Considering Parkchester, Bronx NY (section 8, sublease, subletting)
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After being completely ineligible for the low/mid income housing lottery, I've set my sights on a 1 bedroom apartment in Parkchester in the Bronx.
Has anyone been through the rental process. I understand it is document heavy, but how strict are the income and credit requirements? I believe as a household my partner and I make more than enough (approx. 65k) but we are both in the stages of rebuilding our credit. One of us has more income but less favorable credit and the other less income but is now beginning to build credit. Neither have any judgments or evictions on record.
After being completely ineligible for the low/mid income housing lottery, I've set my sights on a 1 bedroom apartment in Parkchester in the Bronx.
Has anyone been through the rental process. I understand it is document heavy, but how strict are the income and credit requirements? I believe as a household my partner and I make more than enough (approx. 65k) but we are both in the stages of rebuilding our credit. One of us has more income but less favorable credit and the other less income but is now beginning to build credit. Neither have any judgments or evictions on record.
Just wondering if I should even bother applying.
Thanks!
I applied years ago but I ended up moving somewhere else that was cheaper. I don't recall them being that strict but perhaps they are more stringent now. I will say usually landlords will be willing to look past shaky credit if the income is sufficiently high but not sure your income is high enough in this case. Give it a try though.
As long as you have at least one year continuous employment, decent credit, make the minimum required income and you should be good. Otherwise you may need to provide one year of rent up front.
As long as you have at least one year continuous employment, decent credit, make the minimum required income and you should be good. Otherwise you may need to provide one year of rent up front.
Do you rent directly from Parkchester or from an owner? That part always confused me
She will know the particulars, as she is currently in this type of arrangement. She subleases her apartment.
There are no "subleasing arrangements" in the Parkchester Condo. About 40% of the units are rented out directly by Parkchester, 40% by private unit owners like me, and 19% are owner-occupied. My tenant signs the lease with me, not with Parkchester (although has to be registered with, and background-checked by, Parkchester). I am not renting my unit from Parkchester, and therefore am not "subleasing" it either (ie, I own my unit; I bought it from Parkchester).
There are no "subleasing arrangements" in the Parkchester Condo. About 40% of the units are rented out directly by Parkchester, 40% by private unit owners like me, and 19% are owner-occupied. My tenant signs the lease with me, not with Parkchester (although has to be registered with, and background-checked by, Parkchester). I am not renting my unit from Parkchester, and therefore am not "subleasing" it either (ie, I own my unit; I bought it from Parkchester).
sub·lease
noun
ˈsəblēs/Submit
1.
a lease of a property by a tenant to a subtenant.
That's not you? Are you not leasing your property to a subtenant?
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
sub·lease
noun
ˈsəblēs/Submit
1.
a lease of a property by a tenant to a subtenant.
That's not you? Are you not leasing your property to a subtenant?
I'm pretty sure subletting is not confined to renters only. One can sublease their owned apartment; hence the no subletting clause in my 100% owner occupied building. YIKES, I had no idea that 80% of the condos were rented out. I like my building and its three sister buildings because it is 100% owner occupied and subletting is against the rules. It gives continuity to the community and gives people who live there a stake in it.
sub·lease
noun
ˈsəblēs/Submit
1.
a lease of a property by a tenant to a subtenant.
That's not you? Are you not leasing your property to a subtenant?
The definition is correct, a sublease is indeed a lease of a property BY A TENANT to a subtenant. And no, that's not me. I am not a tenant, but an owner (while my tenant is a tenant, and not a subtenant).
Parkchester Preservation Company bought about half of Parkchester condos around 2000 (I would have to check the exact year again, I think it might have been 1998), and contracts with both condo associations (North and South) as the management company for the entire condo complex. As the largest condo owner in both associations, Parkchester Preservation Co naturally also has most control over the rules and regulations of both condo associations, one of the rules being that each tenant (even those tenants renting from other owners, ie, not from PPC) has to be registered with the condo association, and background-checked/approved by the condo association (which essentially means by PPC, because they are the majority property owners in both condo associations). But I own my little condo, just as PPC owns their 40% of all Parkchester condos, and my tenant rents her unit legally only from me, not from anyone else. I do not rent my unit from Parkchester (again, I bought my unit from PPC), I only pay the Parkchester North Condo association a monthly maintenance fee (roughly half of that fee goes on paying the Parkchestar security officers, the other half goes on maintenance services of PPC, including repairs and landscaping).
