Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Darrick Lowe

Darrick Lowe has started 18 posts and replied 28 times.

Property Owner in New York. I'm looking to purchase my first multi family home. Looking at 2-family homes, where I rent one unit out and have the 2nd unit be my second home. 

When getting a mortgage, should I tell my broker that the property will be my primary residence or 2nd home (or a rental)?

In addition, if i rent the 2nd unit for part of the year (on airbnb for example), is that ok from a lenders perspective? I assume if I rent it out for 300 days out of the year that would be bad, but what if I rented it out for 30 days out of the year? Is there a threshold? 

Are there any specific income tax considerations I should look into for the 2nd unit? I know that renting for 14 days is tax free.

Thanks in advance for the help!

Does anyone have any experience with The Guarantors? can landlords pay for lease insurance?

https://www.theguarantors.com/residential

I have a property in NYC that I plan to rent out for the first time. Unfortunately, the rental market is ice cold now. 


My broker said that there are 2 roommates whom recently graduated college, recently found jobs, and have cash in the bank. They don't meet the income requirements, however. They plan to sign with guarantors.

Is there crafted language you use in a lease to serve the purpose of the guarantee (payment of rent) and to protect the interests of all parties when guarantors are involved?

What happens if the roommates to not make payment (e.g. job loss), and the guarantor(s) refuse to make payment?

Are there other risks involved with signing a lease with a guarantor?

Any other pearls of wisdom with regard to vetting out these potential tenants to make sure they will be reliable down the road?


I have 2 rental properties (NY), but just have a standard rental insurance policies. I cannot get an umbrella policy with my current insurance company because I do not own a car. Do you think i am protected adequately as is? Is there a huge benefit to getting an umbrella policy? What are some liability 'holes' that I should be concerned about (ie. scenarios where I wouldn't be covered and my assets could be at risk)?

current liabilities per property are 1M business liability (per occurance), 2M annual aggregate, 5k medical premises payment. each 2bdrms with a couple and kid.

In addition, does anyone have any strong recommendations on insurance companies (e.g. allstate, statefarm, liberty mutual, etc) that have done well at protecting against tenant lawsuits? I heard that RLI offer standalone umbrella insurance

A couple from out of state did a Virtual Tour of my rental apartment (NY) over the weekend. My broker said they were very nice, and are interested in moving forward. They used to live in NY, moved to another state for a few months ago (to an airbnb), and are planning on moving back to NY. I will do my usual screening of past landlords and references, but was wondering if there are any scams I may be missing here. Are there some screening pro-tips out there? I guess I'm just not familiar with tenants renting properties sight unseen.

Originally posted by @Ethan Jacobsen:

I won't be able to answer all your questions, but here are a couple tips:

  • Collect an increased security deposit. In California landlords can collect 3x the rent as a deposit if the unit is furnished. So look into that for NY. 
  • Take HUNDREDS of photos and inventory everything you leave. Date and timestamp photos (use a free app on your phone) and make sure you take general shots of every area and room. Then up close shots of everything as well. Take photos of model numbers, barcodes, appliance models, serial numbers, etc. That way you can easily keep track of everything you left. This is also important in unfurnished units too, but even more important with personal property in furnished units. 

We normally don't rent units out that are furnished because of the potential issues that could pop up, but if you do, just make sure you cover your bases. Good idea asking on BP. 

Thanks for the quick response. What are some "potential issues" that could arise with a furnished apt that I wouldn't have to worry about if i provided it unfurnished. If a spring in a sofabed breaks, would I (landlord) be responsible for fixing it, for example?

I plan on moving out, and will rent my current home (New York). Some renters liked my furnishing, and asked if i can leave some furniture behind. I have never dealt with renting a furnished rental property. For example, should I increase the rent? Should I increase the security deposit? What language should I add to the rider? What happens when they leave the rental? How is normal wear-and-tear determined?

Thanks in advance!

Post: How to create an LLC

Darrick LowePosted
  • Brooklyn, Ny
  • Posts 28
  • Votes 0

I plan on moving, and would like to rent my current home. I was thinking about transferring title to an LLC (New York), but not sure how to go about this as I have never done this before. I understand that doing this could protect my personal assets. I tried contacting my mortgage company, but due to Covid, they have been completely unresponsive. They literally told me to write an email to customer service and 'submit the request'. Do I need to talk to them in person, or do I call a title company? Not quite sure where to start. In addition, what kind of paperwork/headache and fees are involved? Will my mortgage interest rate change?

Along the same lines, if I was to buy another property in the future, is it advantageous to tell the mortgage broker that the property will be used as a rental property and create an LLC before closing? Or is this something that should be done after renting out the property like above?

Thanks in advance!

Historically, tenant's always paid broker's fee. 

In Feb 2020, however, this practice was banned, and landlords needed to pay. 

In Mar 2020, this ruling was blocked, and pushed court date to Jun. The court case pushed again to Sept. 

Therefore, if I (the landlord) exclusively list my property with an agent, and a tenant signs a lease, is the tenant responsible for paying my broker? What if my tenant has their own broker, do both brokers split the fee?
 

Thanks!

https://ny.curbed.com/2020/2/1...

Post: Home Inspection Before or After signing contract

Darrick LowePosted
  • Brooklyn, Ny
  • Posts 28
  • Votes 0

I put in an offer on a property and am negotiating the terms.  The home is still under construction  (95% done).  A flip of a home built in the early 1900's.  Needs to hook up electricals, order in appliances, build out closets, finish building  a shower.  Should I wait to have these items done before signing the contract (could take weeks) to give time for home inspector to inspect the property (and risk another buyer over bidding me), or just sign the contract and have the home inspector come when everything is done?  I'm used to having home inspector come in before signing contract so that I can continue to negotiate the terms of the contact.