First-Time Landlord – Need Advice on Leases & CityFHEPS in Queens

[M Edouard]

Hello BP,

I just purchased my first property—a beautiful 4-unit building in Queens, NY! This is my first time being a landlord, though I do have some experience managing my mother’s tenants who lived in our multi-family house.

Of the three current tenants, two are without leases, and two are on DSS CityFHEPS. While their rents are below market, they do pay on time each month.

I’d love some advice from experienced landlords:

1. 1. What’s the best way to transition my tenants onto leases while also adjusting rent?

2. 2. Does anyone have experience working with CityFHEPS? How can I go about raising the rent for tenants on the program?

Any insights or strategies would be greatly appreciated!

Thanks in advance!