All Forum Posts by: Matt Nervegna

Quote from @Nathan Gesner:

Quote from @Matt Nervegna:

Hey I just bought my house around a year and a half ago with a Tennant in a downstairs apartment . He is month to month no lease I now need the downstairs for a family member who lost a job and needs to stay with us so I told the Tennant he has 2 months until I need the apartment. By law I only need to give him 30 days. He requested to stay until the summer unfortunately I need the space in March. I explained to him that I would give him the month of February for free to help him financially and that it has nothing to do with him that he can use me as a reference wherever he goes next. What is the proper way In Long Island ny to serve a month to month Tennant incase our verbal agreement doesn’t stand and he tries something funny ? Thanks in advanced

Two suggestions: put it in writing and don't give him a free month of rent. Instead, refund him a month of rent after he is out. If you give him free rent in advance, he's already got the benefit and you won't know if he is going to perform his end of the bargain until a month later. Get him out, then refund him the month's rent.

It doesn't have to be a fancy contract, but it should be very specific so there's no confusion and signed by all parties. "Tenant and Landlord hereby agree that Tenant will vacate no later than 11:59PM on February 28, 2023. If Tenant fails to vacate as scheduled, Landlord reserves the right to initiate eviction proceedings or other remedies allowed by law. If Tenant is out on or before the agreed date, Landord shall reward Tenant with one free month of rent, payable within five days of vacating."

I appreciate you for this one this is a huge help , I’ll have a similar contract typed up and ready for him I’ll keep you posted on how it goes . Thanks and happy new year 

Quote from @Wesley W.:

Wow.  Please take my comments as constructive and "tough love."

It's clear you do not understand the L/T laws in NYS.  You may need to give the tenant 90+ days proper notice to vacate.  This is NOT based on the lease, but actually based on the length of time they have resided in the property, per the Housing Stability & Tenant Protection Act of 2019.

You are in over your head and have already made some mistakes.  I would consult an attorney for help in these matters or these tenants will legally do number on you because of your ignorance.  If you want them out ASAP (which might not be anytime soon), you need to spend the money up front on counsel to quarterback this for you.  Pay a little now or a lot later in order to get your property back.

Good luck.

I will never get offended or take your response the wrong way I appreciate all feedback and advice. This Tennant has no lease at all nothing written and gives me cash every month. Based on the law in NY -30-day notice required for tenants who have occupied an apartment for less than one year and do not have a lease term of at least one year;
-60-day notice required for tenants who have occupied an apartment for more than one year but less than two years, or have a lease term for at least one year but less than two years
-90-day notice required for tenants who have occupied an apartment for more than two years or has a lease term of at least 2 years 
 
again he has no lease term and no proof of him even paying me rent. Spoke to an attorney and said easiest way out is just be nice and try and help him with moving costs which i would like to do. I always try and do the right thing and I also think about if I was in his place how I would feel and maybe want to be helped out. However I’m ready for any and all outcomes if he doesn’t want to pay or honor my offer I have no problem going through with eviction process and taking him to claims court for whatever months he didn’t pay . Thanks again for your help 

Quote from @John T.:

@Matt Nervegna Here are some websites that provide information on New York state landlord and tenant laws:

The New York State Department of State's website has information on landlord and tenant rights and responsibilities, including a guide to New York's rent stabilization and rent control laws: https://www.dos.ny.gov/licensi...

The New York State Consolidated Laws are the codified laws of the state, including the Real Property Law, which covers landlord and tenant issues. You can search the Consolidated Laws online at: https://www.nysenate.gov/legis...

The New York City Rent Guidelines Board has information on rent stabilization and rent control laws in New York City: https://www1.nyc.gov/site/rentguidelinesboard/index.page

The New York State Office of the Attorney General has a page with resources for tenants, including information on tenant rights and protections: https://www.ag.ny.gov/tenant-r...

The New York State Bar Association has a page with resources for landlords and tenants, including information on lease agreements and eviction procedures: https://www.nysba.org/for-the-...

