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Shut the front door! This thread is just for landlord only, and they are talking about based on not paying at all! your renters are not welcome to comment about crying paying late at what soever! you got that right? GTFOH!
honestly i just found out about that tonight ,i will get cracking on that asap.i have one question for you what do i need to walk with besides the money to start the process?
My tenant has not paid me for 4 months. She never answered any court paper sent to her. Now i am waiting for the judge to sign the warrant for her eviction. If she shows an other to show cause how long will it take/what should I do. I need to pay my mortgage.
My tenant has not paid me for 4 months. She never answered any court paper sent to her. Now i am waiting for the judge to sign the warrant for her eviction. If she shows an other to show cause how long will it take/what should I do. I need to pay my mortgage.
Unfortunately the housing judges are sympathetic to tenants and allow them several orders to show cause. By the time the tenant exhaustes their ability to do an order to show cause and gets evicted for non-payment, it's been 6+ months of unpaid rent. Only in NYC! In other cities, in a matter of weeks the tenant is evicted. Either the tenant has the money or not. Money talks, BS walks.
Yeah...all this "landlords are evil" bs is that...BS!!! Alot of landlords are blue collar schleps trying to get ahead. Alot of landlords rely on that rent to make their bills...I worked with a guy who rented a house out to a church "friend". The guy didn't pay his rent for a year!!!
My co-worker ended up short-selling the house he lived in....and moving into the rental when his church friend finally moved.
Plus, my co-worker's credit is shot....not to mention all the harassing phone calls from creditors...
When you purchase a property with rental units, you should keep in mind that unless the property is vacant and you do a phenomenal job at screening new tenants for the property with excellent credit, solid work history, healthy bank account, and well spoken/respectful/clean/non-ghetto, you will have tenants that don't pay.
Landlords who buy a property and are 100% dependent on tenants paying all their rent, on-time, in order to pay the mortgage are setting themselves up for failure/foreclosure at worst, or headaches/stress at best. You should always factor in vacancies/non-paying tenants...how long can you carry the property when one/some tenants are not paying? You need to understand this and go in with wide open eyes.
Any property I buy I can carry 100% without tenant income (not indefinitely but for over a year) without breaking a sweat (although I don't like it of course). That gives you the ability to take your time to find the right tenants, greatly reducing the chances you get stuck with a bad one, and it also gives you breathing room/less stress when one doesn't pay....you can carry it for awhile, stress free, while you evict them.
Don't believe the realtors when they say "live for free while tenants pay your rent"....that assumes you never have a vacancy, and tenants always pay their rent (and on time), none of which ever happens. Keep these things in mind when purchasing a property with rental units...it can be great if you take lots of precautions, choose your tenants wisely, and choose the right building (pricing, and preferably vacant so you can fill with great tenants and not inherit bad, existing tenants...you don't want someone else's problem!).
When you purchase a property with rental units, you should keep in mind that unless the property is vacant and you do a phenomenal job at screening new tenants for the property with excellent credit, solid work history, healthy bank account, and well spoken/respectful/clean/non-ghetto, you will have tenants that don't pay.
Landlords who buy a property and are 100% dependent on tenants paying all their rent, on-time, in order to pay the mortgage are setting themselves up for failure/foreclosure at worst, or headaches/stress at best. You should always factor in vacancies/non-paying tenants...how long can you carry the property when one/some tenants are not paying? You need to understand this and go in with wide open eyes.
Any property I buy I can carry 100% without tenant income (not indefinitely but for over a year) without breaking a sweat (although I don't like it of course). That gives you the ability to take your time to find the right tenants, greatly reducing the chances you get stuck with a bad one, and it also gives you breathing room/less stress when one doesn't pay....you can carry it for awhile, stress free, while you evict them.
Don't believe the realtors when they say "live for free while tenants pay your rent"....that assumes you never have a vacancy, and tenants always pay their rent (and on time), none of which ever happens. Keep these things in mind when purchasing a property with rental units...it can be great if you take lots of precautions, choose your tenants wisely, and choose the right building (pricing, and preferably vacant so you can fill with great tenants and not inherit bad, existing tenants...you don't want someone else's problem!).
I agree. Landlording is not a job but an art. Many don't realize that. It is an art choosing your tenants. It is an art marketing your property thats in a bad neighborhood and getting tenants that are the total opposite of the neighborhood demographic, etc. When buying larger multifamily buildings, you can't inheriting tenants from the previous owner. Especially from an owner that sucked at screening his tenants. That also comes into play when deciding if you want to purchase that property or not.
Does anyone know if I can lock a tenant out who only lives at the apartment for less than 30 days and only paid me for about 25 days? He violates a lot of housing rules and leaving candles on top of the gas cooktop on unattended (when he is not home) on several occasions. I gave him back his money last week and he agreed (in writing) that he would move out but after cashing the checks he refused to move out and told me that he would be happy to see me in court, which he pointed out it would take months. It is clear that he is abusing the system. I am a green landlord.
Does anyone know if I can lock a tenant out who only lives at the apartment for less than 30 days and only paid me for about 25 days? He violates a lot of housing rules and leaving candles on top of the gas cooktop on unattended (when he is not home) on several occasions. I gave him back his money last week and he agreed (in writing) that he would move out but after cashing the checks he refused to move out and told me that he would be happy to see me in court, which he pointed out it would take months. It is clear that he is abusing the system. I am a green landlord.
Unfortunately you would have to take him to housing court to remove him. You would have to do a holdover procedure to remove him from the property. Good luck!
Thank you hilltopjay. I have started the holdover process. Will post my experience once the case is resolved to share with all landlords. Does anyone know if there is an organization for landlords in new york city?
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