What it means for a tenant is that he/she can potentially rent a Parkchester unit from a private owner rather than from Parkchester directly (meaning from PPC) even if his/her income is very low or his/her credit history is shaky, since Parkchester has a minimum income and credit history requirement, while a private owner can rent out to anybody he/she wants (provided that there is no criminal history on Parkchester background check). This also means that, if a tenant is lucky, he/she might find an owner who is not interested in a substantial profit, and might want to rent out a unit for $1,000 rather than $1,500 (as I am doing). Also, Parkchester does not rent to Section 8, but some private owners in Parkchester still accept Section 8 (although most Parkchester residents greatly dislike such owners for doing that).
I am not sure whether the terms tenant and subtenant apply to people who bought into a co-op and are renting their space to someone else, but these terms do not apply to a CONDO OWNER and his/her tenant. When you buy a condo, you actually OWN a space inside your walls plus have a share in common ownership of common areas, rather than just having a share in common ownership of everything (including the space inside your walls) when you buy into a co-op.
This is strictly a legal explanation of what things are; I don't get into passing contests with anybody about what is or isn't yikes. Ownership, and a contract with a solid maintenance company that looks after building things that aren't my expertise, certainly work for me.
The definition is correct, a sublease is indeed a lease of a property BY A TENANT to a subtenant. And no, that's not me. I am not a tenant, but an owner (while my tenant is a tenant, and not a subtenant).
Parkchester Preservation Company bought about half of Parkchester condos around 2000 (I would have to check the exact year again, I think it might have been 1998), and contracts with both condo associations (North and South) as the management company for the entire condo complex. As the largest condo owner in both associations, Parkchester Preservation Co naturally also has most control over the rules and regulations of both condo associations, one of the rules being that each tenant (even those tenants renting from other owners, ie, not from PPC) has to be registered with the condo association, and background-checked/approved by the condo association (which essentially means by PPC, because they are the majority property owners in both condo associations). But I own my little condo, just as PPC owns their 40% of all Parkchester condos, and my tenant rents her unit legally only from me, not from anyone else. I do not rent my unit from Parkchester (again, I bought my unit from PPC), I only pay the Parkchester North Condo association a monthly maintenance fee (roughly half of that fee goes on paying the Parkchestar security officers, the other half goes on maintenance services of PPC, including repairs and landscaping).
What it means for a tenant is that he/she can potentially rent a Parkchester unit from a private owner rather than from Parkchester directly (meaning from PPC) even if his/her income is very low or his/her credit history is shaky, since Parkchester has a minimum income and credit history requirement, while a private owner can rent out to anybody he/she wants (provided that there is no criminal history on Parkchester background check). This also means that, if a tenant is lucky, he/she might find an owner who is not interested in a substantial profit, and might want to rent out a unit for $1,000 rather than $1,500 (as I am doing). Also, Parkchester does not rent to Section 8, but some private owners in Parkchester still accept Section 8 (although most Parkchester residents greatly dislike such owners for doing that).
I am not sure whether the terms tenant and subtenant apply to people who bought into a co-op and are renting their space to someone else, but these terms do not apply to a CONDO OWNER and his/her tenant. When you buy a condo, you actually OWN a space inside your walls plus have a share in common ownership of common areas, rather than just having a share in common ownership of everything (including the space inside your walls) when you buy into a co-op.
This is strictly a legal explanation of what things are; I don't get into passing contests with anybody about what is or isn't yikes. Ownership, and a contract with a solid maintenance company that looks after building things that aren't my expertise, certainly work for me.
You can dress it how you want to, it's the same concept. Sublet, sublease, I own and the tenant rents from me, it's all the same.
So let's keep the Parkchester publicity going. What do you do when your tenant stops paying rent? For those who don't know and may be interested in doing something similar to what you're doing.
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
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