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Old 10-17-2011, 04:04 PM
 
8,750 posts, read 15,584,622 times
Reputation: 4168

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I am a small time LL (3 family building)...and the lessons I have learned are:

1. Screen your potential tenants vigorously including recent paystubs, bank statements, and credit reports.

2. Talk to your prospective tenants several times, and get a good feel for not only how they talk to you, but how they interact with eachother. If they are cursing at their kids/husband/wife, but nice to you, that should tell you that they will be speaking like that to you also.

3. Don't rent to families, not only because kids run around, stomp/cry/cause fights and arguments, but they are much harder to evict as judges are much more lenient on them than single people.

4. Don't rent to subsidized tenants (section 8, etc) under any circumstances. You will get lured by some money upfront, but end up with headaches and horrible tenants that will make your life miserable.

5. Be honest and upfront about your expectations for any prospective tenants, and let them know that you don't need their money but rather are trying to find the right fit for your building. Typically a tenant thinks they have leverage because Landlords are desperate for their money, but if you remove that leverage and have them believe they can move out tomorrow and you will be perfectly fine, they will treat you better and play the part of a good tenant (in general). I tell my prospective tenants, and current tenants (every so often I will remind them), that at any time they are not happy here, to let me know and they can leave withint 30 days...and in fact I will help them move/find another place.

6. As a landlord with 4 units or less and it is your primary residence, you can legally discriminate for any reason, which includes race/gender/sexual orientation/religion/etc. I am not advocating anyone do this, however under this specific situation, you can legally discriminate and nobody can do anything about it. I typically turn away families, those on subsidized/welfare programs, poorly groomed/dressed, uneducated/ghetto, loud mouthed/foul mouthed, people who stomp when they walk, party people, single mothers with kids, the obese, smokers, anyone in a band/people who play loud instruments, couples who are visibly pregnant/wanting to get pregnant or are looking for a "kid's room", and first generation immigrants of any kind. There are probably a few more but I don't remember them all....so far it has worked for me perfectly.

Last edited by SobroGuy; 10-17-2011 at 04:13 PM..
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Old 10-17-2011, 04:26 PM
 
Location: Newark, NJ/BK
1,271 posts, read 2,178,632 times
Reputation: 662
Quote:
Originally Posted by SobroGuy View Post

6. As a landlord with 4 units or less and it is your primary residence, you can legally discriminate for any reason, which includes race/gender/sexual orientation/religion/etc. I am not advocating anyone do this, however under this specific situation, you can legally discriminate and nobody can do anything about it. I typically turn away families, those on subsidized/welfare programs, poorly groomed/dressed, uneducated/ghetto, loud mouthed/foul mouthed, people who stomp when they walk, party people, single mothers with kids, the obese, smokers, anyone in a band/people who play loud instruments, couples who are visibly pregnant/wanting to get pregnant or are looking for a "kid's room", and first generation immigrants of any kind. There are probably a few more but I don't remember them all....so far it has worked for me perfectly.
Damn...so how many are left in NYC are all of those are counted out jk.

Last edited by njnyckid; 10-17-2011 at 04:36 PM..
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Old 10-17-2011, 04:35 PM
 
Location: Bronx
14,926 posts, read 17,476,064 times
Reputation: 7546
Quote:
Originally Posted by SobroGuy View Post
I am a small time LL (3 family building)...and the lessons I have learned are:

1. Screen your potential tenants vigorously including recent paystubs, bank statements, and credit reports.

2. Talk to your prospective tenants several times, and get a good feel for not only how they talk to you, but how they interact with eachother. If they are cursing at their kids/husband/wife, but nice to you, that should tell you that they will be speaking like that to you also.

3. Don't rent to families, not only because kids run around, stomp/cry/cause fights and arguments, but they are much harder to evict as judges are much more lenient on them than single people.

4. Don't rent to subsidized tenants (section 8, etc) under any circumstances. You will get lured by some money upfront, but end up with headaches and horrible tenants that will make your life miserable.

5. Be honest and upfront about your expectations for any prospective tenants, and let them know that you don't need their money but rather are trying to find the right fit for your building. Typically a tenant thinks they have leverage because Landlords are desperate for their money, but if you remove that leverage and have them believe they can move out tomorrow and you will be perfectly fine, they will treat you better and play the part of a good tenant (in general). I tell my prospective tenants, and current tenants (every so often I will remind them), that at any time they are not happy here, to let me know and they can leave withint 30 days...and in fact I will help them move/find another place.

