Any LANDLORDS out there ? need advice?

Question

I am a new landlord in New York and need some advice from experienced landlords. I am renting out a co op apartment unit to two roommates in their 20s. I recently spent tens of thousands of dollars completely renovating the apartment, so I want to protect my investment the best I can. I took 1 months security deposit from the tenants. Since I spent tens of thousands dollars renovating the apartment, I would like to make sure I can hold back the most amount of money I possibly can in order to cover for any and all damages once they move out. How can I successfully hold back the security deposit should they do any type of damage to the apartment? Has anyone had any experience with this?

thank you

Answer 1

I have a rental property for about 10 years now. I think I can give you some good advice. The best thing is to try and get good responsible tenants and then you wont have to worry about it.
You can charge for any demages done to the rental as long as it isen't normal wear. You can charge for any late fees they dont pay, extra trips to collect the rent, repairs that was caused by them, but I would put my time and effort in getting the perfect tenant.
1. The main thing to do is make sure you screen your tenants well. Take your time and pick somone that is stable. A married couple with both working is one aspect. Make sure they have been working for at least a couple of years and preferably at the same job.
2. Look at the way they keep their car. Is it clean? How is their personal appearance?
3. One big problem is smoking--make sure you ask them if they smoke. If they smoke in your house, it will be harder to rent it next time. Make sure you tell them to smoke outside and I would put that in writing. If they smoke in your rental unit you can have the odor removed, but it is expensive. There are solutions to the problem, but it could end of taking all the deposit.
4. Call previous landlords and all their references. You would be suprised at how much people will tell you if you let them.
Ask them if the potential tenant smokes, where do they live now, how long they've known them. Ask if they would rent to them again and why. Most will tell you anything you want to know.
5. Verify everything the tenant tells you. If they tell you a lie that is a good sign they are not trustworthy and I would not rent to them. It dont matter how small or insignificant. You have the right to refuse to rent to anyone.
6. Drive by where they live now, if you can, and that will be an indicator as to how they keep up their things.
7. Get their driver license number and look up their driving record and look to find any domestic violence abuse charges.
There is no sure way to safegaurd against them destroying your property, but you can save yourself a lot of money just by being observant and taking your time up front.

Answer 2

Last answer is helpful. Prevention is best and value your good tenants.
In saying that - do make sure you allow for wear and tear and do not be overly fussy as tenants can then take you to court if you hold bond unfairly and this can cost you.
Just make sure any potential damage is not wear and tear. There is a huge difference between a hole in the wall and a small carpet stain from normal use.

Answer 3

You should have taken photos of the unit's interior from as many possible angles as you could and labeled them. Also save all receipts for work you had done on the unit with descriptions attached. This way you'll have a reference if any damage is done or if they should have a complaint about anything concerning the unit.

I hope you know that legally you are not allowed to spend that security deposit and it should be kept in a separate bank account.

Answer 4

when i managed property i banked the money that i collected as deposits into a source with a good interest rate. i earned investment money to repair damages, do upgrades and such. i enjoyed that line of work and you brought up a question as to why did i ever quit doing this kind of work. i was also very good at repairs because before that i was building military housing. live and learn.

Answer 5

The norm for condominium residences interior the united kingdom, as quickly as by the preliminary 6 months of maximum agreements, it extremely is a series era on the two facets, could be they supply you with a month's word, you provide them 2. If those people have given you 6 days word and in accordance with what signed contract you have with them, then that's no longer legally superb. although, for my section i could wait the 6 days and notice what happens and then in the event that they do no longer flow away, serve them with appropriate word assuming you have the grounds to evict it extremely is slightly distinctive, i could advise, to easily no longer renewing their Tenancy contract on the top of the time era. you have not got any rights at this element to go into and get rid of THEIR components. None. and you ought to finally end up in massive challenge in case you are trying this. in spite of the fact that in the event that they say they have lost (checklist?) their replica of the contract, you ought to have one, so i'm uncertain of the relevance there. i could advise that in case you wanted them out after all, and that they have given you 6 days word (in writing?) then you are actual onto a winner!!! As has been noted, eviction is going to take you a procedures longer, and value you.

Answer 6

use google to find the NY tenant laws. They'll specify the exact steps you must follow with security deposits.

Answer 7

NY Tenant rights guide:
http://www.oag.state.ny.us/realestate/tenants_rights_guide.html

Security deposits:
http://www.oag.state.ny.us/realestate/guide_intro.html#6

Normal wear and tear VS Damage guide:
http://www.rentlaw.com/normalweartear.htm

Answer 8

lol wish i could help but my dad is a landlord for commercial realestate lol