All Forum Posts by: Marc Winter

We post a list of the criteria used in processing/approving an application, along with documentation that will be required from applicant.  We also insist on  renter's insurance.  To keep from loosing a 'backup' applicant if the first approved delays lease signing, we use something like this:   "Once approved, applicant will have "x" days to sign the lease, or next qualified applicant will have that opportunity".  The above can be posted in your office, web site or given to applicants along with your application.  Keeps everyone on the same page.   

Start by identifing the rental properties in your area, research the owner via tax records and contact them.  You could also speak directly to the tenants to see if the property is being managed by the owner or another management company.  Careful not to step on another company's 'toes'--if you're in a small town, word gets around fast, both good and bad.

Good luck!

A lot would depend on the income/credit of the remaining tenant.  Could he carry the rent and expenses alone?  What is the benefit to you, the owner, if you agree to remove a tenant from the lease?  If the ex did not return a key, she still is technically in possession of the rental, albeit she abandoned it.  If you do allow the tenant to change the lock, be sure to test the key he gives you!  Good luck.

$4,800??? for ONE water heater?  I'd rather spend a bit more, and install six 40-gallon heaters, separate out the hot-water lines and electric or gas to each rental unit, and let the tenant's pay for their own hot water.  PS:  In our area of PA, 40--50 gallon gas water heater runs about $800--$850 installed by licensed plumber.  Electric is a bit less.

Ah yes, landlord/tenant court on Queens Blvd in Kew Gardens, I remember it too well.  OK, all advice above is correct; you'll need an Attny that specializes in L/T in Queens, and you must have good understanding of local L/T laws as well.

CRITICAL-- you need to do a search at building department to make sure you have no building code violations of record, because a tenant can use ANY outstanding violation to postpone, delay and frustrate your efforts to get them out.  I have seen illegal basement or 1st floor apartments used against an owner and end up costing thousands of dollars to resolve. 

If it is a legal 2-family with only 2 apartments in it, make sure there are three electric meters (unless you pay for the electric for all apartments)--you need to have a 'common area meter' that the owner pays for, ie hall and exterior lights.

After getting an Attorney lined up, and a search done re violations, I would speak directly to the tenants.  Let them know if there is a lease, you won't be renewing it.  Depending on their response/reaction, you might think about offering them 'key money'; pay them a month's rent (or more) if they will move out in your time frame. 

Keep in mind that the way L/T court is structured in Queens, there have been unlucky/unprepared landlords that had tenants live rent-free for 6 to 12 months (sometimes more), go giving them some money to leave could end up saving you a lot of time, aggravation and attorney fees.   

Hope this helps.

There is no easy solution to this situation--long-distance management is usually problematic, especially depending on unknown property managers if ;you can't get good referrals from other owners. 

One thing that we do re maintenance is to have all contractors take digital photos before, during and after the job.  They email the pix to us along with the invoice.  We confirm with the tenant the job is done and all is working properly.  Then we cut check to the vendor.

Good luck.

One other thing to keep in mind--if the tenant doing the snow removal doesn't do it, you, the owner, are still responsible for a "slip/fall".

The money isn't the hard part--finding the right deal is the key.  Steps:  1. Get a hot deal. 2. place and ad or go to meet-ups and speak to potential investors.  3. Be creative in making it pay for all involved.  4.  Rinse and repeat. 

Want to be a successful real estate agent and investor?  Key words:  inspect, Inspect, INSPECT!  Go to see inside AND outside of properties in your area of the type you are interested in.  But don't go to 10 properties on Monday and then nothing the rest of the week.  This needs to be done on a regular and consistent basis.  Product knowledge is the key to finding deals and being an expert in your area.  Look at new listings, expired listings, and closed.  NOTE:  you will not be able to get the same info and gut feel for properties by looking on line or just at outsides of properties.  Good luck! 

@Ihe O.  thanks for clarification.  noted.