Hi, I am an investor and I'm not sure I understand ur question. You need the revenue right away then why are u buying it? Sounds like u have a good amount of liquidity which is excellent in this market. Why not just put the money in a high yield bond or something like that and have a solid return with no hassle of tenants. It sounds like ur other business is not doing as well as u would like. Can we get more info?

Posted by: scarter at January 8, 2010 10:07 AM in response to Mortgage Versus Cash

As everyone is saying document everything.. the only new thing I can add b/c my brother is going through the same thing in Queens is to make sure court docs are correct. His tenant recieved a 60 day extension and he had to take off an additional day from work (outside of the numerous other days he has taken off for this situation) b/c the courts mispelled the tenants name. Once the tenant realized this ..she reported it and the sheriff couldn't lock her out. He had to go back to court to have everything corrected which took an additional 60 days over the already 6 mos she has lived there for free.

Posted by: scarter at January 5, 2010 1:30 PM in response to Destructive Tenant

This is insane.. you have done more than enough in my opinion.

Posted by: scarter at December 28, 2009 3:45 PM in response to Apartment Cooking Odors

Also.. since u are not a real estate professional the max u can deduct for real estate related expenses yearly is $25K..all extras I carry over the next year.

Posted by: scarter at November 11, 2009 4:15 PM in response to Audit Hell

Sorry.. Schedule E. You are not real estate professionals..at least not classified by the IRS. I own properties and I know the time it takes but until they reclassify ...Schedule E .. you should call IRS 1800 number anonymously. They are chock full of info.

Posted by: scarter at November 11, 2009 4:13 PM in response to Audit Hell

Sorry to hear about this. I am very sensitive to noise and critters so a critter making noise is a NO NO!!!..this would just freak me out. Check your lease to see if there is a noise clause. I put one in mine. You can also consider hiring someone yourself to have this problem solved and deducting from your rent. I would say you do have grounds to move but if the LL isn't reasonable.. they may still take u to court. I def would not stand for this.. Good luck!

Posted by: scarter at November 11, 2009 9:58 AM in response to Lease Termination Notice

I am a landlord as well.. there are more fish in the sea.. do not renew her lease.. move on... Good luck

Posted by: scarter at November 5, 2009 2:25 PM in response to Help with Demanding Tenant?

IMBY thanks for the great laugh!!!
Have you tried peppermint oil that seems to work also and I always reinforce my steal wool with spray foam insulation which also helps.

Posted by: scarter at November 5, 2009 10:58 AM in response to Mouse Infestation - Help!

Sorry.. I don't see where this is wrong... it may have some moral stuff with it but legally he is within his right. Ultimately the burden of the rent falls on him ..you all can move... from my math I think even with his trick u are still paying below market aren't u?

Posted by: scarter at November 4, 2009 11:59 AM in response to Sublet/Share Legal Issue

Hi, Even if they have money.. you really don't want a tenant who doesn't want to be there. it's just a headache. Let them do all the leg work and you just screen in the end like I and a few others have said. Better to have someone that wants to be there in there IMO.

Posted by: scarter at November 3, 2009 3:46 PM in response to Tenants Breaking Lease

Just like Christopher said ...What does your lease say? If they signed a 1 year lease than they are bound to that. I would let them know that legally they are responsible to pay for the year but if you can rent it you will let them out. I recently had a tenant that needed to get out early so I told them that I would break the lease as long as I could get someone to rent in their place and they needed to show the unit...U should post the place on craigslist making it avail 12/1 but mention that it can be avail sooner if needed and let the tenant show it..this way everyone wins b/c if they can't afford it ..u don't want to deal with the headache anyway.. and u have a tenant who shows the property off prob better than u would b/c they want to leave. Good luck!

Posted by: scarter at November 3, 2009 1:04 PM in response to Tenants Breaking Lease

This tenant has some nerve!!!! Rent back now b/c he was inconvenienced for something he asked for that clearly didn't have to be done! Oh pls.. I like townhouser idea of a rent increase for the upgrades... Is this person on a year lease b/c if not.. if this is any indication of what's to come..cut ur loses.

Posted by: scarter at November 2, 2009 9:50 AM in response to Tenant Compensation?

I am deathly afraid of mice/rats/whatever.. I would def say if an exterminator would put your mind at ease then you should tell your ll that you would like one. you never know. beyond what you are doing already there isn't much else until the contruction stops.

