All Forum Posts by: Lyle Cooper

I am renting a high end apartment in NYC. The prospective tenant is a college age student who does not have a job. She is pursuing an art fellowship. Her father is acting as guarantor for her. He lives in California. He had 900K in income in 2017 and 650K in income in 2016. The rule of thumb is a guarantor needs to show 80x the monthly rent. In 2017 he made 92x the rent. In 2016 he only made 67x the rent. The tenant is showing $250K in cash. The father is listing $1.1MM in Cash. $3MM in real estate. $1.5MM in business value. He has $1MM in mortgages. His net worth is $4.5MM. I’ve only see the statements for the cash amounts. Should I be concerned?

I am in the process of renting out my Manhattan condo in a somewhat boutiqu-ish building. There are 12 units. How long does the typical approval process take? The board is suggesting 3-4 weeks which would kill my chances of renting to this particular applicant. What actions can I take to pressure the board? The condo board wants $500 per application. One for the tenant and one for the guarantor. Does that number sound out of line? Sounds very high to me.

I think the board is trying to be obstructive to prevent me from renting the unit out.  

@Seth Lipper Sure send me some recommendations. Thx

Finding the right broker to rent a out a high end rental I have a high end rental I’d like to put on the market. It’s in Manhattan. 1. Looking for tips on pricing the place appropriately..,.. The apartment isn’t a cookie cutter unit that I can comp easily. 2. How do you guys go about finding an broker that will be get the most money and a a reliable tenant. 3. Is using a broker the right way to approach this? I’m sure I will have more questions, but I’ll go with this to get the process started. Thanks

I have these four large windows in my living / loft space. I am getting ready to put my space up for rent and my thinking is because the windows are so large, the landlord is responsible for the window treatment. IS that correct or will tenants install their own window treatment? Each window is 58” x 99”. Thanks

The insurance company is sending an inspector on Sunday. He asked to see a receipt for the repair to the copper pipes. I hired a plumber to repair the pipes, but I’m not sure he was a licensed plumber. Is that going to impact the insurance companies decision to pay for the boiler? Thanks

HC0100011 Thanks!

Sagesure for a 3 family home. Sagesure is sold thru Geico.

My boiler burst this winter during one of the cold freezes. I had my plumber fix all the burst pipes and when he repaired the pipe close to the boiler water supply he discovered oil boiler had developed cracks on it spewing water onto the floor. Is this covered by homeowners insurance?

@Ashish Thanks - the building isn’t in service and will become my home. how do I carry forward the loss for next year? Is there something I need to file in 2017’s tax returns? Also is there a way I can take all the points as a loss in one year in the future when I have a lot of rental income coming in?