Taxes and requirements should be much lower for a LTR

Are there any New York PM company owners here that could weigh in on the requirements? 

@Jim G.Per the International Residential Code if the glazing is less then 60 inches vertically from a standing or walking surface then yes it’s required to be safety glass as it’s considered a hazardous area.  

While fire safety is undoubtedly important, a mandatory sprinkler requirement may have the opposite effect—discouraging necessary renovations and inadvertently making these buildings less safe.No one disputes that sprinklers can help save lives in the event of a fire.

These all require applicants to submit an acceptable Letter of Explanation addressing each specific issue and occurrence.Rental HistoryBecause a current landlord may say anything to get rid of a bad tenant out of desperation, we also require information for the previous landlord of all applicants…Analyze IncomeMany landlords require a month of paystubs from applicants and just use these to calculate a monthly qualifying income…Employment StabilityUnless an applicant has exceptional credit, we strive to determine their stability of employment…AssetsWe are one of the few management companies that requires a bank statement as part of our application process…Letter Of ExplanationAny time there are credit issues or we discover an inconsistency, we require a written letter of explanation (LOX)…UnderwritingTraditionally, landlords have only looked at the income of applicants…ApprovalOnce an applicant is approved, we require a nonrefundable Holding Fee to make sure they are serious…

They may look at 10-15 rentals and if applying ahead is required they might be spending a full months rent on applications and not like any of the places. 4.

I understand Philadelphia requires a local property manager. 

Lenders will lend the lower of the amount between LTC and LTV.Do you require an appraisal and survey?

Even if applicants meet the combined income and credit score requirements, a high DTI (like 50%) can signal a risk of default.

Lenders typically require a resume for the GC involved in the borrower's project to assess their qualifications.When it comes to a GC getting funding for their own projects, while some lenders will take your experience as a GC or builder into consideration, most primarily look at your track record as a borrower on title when determining approval and pricing.That said, if a lender deems your experience sufficient, they may allow you to act as the primary GC on your own project instead of requiring you to hire a more experienced GC.