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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Any Long Island Landlords here? Please chime in!
I have some money to burn on a down payment so I am looking to purchase a second (investment house).
I am curious how other landlords are handling the Long Island rental market.
Is it taking you a long time to find a tenant? Are you renting an accessory apartment inside the house you are living in? Or are you an absentee landlord?
I am trying to find a legal 2-family house somewhere in Nassau on the south shore. Would prefer 2 family since it's more secure to have two tenants at a time (to help ease the pain of having a vacancy).
I'd consider purchasing a 1 family SFR and just renting out the entire house to somebody, but I am concerned how difficult it would be to find a tenant. I would think I would have to get at least $2000 renting out an entire house, maybe more.
Can't seem to get any good info or feedback from the Realtor's I have been talking to so I am curious if there are other landlords here. Strictly looking Long Island. Thanks in advance.
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Posted 6/30/09 9:11 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MrsO
Big Brothers to Be
Member since 1/07 4521 total posts
Name:
Maureen
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Re: Any Long Island Landlords here? Please chime in!
We rent out a entire house in hicksville to a very nice family. They have been there a few years now - hopefully they stay longer. It took us a few months to find them. If you price the place a little bit below the asking you might have a better shot at renting them. Just be careful some tenants can be nightmares.
FM if you have any other questions
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| Posted 6/30/09 10:17 AM |
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legallyblonde
LIF Adolescent
Member since 8/08 850 total posts
Name:
K
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Re: Any Long Island Landlords here? Please chime in!
We have a legal 2 family home that we rent out a portion of and live in the other part. If you are looking for a 2 family and plan on being absentee, just make sure that it's legal by CO, not permit. If it's legal by permit, it has to be owner occupied.
We just got new tenants in January. I will say that in order to competitive, we had to lower what we had been planning on asking for rent. That being said, we had many tenants to choose from. Even though we lowered the rent, it wasn't by much and I'm happy that we had the liberty of choosing from a number of potential tenants. We used a realtor for the screening process though. If you have any ?'s feel free to FM.
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| Posted 6/30/09 10:41 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Any Long Island Landlords here? Please chime in!
Posted by legallyblonde
We used a realtor for the screening process though. If you have any ?'s feel free to FM.
Did you pay the realtor for this service or did they charge a standard broker fee to the tenant? Also did you find the tenant yourself and then directed them to the Realtor for the credit check, or did the Realtor find the tenant for you?
Thanks.
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| Posted 6/30/09 11:06 AM |
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JJN4
LIF Adult
Member since 5/09 1109 total posts
Name:
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Re: Any Long Island Landlords here? Please chime in!
We have a condo that we rent. We have only rented it this past year and it was great till our tenant stopped paying the rent. She payed 1/2 of April & hasn't paid anything since. We are now going to court which really stinks but we need to get our money.
We are trying to find a new tenant. I posted an ad on craigslist and we are also listing it with an agent. The tenant pays the agent and the agent does a background and credit check.
If you find a good tenant it is great otherwise it can be a HUGE headache.
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| Posted 6/30/09 3:05 PM |
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legallyblonde
LIF Adolescent
Member since 8/08 850 total posts
Name:
K
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Re: Any Long Island Landlords here? Please chime in!
Posted by ave1024
Posted by legallyblonde
We used a realtor for the screening process though. If you have any ?'s feel free to FM.
Did you pay the realtor for this service or did they charge a standard broker fee to the tenant? Also did you find the tenant yourself and then directed them to the Realtor for the credit check, or did the Realtor find the tenant for you?
Thanks.
The tenant paid the broker one month's rent which is pretty much standard. All tenants went through the realtor. It was advertised on MLS and that is how they found the house. I tried doing Craigs list myself first but then I realized I had to be home in order to show the place and some of the people that were calling were so bizarre or shady I just did not want to deal with it so it was better for me to have a realtor screen the potential tenants for me.
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| Posted 6/30/09 3:59 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Any Long Island Landlords here? Please chime in!
Posted by JJN4
We have a condo that we rent. We have only rented it this past year and it was great till our tenant stopped paying the rent. She payed 1/2 of April & hasn't paid anything since. We are now going to court which really stinks but we need to get our money.