6. As a landlord with 4 units or less and it is your primary residence, you can legally discriminate for any reason, which includes race/gender/sexual orientation/religion/etc. I am not advocating anyone do this, however under this specific situation, you can legally discriminate and nobody can do anything about it. I typically turn away families, those on subsidized/welfare programs, poorly groomed/dressed, uneducated/ghetto, loud mouthed/foul mouthed, people who stomp when they walk, party people, single mothers with kids, the obese, smokers, anyone in a band/people who play loud instruments, couples who are visibly pregnant/wanting to get pregnant or are looking for a "kid's room", and first generation immigrants of any kind. There are probably a few more but I don't remember them all....so far it has worked for me perfectly.
Damnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn.
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Old 10-17-2011, 04:36 PM
 
8,750 posts, read 15,584,622 times
Reputation: 4168
Not many! But if you don't choose your tenants wisely, you are only creating problems for yourself. Clearly I am choosing people that are a fit for my building, other people may enjoy smokers, or people who play instruments, or like kids, etc. I am just picking what is a good fit for me and my lifestyle. My current tenants are 2 single 20 something males/roommates on the top floor, a 50s something mom and her 30s something daughter, and a 40 year old actress on the ground level..and I am on the first floor. Everyone is educated, quiet and respectful...and happy (especially me).
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Old 10-17-2011, 04:38 PM
 
Location: Newark, NJ/BK
1,271 posts, read 2,178,632 times
Reputation: 662
Quote:
Originally Posted by SobroGuy View Post
Not many! But if you don't choose your tenants wisely, you are only creating problems for yourself. Clearly I am choosing people that are a fit for my building, other people may enjoy smokers, or people who play instruments, or like kids, etc. I am just picking what is a good fit for me and my lifestyle. My current tenants are 2 single 20 something males/roommates on the top floor, a 50s something mom and her 30s something daughter, and a 40 year old actress on the ground level..and I am on the first floor. Everyone is educated, quiet and respectful...and happy (especially me).
Ok, one thing that interests me is that you won't rent to first generation immigrants yet you're of Puerto Rican descent. What made you come to that decision?
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Old 10-17-2011, 04:39 PM
 
Location: Bronx, NY
9,835 posts, read 21,538,505 times
Reputation: 3514
I think even for rich people there is a limit. I think we are finally bumping into it...
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Old 10-17-2011, 04:41 PM
 
Location: Bronx
14,926 posts, read 17,476,064 times
Reputation: 7546
Quote:
Originally Posted by njnyckid View Post
Ok, one thing that interests me is that you won't rent to first generation immigrants yet you're of Puerto Rican descent. What made you come to that decision?
Puerto Ricans are not immigrants, they are discendents of migrants or in other words Transplants from the island of enchanment!
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Old 10-17-2011, 04:42 PM
 
Location: Bronx, NY
9,835 posts, read 21,538,505 times
Reputation: 3514
Quote:
Originally Posted by njnyckid View Post
Ok, one thing that interests me is that you won't rent to first generation immigrants yet you're of Puerto Rican descent. What made you come to that decision?
Puerto Ricans arent really immigrants technically speaking.

SoBro you really have that policy? I guess you wouldnt rent to my parents then? About two of the most decent people on this earth and I say that not only because I am their son.
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Old 10-17-2011, 04:44 PM
 
Location: Newark, NJ/BK
1,271 posts, read 2,178,632 times
Reputation: 662
I know, technically speaking, they're not immigrants but when you look at the history of Puerto Ricans in the US it's no different from any other group especially one that speaks a different language. It's still intriguing that SoBro would have that policy.
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Old 10-17-2011, 04:49 PM
 
8,750 posts, read 15,584,622 times
Reputation: 4168
That is a legitimate question, and the reason why I have that policy is because first generation immigrants typically have a different set of habits which are acceptable in their country of origin, but may not be acceptable to me/Americans in general. It is more about a lifestyle and behavior that I expect rather than targeting immigrants. I don't want to be someone's teacher and inform them that having live chickens in the apt is a no-no, or leaving lit candles in the hallway is a no-no, or I don't want to smell certain types of very strong foods all the time in the hallway, and I don't want to have people constantly spitting everywhere, or have sanitary habits which may cause the apt problems or annoy my tenants.

Every group has their own lifestyle habits from their own country, and I prefer not to have to deal with them. I prefer someone who has already learned what's acceptable here, and I don't want to be the one to teach them. It is nothing against anyone personally, and less about being an immigrant and more about having to deal with a variety of behaviors which may not be acceptable here.

And of course, I am technically the first generation born in this country in my family, so in theory I would not have rented to my parents, although they were here since they were 4 years old so I probably would have made an exception, but who knows.
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