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My whole family immigrant from Singapore to here since two years ago, my uncle bought two property at east long island, now he retired, and move to Florida, he can sell the property to us, the question is, we have no experience to take care of the investment property at NY, we are currently at CA, remote management can be hard, but we can sell our small business at CA, and move to NY, which is a bigger decision.
Here are couple of questions.
1. what kind of rental permit it require to rent it legally? The property is at Town of brookheaven, another one may be at Town of Islip.
2. what is the management fee the local agent charge to manage the rental property? Any idea.
3. is there any potential pitfall for rental at NY (long island here), such as extra tax, regulations.
My whole family immigrant from Singapore to here since two years ago, my uncle bought two property at east long island, now he retired, and move to Florida, he can sell the property to us, the question is, we have no experience to take care of the investment property at NY, we are currently at CA, remote management can be hard, but we can sell our small business at CA, and move to NY, which is a bigger decision.
Here are couple of questions.
1. what kind of rental permit it require to rent it legally? The property is at Town of brookheaven, another one may be at Town of Islip.
2. what is the management fee the local agent charge to manage the rental property? Any idea.
3. is there any potential pitfall for rental at NY (long island here), such as extra tax, regulations.
Thanks for your sharing.
1. Yes, you will need a permit from the Towns. If the properties have all necessary C of Os, and are in decent condition, it should not be a problem. There will be an annual or bi-annual fee from the Town.
2. Most charge a management fee of 10% of the rent roll.
3. You will not be eligible for STAR if it is not owner occupied. Unless you're knowledgeable re income taxes, hire someone who has experience with real estate properties.
Elke, Do you know which towns now require you to register SFH as rentals? Thanks.
Many Towns have had the requirement on the books, but only recently they have begun to actively enforce it.
I believe Islip was the first. I remember getting a condo rental in Ronkonkoma but the homeowners had to get the permit first and because everyone else now had to get one, there was quite a waiting period!
It's my understanding that Brookhaven does as well and I know that Huntington is on the verge of actively enforcing it; I'm sure Babylon is right there with Huntington.
It's a good question; I should call the Towns so I can be certain. (Supposedly it's all about safety. Hmmm, what about the $$ the Towns collect??? Talk about a steady stream of income...)
Why would a town care if a SFH is rented to a Single family? It is zoned single family and rented to a single family. Plus owner is already paying higher taxes due to lack of star
Why would a town care if a SFH is rented to a Single family? It is zoned single family and rented to a single family. Plus owner is already paying higher taxes due to lack of star
Some SFHs are being rented to multiple, unrelated tenants. They are carved up and locks are placed on interior doors, creating fire hazards for both the tenants and local volunteer firemen. If an entire house is being rented out, the owner should be held to safety standards which owners or apartment buildings must meet. They should also be taxed at a higher commercial rate since the rental is an income property.
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(Supposedly it's all about safety. Hmmm, what about the $$ the Towns collect??? Talk about a steady stream of income...)
