise, if there is a problem I respond immediately and handle it as a dedicated landlord should. I don't call them up and say " hey bud remember when you had that Kegger and I lacked the balls to enforce the rules and everyone in the building was pissed- yeah, well can you cut me some slack on fixing the leaking sink?"

I would have paid the 5 different tenants cash to get rid of them when I took over the buildings. But you know what- I implemented my rules and stuck to them and addressed them each and every time they were broken with a notice to cease and or quit. I papered them to death and eventually- in short order they all left... why?

Because I am a big jerk face landlord, that's why!