Posted by: scarter at October 30, 2009 2:18 PM in response to Mice in Bed-Stuy

No I don't but it sounds like a wonderful problem to have. Good luck!

Posted by: scarter at October 29, 2009 9:51 AM in response to Renting Your Place for Movie

I don't think that ppl are saying that it's typical city noise..or at least I am not saying that.. but what I am saying is that when u live by a restaurant that has outdoor events this is going to happen..sure the restaurant manager should be alot nicer and sure they should bring the speakers in and do different things to lessen the noise but are they?? probably not. I live 2 doors down to a church that does loud and i do mean loud saturday night services which not only mess up parking but at times can go to after 1am.. approaching ppl who are making noise is such a touchy situation.. in the end..good luck..maybe if u can post flyers in adjacent building about it and get a group together.. i think u will have more success than u are having alone : (

Posted by: scarter at September 28, 2009 2:09 PM in response to Noise Recourse?

Keep it.. Kaboom works great.. maybe that might help

Posted by: scarter at September 28, 2009 2:01 PM in response to Worth Keeping Clawfoot?

Either have a dinner party and invite ur own friends over to take advantage of the free dj when they have a party or move to a quieter section...not much else u can do given that u live near a restaurant. It comes with the territory don't u think? I live on a main street in brooklyn..

Posted by: scarter at September 28, 2009 1:28 PM in response to Noise Recourse?

It's been my experience that something can be done. I HATE hearing someone walking above me so I try to live on the top floor wherever I am. Like others have suggested u can ask her to install rugs.. if she doesn't ..i would contact the landlord. I do know that when i first installed my floating wood floors they hadn't settled so i did notice there was a thumping for about a month when i would walk on them..

Posted by: scarter at September 18, 2009 12:09 PM in response to The Upstairs Thumping Floor

Is it just me or are they the cutest..smile

Posted by: scarter at September 18, 2009 10:06 AM in response to All Praise $1 Appraisals!

I use liberty for everything right now.. although i haven't had a claim (knock on wood).. i do like their customer service ..always helpful.

Posted by: scarter at September 14, 2009 4:09 PM in response to Good/Bad Insurance Cos?

Get it right the first time I say. Go with the conforming. As others have said refinancing cost money ..time.. etc. plus you never know what the future holds.. you may lose your job etc and might not be able to refinance or rates at the time u try to refi might not be as good.

Posted by: scarter at September 14, 2009 4:06 PM in response to Conforming or Jumbo?

When you do things in the dark..they always come to light.

Posted by: scarter at September 9, 2009 5:58 PM in response to Questions About Subletting

Rob, I don't think it's out of order to charge tenants for running a report. It's usually not a free service to the landlord and can become quite expensive if we don't charge. Because I don't pay though I usually don't charge people to run their credit but if I incur other service charges... I will charge for those.

Posted by: scarter at September 8, 2009 3:40 PM in response to Credit Check for Tenants?

Thanks Vinca... I was gonna tell Rob the same thing.. I use myfico to run my own as well. When a company runs ur report it shows up on your credit report as an inquiry and lowers ur score (not by much but every lil bit helps-smile. When you do myfico and other sites as Vinca suggested it's what's called a "soft" pull and doesn't work against you.

Posted by: scarter at September 8, 2009 3:37 PM in response to Credit Check for Tenants?

I run credit reports..I think they are important but as some others have said they are not the entire story. Because of the industry I am in (I work in credit) ...I can run them for free but I did see a very reasonable service online on mrlandlord.com that you might want to try out. http://mrlandlord.com/html/creditfaq.html ..I also verify employment and I do call and check with their previous landlord.

Posted by: scarter at September 8, 2009 12:47 PM in response to Credit Check for Tenants?

I don't think u are being unreasonable.. I think ur strongest leg that u have to stand on is the rent reduction. I would approach the landlord and tell him/her that you have found other comparable units in the area for cheaper and u want them to consider a reduction. If they don't then I would move b/c it seems like there are several issues here... find somewhere where u will be much happier. Try to find something that isn't owner-occupied ...Good luck!

Posted by: scarter at July 31, 2009 10:05 AM in response to No Rent Reduction: Stay or Go?

The floors look fake to me.

Posted by: scarter at June 25, 2009 1:24 PM in response to Condo of the Day: 110 Livingston Street, #6W

Oh yes and I agree with : Putnamdenizen .. public spaces is a totally different story..

