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Just look back since the pandemic started. Renters did not have to pay rent and couldnt be evicted. Could you afford to go months and months without being paid while trying to cover your mortgage and other expenses?
IMO NY is too tenant friendly coupled with current record high property costs to make it worthwhile in this environment.
Terrible idea. As a landlord in NY, you have no rights.
And many skell tenants know this, and in fact, use it to their advantage.
You hear stories all the time about these skells squatting for years without paying a dime, meanwhile landlords not only lose the income, but spend a fortune in legal fees while required by law to upkeep the property. And some of these professional skell squatters live out their life never paying rent. They just keep playing the system preying upon landlords.
As someone who owned a rental in NY. You can make $$, tenants have all the rites. Let’s say rent is 3k a month, mortgage taxes ins etc is $2300. What if your tenant stops paying it takes 6 months to get them out, Most likely it will take longer. Your now out 10k for the year plus the 2k for the lawyer. If you can deal with swings and eat the cost of a bad tenant go for it. Your really banking on asset appreciation here more than other states with landlord friendly laws.
We own in Florida 30 days out on the street. I can evict a single mom and 3 kids, they will be homeless and the courts don’t care. You don’t pay ya don’t get to stay.
Sadly, most people are like “blah blah blah slumlords blah blah greedy blah blah blah”
But many are regular people just trying to make some extra income. Many are spread thin already carrying 2 mortgages, one for primary and another for investment.
And of course, the gajillion illegal apartments on LI, which while I don’t necessarily approve of doing something illegal, especially with many of the collateral issues it causes, I do understand why many people do it. But yeah, being a landlord is a total crapshoot.
No. Never again in NY. Nobody even mentioned how they wreck the house and create hazards like dog urine and mold. Then you can’t get in for repairs especially with hoarders. They can do whatever they want since they have physical possession.
If the rental property is in Manhattan, and you brought decades ago, you will be doing fine as I type.
NYC rentals are 110% about appreciation. After the insane maintenance fees and gigantic mortgage assuming you put down 20% your not making $$ a 1m apt with a 750k note and $1500 maintenance puts you around $4600. The rent will barely cover your costs and you may be under water. If your growing 10%+ a year it’s fine. W/o a high appreciation rate it’s a horrific financial move.
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