All Forum Posts by: Wesley W.

The lease says:

28. PARKING: There are two off-street parking spaces on the premises, one for each of the 3BR units. No motor vehicles or things may be parked or placed on the premises without our written consent including motorcycles, trucks, boats, trailer, motor homes, and storage containers. No vehicle maintenance or repairs or similar activities may be performed on the premises. Signs may not be displayed on or from vehicles.

I've updated future versions to specify which lane is for which apartment, but taking up both lanes is clearly a violation as it is currently written.

Good idea @Account Closed - I will call my attorney on Monday.

Thanks @Steve Portock and @Account Closed.

I'm not sure how towing works as I have never established that relationship with a towing company.

Couldn't she just run out there as the guy is setting up the tow?  Her window is right overhead, and it's a one-way street (space is perpendicular), so I am sure it will take a fair amount of finagling to remove the car.  This may be a question for the towing company, but someone might know - does she get charged immediately when the truck is called or pulls up, or must the vehicle be physically towed.

Do have to make an addendum to the lease and have her sign in it in order to collect the towing fee?  (I'm in tenant-friendly NY.)

Hi all,

There was a thread several days ago regarding a different issue with assigned parking, so I thought I would keep with a variation on the theme.

We've got a small multi-family building (4 unit) that has just two off-street parking lanes - each assigned to one of the two larger units in the building.

I am having an issue with a tenant (who is assigned one of the spaces) using BOTH spaces.  The unit assigned to the other space is currently vacant, so I'm guessing their strategy was "'tis better to ask for forgiveness than permission" and helped themselves to both spaces.  I told them this was not acceptable, as I would be using that space (for turnover and renovation) on a daily basis.

Well, after my request not to use the space not assigned to them (verbally, then memorialized via text), I once again showed up this morning with both spots filled by this same tenant.

She is mostly a good tenant (inherited, we purchased last August), but as with most tenants she sometimes looks to see where "the line" is by testing my rules in minor ways.

The parking assignments are addressed in her lease (MTM), but what I am struggling with is the part where I state, "if you don't comply with my request, then this <consequence> will occur."  What would that next step be if this were your property?

If I send her a "notice to cure" she can keep moving her car when I request.  It seems kind of draconian (and unnecessarily costly via turnover on my end) to terminate her lease over this, so I am trying to anticipate what would be the next logical step if she doesn't comply after my formal letter to her.  I don't suppose I could "fine" her without a lease addendum she agrees to, either.

I'm hoping someone has some suggestions that would yield the intended response without escalating the situation too much by playing the "termination" card.  

What do you think?

I make it a condition of the attorney approval period.  Signed estoppel certificates and scans of photo IDs of current tenants before we proceed to structural.

 The banks in my neck of the woods typically want 25% down with 6 months of reserves for investment properties, so I guess it's all relative.  I wish I had this problem.

Good advice given nonetheless in the posts above.

I pay the water bills for two reasons:

(1) I own multi-family properties and they are not separately metered.

(2) It is local custom here for landlords to pay for water.  Even if I were to incur the expense to separately meter each unit, I would be at a competitive disadvantage to other landlords who had it "included" in the rental price based on a tenant's perception when they shopped for vacant apartments.

If @Karen Margrave is such an advocate of these ramps, perhaps she can provide housing to your tenants.  Sounds like a win-win!  ;)

I agree with what was already stated.

I would also just add if we are not living in inflationary times, we are at least living in times of "price creep" here in NY. EVERY YEAR your insurance, taxes, and maintenance expenses will go up, sometimes by a significant amount. You can set your watch by it. Over time, this will seriously erode your cash flow and reduce your ROI if you do not "mind the spread" by increasing rates accordingly. You are not being greedy, merely passing along those increases to your end user (the tenant).

Everyone in NYS, including tenants, expect their expenses to increase year over year.

In my short tenure as a RE investor, inherited tenants have been my biggest "X factor" when it comes to trying to stabilize a property with regards to cash flow and return.

My advice to you would be professional but firm with them, as the initial interactions will set the perception in their minds whether you are "fly by night" pushover landlord, or someone who is running a business.  Did they once have a security deposit and it was used up with late fees, etc.?  I think their response to your request for a security deposit will speak volumes as to how they are as a tenant.

I would definitely get a security deposit and as a courtesy, incrementally increase their rent over time (you decide an appropriate pace) until it reaches what you think is fair market rent based on the unit's condition.  They will shop around and realize you are still giving them a fair price.

I can understand your need to be "fair" but you also have to protect your investment.  Be careful about setting precedents that are unhealthy for your business relationship with your tenants.

Good luck!

Absolutely  blame your insurance carrier.

I have a clause in my lease that forbids tenants from doing anything that would cause my insurance to be cancelled or would cause an increase in my insurance premiums.   That would seem to cover most of these kinds of issues. 

I also have a clause that forbids any activity that is against City ordinance or code.  In my market, that would cover this situation as well.

An ironclad lease is worth its weight in gold. 

Good luck!