Posted by: scarter at June 17, 2009 9:52 AM in response to My Tenants are Slobs!!

I really don't think it's ur business. They rent from u and for that time period that they are renting it is their place not urs. If they do something to damage the apartment or anything like that then of course u are within ur right but if it's that they are messy.. who are u to say anything to them about it. I am a landlord and I would NEVER even approach my tenant about anything like that. The last time someone approached me about my room not being clean .. I was in HS and that person (my parents) were paying all the bills so they were entitled to say something. This is not the same situation.

Posted by: scarter at June 17, 2009 9:51 AM in response to My Tenants are Slobs!!

First congrats on making this big step! When buying any kind of property for investment purposes (well and also with this being ur primary home as well) running the numbers ahead of time is so important. You really make your money when you purchase so you have to make sure u do this well. Check out how much rents are in the area then compare that to what your mortgage is going to be plus taxes, insurance, utilities, maintence of the property and see if it is even worth it. If not, then offer less for the property. Things to consider:
-Is the brownstone set up so that each unit has it's own meter? if not heating/hot water is an extra cost you will have to consider. You will be able to charge more rent but is it worth it to u.
-Are the units 2 bedroom or above? this will affect the potential tenants u will attract. 2 bdrm or above will cater to more families.
-What schools systems if any are nearby.
-You should suggest that your tenants get renters insurance.
-Make sure u take pictures of not just the unit but also the electical and plumbing in the unit before u rent ..these might come in handy in the future.
Some other stuff i will leave out b/c u are an architect so i am sure u know already.

But in any case.. Good luck.. it can be a rewarding experience.

Posted by: scarter at May 7, 2009 9:27 AM in response to Becoming a landlord

My goodness.. this is a tough crowd.. this person is just trying to be nice and help the environment at the same time GEEZ ...I agree with Nokilissa ..goodness. can't do anything nice in this city anymore.

Posted by: scarter at April 27, 2009 9:45 AM in response to I want to freecycle my kitchen

It can't hurt to ask.. If you give notice now u would be giving more than 30 days so I think that is adequate especially given ur lease is coming due and u would have moved shortly after june anyway.. june is a good time to try and rent an apartment ..it woulld be different if u were trying to get out of ur lease in the winter... I am a landlord (however I am probably more understanding than some others) I wouldn't see this especially since ur lease is up soon anyway. Good luck!

Posted by: scarter at April 27, 2009 9:36 AM in response to Breaking Lease 2 Months Early

In a word..YUCK

Posted by: scarter at April 16, 2009 2:00 PM in response to House of the Day: 501 Bainbridge Street

Yes I agree with PitbullNYC to a certain extent... it is your house however I know (being a landlord myself) that because of this tenant and the others.. you are enjoying a pretty decent financial benefit by owning this multiunit building...If you weren't then you wouldn't have done it so don't forget about that. Although I haven't experienced this situation as of yet i feel for you. Have you tried talking to the guy? You are gonna have to come to some sort of common ground in order for everyone to live in some sort of harmony. In the end as you have stated NYC is on his side...

Posted by: scarter at April 3, 2009 10:10 AM in response to Problem With RC Tenant

This is a blessing!!!! TAKE ADVANTAGE AND RUN DON'T WALK TO GET OUT OF THIS DEAL :)

Posted by: scarter at March 4, 2009 11:01 AM in response to 20% Sold Condo: In or Out?

I am a landlord and in this market having a steady tenant who you know for less rent is better than one u don't. Depending on when your landlord bought the place..he/she could be getting alot of cashflow monthly and can afford to take a big cut...either way I agree with others who have said tell them exactly what you can afford to pay.. If it's not enough then move out as planned.

Good luck!

Posted by: scarter at March 1, 2009 6:09 PM in response to Renegotiating with Landlord?

In a word.. YES!! You close the door and u think what the heck did I just do.. or once the seller has moved out all of their furniture and lovely accents u think.. is this it!! lol.. It will pass and u will grow to love the place all over again.

Posted by: scarter at February 9, 2009 10:12 AM in response to Is Buyer's Remorse Normal?

This should be a crime!!
and I am with lincolnlimestone how much effort would it have taken to dust and sweep before taking the pictures.. just yuck!

