All Forum Posts by: George Darcy

Just wanted to point out that  under current NY law the tenant has the right to move people in and is only required to notify you.  From NY tenant rights pamphlet:

"It is unlawful for a landlord to restrict occupancy of an apartment to
the named tenant in the lease or to that tenant and immediate family.
When the lease names only one tenant, that tenant may share the
apartment with immediate family, one additional occupant, and the
occupant’s dependent children provided the tenant or the tenant’s
spouse occupies the premises as their primary residence. When the
lease names more than one tenant, these tenants may share their
apartment with immediate family; and, if one of the tenants named
in the lease moves out, that tenant may be replaced with another
occupant and the dependent children of the occupant. At least one of
the tenants named in the lease or that tenant’s spouse must occupy the
shared apartment as a primary residence.
A tenant must inform the landlord of the name of any occupant within
30 days of the occupant moving into the apartment or 30 days of
a landlord’s request for this information. If the tenant named in the
lease moves out, the remaining occupant has no right to continue in
occupancy without the landlord’s express consent.
Landlords may limit the total number of people living in an apartment
to comply with legal overcrowding standards
(Real Property Law § 235-f)."

I often read advice that well written lease clauses are the cure for problem tenants.  The more I deal with real life tenants the less I believe this and the harder I work at tenant selection.

Just notify them by certified letter that you are not renewing their lease.  You need to give 90 days notice if they've been there 3 years or more.  If they stop paying rent or don't move out you will need to evict.  Section 8. Doesn't change anything.

I normally have very  clear opinions but I think this is a tough one.  I do most of my work myself and am continuing to work alone.  Perhaps your contractor could continue to work with a one man crew perhaps 2 shifts with one person each.  This would at least comply with the spirit of the order.

I do agree that it doesn't seem appropriate to treat Syracuse as if it's the same situation as down state, but that's where we are.  Is it your responsibility or your contractors to comply with the order?  If its on the contractor let them make the call.

Good luck and stay safe.

If you'r using the proceeds to purchase a good cash flowing property then your cash flow should increase not decrease.  If refinancing increases cash flow on a portfolio basis why not do it.

If it's actually in Syracuse you should have a county/city tax bill and a school tax bill.  If it's in a village like Liverpool east syracuse Fayetteville or such you have a third bill.  You can go on the Onondaga county website and see all the bills.

If you prefer to keep your existing mortgage intact you could use a second mortgage to get equity out. You could also get a HELOC to access the equity.

In your situation I would lean towards getting a line of credit on the exisiting rental and using that for the down payment.  I would then pay off the line of credit using your cash or proceeds from a refinance if you you are forcing appreciation on the new purchase.

At the end of the day you would be left with a line of credit that doesn't cost you anything month to month but would be available for your next purchase.  This kind of flexibility really helps when you are trying to purchase your next property.

IMO When it comes to lessee requests it comes down to how reasonable the request is and what impact it will have on property value going forward.  

Security is a common concern for the lessees. I would attempt to address overall property security while sticking to my improvements plan and budget. I wouldn't let them dictate my course of action but rather use their requests to help determine what areas need improvement.

Craigslist blocks it.  They consider cozy a competitor.

I think it's a great idea. Just wanted to add that my offer on a duplex was accepted because other bidders were FHA and I was conventional. My realator's explanation was that the FHA inspectors will often require the seller to make repairs before approving the transaction.

Is your objective to buy the property at a price that works for you or to control the process and dictate the rules of the game.  Is there a legitimate reason for your deadline?  If the sellers disregard for the deadline makes it impossible to do the deal then move on.  Were I the seller, your re-offer with the petty financial penalty would tell me that you are likely to use the DD period as a tool to renegotiate the deal down the road.

In my opinion you are sending the wrong signals. Not the seller.