Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
i'm looking to purchase a 2-family home in new york but the rental unit upstairs is occupied by an elderly couple who have been there for 18 years. They have a special lease with 3 years left. I understand the pros that they are unlikely to throw any parties, etc and treat the property with respect but what are the cons? I'm afraid if elderly tenants have special rights if they cannot pay rent, especially since they've been so long
AFAIK, elderly tenants don't have any special rights, being that you are a private LL. Is the rent close to market or is it too low? That would concern me more than their age.
Tenants are tenents. Age does not provie any special circumstances. Look at the rent. Is it market rate...too low? Obviously, they pay on time or they would not be there 18 years. If the rent is market rate or at least where it makes it a good value to buy the property, then no problem.
If you are going to buy a duplexs, learn the tenant/LL laws of your state and county. Don't assume. Learn first so you make a fair and reasonable LL.
From what I've been told, they always pay on time but the rent is about 8% below market. Is there any unofficial site or guide to read up about being a landlord in NYC?
I can't comment on New York... but to say you are wise to ask the question.
I'm on the West Coast and some cities do give special consideration to elderly, long term tenants.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