It's important to be aware of your rights and responsibilities as a landlord or tenant in New York. The laws governing landlord and tenant relationships can vary from state to state, so it's important to understand the specific rules that apply in your state. If you have specific questions about New York state landlord and tenant laws, you may want to consult with an attorney who is familiar with these laws.

Thank you very useful information, consulted with a attorney about the situation 

Hey I just bought my house around a year and a half ago with a Tennant in a downstairs apartment . He is month to month no lease I now need the downstairs for a family member who lost a job and needs to stay with us so I told the Tennant he has 2 months until I need the apartment. By law I only need to give him 30 days. He requested to stay until the summer unfortunately I need the space in March. I explained to him that I would give him the month of February for free to help him financially and that it has nothing to do with him that he can use me as a reference wherever he goes next. What is the proper way In Long Island ny to serve a month to month Tennant incase our verbal agreement doesn’t stand and he tries something funny ? Thanks in advanced

Hey I purchased my home back in September , I have a two bedroom apartment on the first floor that me and my family occupy and I have a 1 bedroom apartment upstairs and 1 bedroom in the basement that are both rented. Last winter I locked in at 3.10 $ a gallon for oil for heat my question is since my house runs on oil and I supply heat for the whole house would it be beneficial to do total electric or a gas conversion ? There is gas on my block I’m thinking how to save the most money where I won’t get hit too bad in the winters , last winter I paid approximately 400 a month for oil and I can’t really charge the tenants for the oil because it’s supplied to the entire house so I feel like I have to eat that charge . Thanks for your advice in advanced !

How’s it going bp I closed on a house yesterday in Long Island ny , I will be living in the main unit and I will be renting out the top unit 1 bedroom and the basement 1 bedroom has a tenant already. The tenant has been there 10 + years , according to the seller never missed a payment and is overall a good tenant . I went to the house yesterday to take some measurements and look at a few things I want to change up in my unit and was talking to the tenant as I saw him outside he wanted to show me a few things he needs done in his apartment 1. New smoke detector mounted to the ceiling ( hole from previous smoke detector is too small for the new one ) , 2. Ceiling fan in bathroom looks like it needs to be changed looks like moisture from when he showers builds up and causes ceiling to peel the paint off and third he said his electric stove doesn’t work he said he has told the previous landlord multiple times about these problems and he never fixed them. He asked me if he should buy a new stove Any suggestions on what I should do I don’t wanna charge him however I don’t know if he’s gonna just keep finding more things for me to fix if he sees I’m quick to fix the above problems . Overall the house is in good condition just looking for opinions as a new landlord , thanks in advanced .

@Ross Yeager hey Ross , I’ve heard of other people trying that out as well and it worked for them also . Did I read it right did you say total cost of a turn key was around 60k ? I’m located in Ny and looking for some properties on the lower end that will bring in some cash flow , interested in networking with you.

Investment Info:

Single-family residence buy & hold investment in Kannapolis.

Purchase price: $155,000
Cash invested: $15,000

Single family home in kannapolis NC 4 bedroom/2 bath.

What made you interested in investing in this type of deal?

I always was interested in investing in real estate part time and unfortunately where I live in NY it's very difficult to get into real estate if your looking for a buy and hold because the down payment needed usually makes it hard for you to get a in range ROI . Me and my father have been looking to invest for some time until we found this property that was suitable for us.

How did you find this deal and how did you negotiate it?

We actually found this deal Through my sister who lives down in NC . She had some friends who were in the property management business and referred us to them who later on found this property and now manage it for us.

How did you finance this deal?

Me and my father went half on the downpayment with our personal money which was 20% of the mortgage.

How did you add value to the deal?

Property was basically turn key ready so we did not add any value to the property.

What was the outcome?

About two years later we are now on our third tenant , for the most part no major problems and we are able to pay the mortgage/taxes and have some cash flow.

Lessons learned? Challenges?

Make sure that your not too nice with tenants. Be fair however it is a business at the end of the day . Don’t feel obligated that you owe the tenants anything sometimes they try and take advantage.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

If investing in Nc I would highly suggest JLF management for your property management needs. Very professional and honest.