Investor · Fairfax, VA · Member since 2016 · 31 posts · 8 votes
For those of you not familiar with owning property in New York City, if You own a building with 3 or more units it must be registered with the city and you have to provide contact information for someone that actually lives in the city. This person, if not the owner" is call the Managing Agent.
I find myself moving away from NYC, but am not sure what to do about finding a Managing Agent. I'm looking to the forums for advise or ideas. I've found property managers very scarce here, I haven't actually found one yet. I've heard they exist and may charge upwards of 20% (may or may not be true). I don't need anyone to manage the property. I just need someone to satisfy this city requirement of having a Managing Agent.
I know there's alot of snowbirds out there that live in Florida or other places, but own property here. What does one do when they're not big enough to have a Superintendent, but just big enough to have to register with the city?
I look forward to discussing this with everyone. Thank you in advance.
Investor · Fairfax, VA · Member since 2016 · 31 posts · 8 votes
9y
Hi Hamish. Thank you for your questions, but I think they are irrelevant for my topic. It's great cash flow and I'm not getting rid of the building anytime soon.
Rental Property Investor · Brooklyn, NY · Member since 2016 · 48 posts · 17 votes
9y
Hey Scott,
Best of luck finding a property manager or managing agent in the area. I am interested in investing in Brownsville. How was your experience? Do you have an agent you could recommend?
I would love to take you out for a coffee. Do you still live in NYC.
Rental Property Investor · Chappaqua, NY · Member since 2015 · 1k+ posts · 947 votes
9y
Scott Williams I had three managing agents in 10 years. 3 family in bed stuy. My agent was always the tenant on the first floor. Some would shovel, sweep, tend to leaks and even paint. Others would do nothing and I had to outsource all of that. I typically gave a 200 a month rent discount for this service. The tenants that did less i would drop the discount to 100. There were hiccups but it worked and I saved more than 100k over PM.
Investor · Fairfax, VA · Member since 2016 · 31 posts · 8 votes
9y
Hii @Christopher Rodriguez. I have not yet found a managing agent. I will consider building this function into whomever I rent the first floor unit to. I've received some good examples from others here on BP. Thank you again to all of you. I don't like the idea of having to give a percentage of the rents to someone for doing almost nothing with the property. Please let me know your thoughts if you like. I'm always open to new opinions and info.
Rental Property Investor · Chappaqua, NY · Member since 2015 · 1k+ posts · 947 votes
9y
Scott Williams how many units are vacant? I used to lease most of my Apt's to a short term rental company. They would in turn furnish and sublease out the pats on short term rentals. The term was always greater than 30 days to avoid running afoul of the law. They paid market rent or a bit better but the best part was they would manage the property as part of their business. All leaks, complaints, snow, garbage, paint was taken care of.
I'm not sure how far they would go into east NY and they like at least 2 units in a building.