NYS Questions
Just a few questions for the experienced landlords.
1. Do you prefer month-to-month rentals or lease agreements? Why?
2. Is there a maximum application fee which can be charged in NYS?
3. If there a maximum late fee which can be charged in NYS? Can we do a daily charge?
Thanks.
Quote:
On 2003-09-29 07:04, alexlev wrote:
Just a few questions for the experienced landlords.
1. Do you prefer month-to-month rentals or lease agreements? Why?
Depends. Usually 1Bd's rent month to month as people in a 1Bd tend to be transient and don't want to be tied down. For my SFH, one year leases are the way to go.
I don't live in NY so I'm not sure about your other 2 questions.
Quote:
On 2003-09-29 07:04, alexlev wrote:
Just a few questions for the experienced landlords.
1. Do you prefer month-to-month rentals or lease agreements? Why?
The wrong lease protects the tenant not you. Ten years ago I bought many properties from one investor that had a super lease. I have been using it and modifications of it for years. Key points:
1. No security deposit but a fee (equal to one months payment) for first right of refusal to renew for 5% increase in one year. ( NOTE: I NEVER had a tenant refuse to sign this lease.)
2. If all terms of lease were fulfilled, tenant to get move out bonus equal to one months rent, ( goes with above)
3.$50 discount on rent for tenant making all minor repairs ( They are specified)
4. If any repair call was made they lose $50.00 deposit
5. Rent due 1PM last day of month ( or lose discount.)
6. There are a list of rules. The tenant had to sign BY EACH RULE. IF they obeyed thes rules they got their move out bonus.
You guys may laugh at this lease - but it is full of neat clauses and I have never had ANY trouble getting any one to agree that they would always abide by the rules and pay their rent on time......right......
2. Is there a maximum application fee which can be charged in NYS?
I am in in FL.
3. If there a maximum late fee which can be charged in NYS? Can we do a daily charge?
See above
Thanks.
_________________
Gregg Fous
Investor/Developer
"If you wait for all your ducks to get lined up, you will never get into the water"[ Edited by GFous on Date 10/26/2003 ]
Gregg, can you post the lease in the "freebie" section, or email a copy to me?
Thanks!
Sorry, I am not a lawyer and would not want send or make this lease available. You can PM me for details if you wish.
Gregg
[addsig]
Just a few more tips...
The shorter the lease period, the higher the rent. They pay for their convenience of moving on. Florida is a seasonal state and my seasonal tenants pay substantially more than my annuals. Weekly or monthly is high maintenance and charge accordingly.
Do background checks so you know who your dealing with...the rougher their past, the higher their deposit ( with a caveat that says they lose it all if you have trouble like damage or police).
Good luck.
Bethe-
If I did credit or background checks on my low income stuff, I would never have any tenants.
On the high end stuff I would still do checks. But only to show up evictions etc. If they had grat credit they would be buying not renting.
On poor riske it is better to have a omonth to month so YOU can get rid of him if you need to,.
Markets are different. The lease protects only the leasee.
[addsig]
I remember Greggs lease - I saw it in a book by Rbt Allen - the original no money down guru. It's in his current book in the bookstore - dont remember the name. "how to get rich" or somethng like that.
I am currently renting a few of my apartments in ny. It really depends on what part of ny you are in for me to answer those questions. For me, i have my tenets sign at least one year lease. The reason is that i do interview them and do their background check and credit report and references to see if they are good tenents. My lease to them is quite legalistic as well. I do charge for late fees per day and also applications fees. Hope this helps. If you have any further questions you can pm me.