Posted by: scarter at January 5, 2009 8:01 PM in response to Condos of the Day: 330 Park Place

I don't like this at all.. where is the old charm.. just blah

Posted by: scarter at October 27, 2008 4:02 PM in response to Co-op of the Day: 19 Grace Court, #3B

Yeah it looks off with the brick i think

Posted by: scarter at October 13, 2008 1:45 PM in response to A Modern Upgrade in Williamsburg

Wow such harsh words!!! Xander, Troll and Ppark..were you beaten as children?!! goodness.. so what if a mother works.. I agree with traditionalmod.. I have been in school since i was 3 and am very happy that my parents made that decision.

Posted by: scarter at October 13, 2008 1:40 PM in response to Berkeley Carroll Child Care Center to Close

As a fellow landlord, the best thing you can offer this whiny tenant is an opportunity to break lease penalty-free. All you, the generous landlord, require is 30 days notice. Deposit returned after inspection, of course.

Posted by: Brooklyn Chicken at December 28, 2009 7:03 PM in response to Apartment Cooking Odors

LL has a problem however. The fact that he has tried unsuccessfully to "fix" the problem is acknowledgment, by him, that there is a problem. If I was the tenant I would used that to with hold rent and start a proceeding based on "constructive eviction" or maybe a "warranty of habitability", both being somewhat vague in interpretation. Am I wrong?

Posted by: modsquad at December 29, 2009 7:58 AM in response to Apartment Cooking Odors

modsquad - I hope you are wrong because that seems like I would have a terrible problem. I dont agree that it is considered warranty of habitability. We have had 2 sets of tenants in the past who never complained of cooking odors. I agree with some saying they just are a bit sensitive to smells.

Posted by: bailey at December 29, 2009 9:59 AM in response to Apartment Cooking Odors

If modsquad is correct it indicates why our legal system sucks. No good deed goes unpunished, or good Samaritan blamed.

OP you've done more than enough.

Posted by: cmu at December 29, 2009 1:37 PM in response to Apartment Cooking Odors

I don't understand all the glad handing and circle jerking. Tenant's contemporaneous notes will indicate a conversation with LL where he agreed that the fumes from neighboring apartments were so extreme that LL agrees to do what ever it takes to solve the problem. Tenant will also relay the suffering he and his family have endured over the last several months as LL "experiments" will elimination of the acrid vapors. Tenant's counsel will ask LL what engineers and odor specialists he enlisted to solve this problem in a professional manner. Tenant will submit expenses involving the moving out on an emergency basis due to allergic reactions, a couple of weeks at the Marriott and the final move to a clean and odorless apartment.
That's what I would do, then settle out of court thus keeping my name off the blacklist.

Posted by: modsquad at December 29, 2009 7:23 PM in response to Apartment Cooking Odors

Modsquad: great information. thanks so much. We will call upon our engineer to perform an investigation. By the way we have already offered nights at the Marriot for other issues and they always refused. They always wanted the cash to compensate. We do our best to be on the up and up at all times but we can only do so much. Please keep the suggestions coming as we welcome any and all advice. but honestly , is it possible to have an odorless building? I lived in a high rise rental 100+ apartment building and my floor always smelled of curry which seaped into my apartment. thanks again!

Posted by: bailey at December 29, 2009 9:26 PM in response to Apartment Cooking Odors

How much time remains on their lease? What were the other issues for which you offered nights at the Marriott? They refused... seems like they really do want a rent reduction which you should not provide because you will have admitted culpability for some issue or other. After which they can still do as Modsquad said.

Posted by: mica at December 30, 2009 8:48 AM in response to Apartment Cooking Odors

it has been a year of troubles. too many complaints to list. mind you this brownstone was completely renovated in 2004. Con ed had cut their electric off by accident b/c they wanted to turn off a vacant apt. that was last christmas season. we did our best to get con ed back but they could not get there the same day.

Posted by: bailey at December 30, 2009 12:38 PM in response to Apartment Cooking Odors

to deduct montly rents. it has been a tough year to say the least.

Posted by: bailey at December 30, 2009 12:39 PM in response to Apartment Cooking Odors

herkimermaid....I wouldn't use that key if I were you except in an emergency and I would suggest having a police officer go in with you if you do(call the precinct). You can be arrested. Self help is discouraged in NY. A clause that allows you to retake the apartment for non payment is probably unenforceable in NY(except for commercial tenants). If you are using a certificate of mailing you don't need certified mail(unless the lease calls for it).

Posted by: smeyer418 at January 5, 2010 1:57 PM in response to Destructive Tenant