We are trying to find a new tenant. I posted an ad on craigslist and we are also listing it with an agent. The tenant pays the agent and the agent does a background and credit check.
If you find a good tenant it is great otherwise it can be a HUGE headache.
Yeah that sux. Did the tenant just leave and not pay you? Sometimes if the tenant no longer wants to pay it's best if they just leave. It can be even worse if they don't pay and insist on living there rent free. Then you have to evict them.
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| Posted 6/30/09 6:22 PM |
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JJN4
LIF Adult
Member since 5/09 1109 total posts
Name:
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Re: Any Long Island Landlords here? Please chime in!
Posted by ave1024
Posted by JJN4
We have a condo that we rent. We have only rented it this past year and it was great till our tenant stopped paying the rent. She payed 1/2 of April & hasn't paid anything since. We are now going to court which really stinks but we need to get our money.
We are trying to find a new tenant. I posted an ad on craigslist and we are also listing it with an agent. The tenant pays the agent and the agent does a background and credit check.
If you find a good tenant it is great otherwise it can be a HUGE headache.
Yeah that sux. Did the tenant just leave and not pay you? Sometimes if the tenant no longer wants to pay it's best if they just leave. It can be even worse if they don't pay and insist on living there rent free. Then you have to evict them.
They are still living there & when I had them served she called me and gave me an attitude. Like this is all my fault. I'm sorry I have a mortgage that needs to be paid and I'm not OK with someone living in a home I own for free. I think she expected to move out and us not do anything about the $ she owes us. Not going to happen...that money is rightfully ours!!
She is being a b**** about letting us show the place...she said to me the Judge can order us to let you in...shouldn't she be kissing our butts???? She has been living rent free for months now!!! Makes me want to scream when I think about it!
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| Posted 6/30/09 7:29 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Any Long Island Landlords here? Please chime in!
Posted by ave1024
I have some money to burn on a down payment so I am looking to purchase a second (investment house).
I am curious how other landlords are handling the Long Island rental market.
Is it taking you a long time to find a tenant? Are you renting an accessory apartment inside the house you are living in? Or are you an absentee landlord?
I am trying to find a legal 2-family house somewhere in Nassau on the south shore. Would prefer 2 family since it's more secure to have two tenants at a time (to help ease the pain of having a vacancy).
I'd consider purchasing a 1 family SFR and just renting out the entire house to somebody, but I am concerned how difficult it would be to find a tenant. I would think I would have to get at least $2000 renting out an entire house, maybe more.
Can't seem to get any good info or feedback from the Realtor's I have been talking to so I am curious if there are other landlords here. Strictly looking Long Island. Thanks in advance.
Message edited 2/14/2011 9:25:07 PM.
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| Posted 7/1/09 7:30 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Any Long Island Landlords here? Please chime in!
Posted by KellyFG
We own rental properties in Suffolk.
We have section 8 tenants as well as "private" tenants. I have one tenant that is currently late with rent & is out of work. We may have to ask them to leave, not fun. Most houses in Nassau are still too expensive for section 8 rentals to work unless you are planning on kicking in several hundred a month.
Each township has info on becoming a section 8 landlord.
We have friends that have private rentals that have been empty for months causing them financial hardship.
Our properties are in lower middle class areas so our rents are very affordable(for LI) and rentals are common so neighbors are ok with it. We invested a good deal in making sure the exteriors, property & driveway/parking situations were ideal so neighbors would be pleased to live near our rental.
Very few two family houses have a permit for non-owner occupied rentals. Meaning 90% of the time the towns expect you to live in one of the units.
All mother-daughter homes are meant to be owner occupied. Even fewer REA's really know or understand the legalities of non-owner occupied rentals, so do your own homework.
IMO the worst thing you can do is try to get around the system, because if a neighbor or anyone rats you out you wont be able to cover your nut.
good luck!
Thanks for the info. Do you know how much section 8 is willing to pay for a 1br/2br/etc (because you mention it's likely Nassau County will be too expensive for Sec8)?
Is this info on Sec8 rental allowances publically available?
I have heard very mixed reviews regarding renting to Sec8 from different landlords. Some don't mind. Some are blatantly against it fearing they will destroy your unit.
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| Posted 7/1/09 11:36 AM |
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