All Forum Posts by: Cory Melious

Thank for the responses! I really appreciate it. This is in Upstate NY btw, so it falls under NYS laws (but outside the incredibly strict NYC laws).

Hi everyone. I'm trying to add language to my lease addendum that clearly states additional tenants. We have a tenant moving out who is the sole person on the lease. Evidently, they had their brother and girlfriend living with them the whole time, which puts additional wear and tear on the apartment. Since I didn't have any language in the lease prior to them being there, I'm trying to tidy the next one up so I'm covered for more rent and add the new people to the lease.

Do you:
-Add additional rent? If so how much?

-Add them to the lease? 

- Collect a background/credit check? How do you suggest the language be written to cover this?

-How do you deny them if they fail?

Hey all;

Is anyone out there adding language to their leases to compel tenants to seek rental assistance if they lose the ability to pay rent for a period. I'm looking for some language that would allow a lease to be terminated in the event a tenant stops paying, but also doesn't provide assistance or information to obtain rental assistance either. The goal here would be to force a situation where they either have to pay their rent, or PROVE they've lost there job by applying for assistance. Is that possible and does it exist?

Here's something I was thinking might work. It's compiled from some other postings I've found around.

Tenant(s) agree to provide information and cooperation in the completion of any requirements necessary to obtain rental assistance in the event they cannot pay rent. Failure to do so constitutes a breach of this agreement, and the landlord may terminate the lease at their own option. This will in no way restrict other remedies available to the landlord under law or this lease.

Hey all!

I’m curious what others would do in my situation.

I have a rental condo that has a broken HVAC. The building provides heat/coolant. My HVAC is simply an air handler that blows hot and cold depending on what season we’re in.

I’ve been quoted $2800 to repair the unit. The compressor is shot so the bulk of the price is a new part, then some smaller valve replacements and new coolant for the coils. It’s a 10 year old unit so there might be other problems that could arise after this.

They also quoted me $5300 to completely replace the machine with a brand new one. This option “should” remove the concern about other parts going bad in the near future. I asked about warranty but haven’t heard back yet.

I’m leaning towards the new one bc in theory I can cap-ex the cost on my taxes vs just a repair if I go that route. I’m wondering if my thinking makes good financial sense tho.

There’s a small chance I’ll sell this place in a few years so perhaps the risk of more parts breaking isn’t that high if I’m out of the investment before then.

I heard recently that NYC is not allowing apartment seekers to tour apartments that are currently occupied. Is there any truth to this? I am unable to find a credible source for that.

My tenant will be leaving at the end of June, and I'm seeking a new tenant to avoid missing a month. She is not interested in having a bunch of people traipse through her space right now especially since the virus is still active in NYC.

To avoid this, I've made a virtual tour of the apartment. Here's the link if any of y'all are interested in seeing it.

Hey everyone.

I’m looking for some advice. I’m having trouble renting one of my units and I’m looking for some ideas on how to proceed.

Quick note ::: there are some links at the bottom of the listing and tour....

I currently have a 3 unit property in upstate ny where the weather is cold about 6-7months of the year. . Unit 3 is a one bedroom with electric heater renting at 635/Mo. Unit 2 is a two bedroom with electric baseboard heat renting at 800/Mo. Unit 1 is a two bedroom with oil forced air heat not renting at all. It was getting 830/Mo (it’s about 400sqft larger than unit 2. The tenants bailed out on me in November Bc they didn’t want to pay for the oil heat themselves. It’s a 1200sq ft apartment which is recently remodeled and a very nice apartment for a family. It was renting last year at $830/Mo. This is the problem place.

Learning that the tenants didn’t want to pay for oil heat, I assumed it was due to them not having the cash flow to shell out $300-$400/Mo for a tank of oil. I figured I’d deal with that burden myself and instead list the apartment for $960. That price resulted from $830/mo plus the averaged out cost of the oil. It seems like a reasonable price, but I’m not getting much action on it. I get a few interested people but they have mostly flaked out.

My question to you all is, how should I proceed? Do I chalk this up to holiday time lag and wait until the new year, or am I charging too much due to the price of the oil heat? It’s uncomfortable to have it just sitting there but I don’t want to lower the price too far that I end up with a deadbeat in the place. I also don’t want to run the risk of driving my price down so low that the other 2 bedroom unit wants his price lowered as well. An option I thought of was to install electric baseboard heat in there and rent at a lower price.

Here is my listing for the apartment. It’s on Zillow’s sites, Facebook, and craigslist.

https://www.zillow.com/homedetails/2681-Sanitarium-Rd-Clifton-Springs-NY-14432/31893305_zpid/

Also I have a Virtual tour on YouTube which isn’t linking properly on Zillow. Need to fix that.

https://youtu.be/xjT1pbh8Wd4

Thoughts?

Hello everyone;

Im in a pickle and would love some insight into how to handle it.

I have a tenant who’s lease is up at the beginning of January. This particular property has forced air heat and the tenant is responsible for their own oil. Suffice to say, the property is priced accordingly.

Early in September the tenants decided they didn’t want to pay for their heat, and told me they intended to break their lease early. I responded with the customary, “you need to give 30 days notice, and since its already mid Sept you’ll need to wait until Nov 1 to move” They understood, and let me know they had accepted another apartment for Nov 1 and would be out by Oct 31.

I’ve now spent the month finding and accepting a replacement.

This morning (10 days before they are slated to move out) they have decided to stay in the apartment for some unknown reason (They texted me last night, and I am delaying the convo until I have some ideas how to handle first).

Here’s the rub though. The new tenants are not ideal. They are a couple and a single guy roommate situation. They make sufficient rent, but according to their last landlord they are late with it often (but they always pay the late fee). I know it’s not ideal but they were the best to apply.

The outgoing tenants, however, are very good tenants (besides the early breaking of the lease). They were never late on rent, keep a VERY clean household, and rarely call me with issues.

NOW I don’t know how to handle this new situation. If I let the outgoing tenants stay because they are more responsible renters, how can I make it absolutely clear I will not accept an early termination again. OR if I kick them out and accept the new tenants, I have no way to know if they will be quality tenants.

Hey all;

I own a parking space that I'd like to rent out in Brooklyn. I'd imagine it's important to have a lease agreement on the space, but I've never done something like it before. Does anyone have any insight / tips for leasing out a parking space? Is there a forum on here or thread that I'm missing that discusses parking space rentals?

Hey guys. I was wondering if you all could help clear up some confusion for me. 

Do the actions of a licensed 'associate' broker fall to the licensed broker if the associate violates their duties? What about if they are acting outside the office of the top license holding broker, such as an associate who owns their own private property management company?

What is the difference between an associate broker and the leading broker if one is not responsible for the other? 

Thank you!

Cory

Hey everyone. I've been using Paypal as an option for tenants to make electronic payments. So far it's been great, except a few times people have mistakenly paid with goods & services (causing a fee to be levied). I was wondering if anyone can recommend a service that will allow electronic payments via ACH, but dont charge such large fee's? I dont like having to rely on the tenants to select the correct option in order to get paid accurately. 

Thank you for your suggestions!

Cory