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I forgot to mention you should have a lawyer write the rental agreement contract.
Are you saying that a standard lease agreement would not do?
We used the one that is sold at "Staples" when we were renting out our apartment in NYC. Worked well for us.
Should we add some kind of special condition this time?
Are you saying that a standard lease agreement would not do?
We used the one that is sold at "Staples" when we were renting out our apartment in NYC. Worked well for us.
Should we add some kind of special condition this time?
"Staples" ??? I have Liberty Mutual. I have one policy for my primary and another for my rental (primary and rental are not in the same building). The policy covering my rental is cheap but it's also within a co-op so that probably has a lot to do with it.
I wouldn't mess around with Decatur unless closer to Ridgewood or in Stuyvesant Heights.
We could have gotten a completely renovated (but not so big) 2 fam house at Decatur and Irvington, closer to Ridgewood, short walk to the subway. The asking price was 815K. It was kind of expensive for us, although we could afford it. We did not like that location - there was an ugly abandoned warehouse at that corner and a vacant lot right across the street, in front of that warehouse. That vacant piece of land looked like a junk yard. Of course one day someone will buy it and a build on it.
Did we make a mistake? was it a good investment option? Our realtor told us that the rent roll could be over 5K there, but we did not believe him...he also told us that abandoned warehouse is populated by artists. Is that true?
Now there is cheaper 2 fam on Decator and Central. The asking price is 749K, and it has been on a market for a month already. Move-in condition, new bathrooms and floors, but cheap kitchens (several years old) 7 mins walk to subway, close to school (next block) We can get it for 720-730K. if we could not get that beautiful brownstone at Bed-Stuy.
What do you think?
We could have gotten a completely renovated (but not so big) 2 fam house at Decatur and Irvington, closer to Ridgewood, short walk to the subway. The asking price was 815K. It was kind of expensive for us, although we could afford it. We did not like that location - there was an ugly abandoned warehouse at that corner and a vacant lot right across the street, in front of that warehouse. That vacant piece of land looked like a junk yard. Of course one day someone will buy it and a build on it.
Did we make a mistake? was it a good investment option? Our realtor told us that the rent roll could be over 5K there, but we did not believe him...he also told us that abandoned warehouse is populated by artists. Is that true?
Now there is cheaper 2 fam on Decator and Central. The asking price is 749K, and it has been on a market for a month already. Move-in condition, new bathrooms and floors, but cheap kitchens (several years old) 7 mins walk to subway, close to school (next block) We can get it for 720-730K. if we could not get that beautiful brownstone at Bed-Stuy.
What do you think?
North of Irving is Queens, south of it Brooklyn. As you continue into Queens, you'll notice the area getting nicer. Opposite for Brooklyn, deeper in the worse it gets. Right around Decatur and Irving there is a superfund site, so probably best you passed on that exact property. Nevertheless, its around the Halsey L stop, which I think can be a good investment depending on the price. It has been getting a fair amount of spillover from the L train, so it wouldn't be such a bad idea to just follow the L. Try to stay walking distance to the L train, but be careful once passing the Halsey stop.
What worked, so far, for us was to have the broker who found the tenants bring us several standard NYC leases to choose from, PLUS: we wrote up a list of "Riders" to that lease which expressed exactly what we needed, in custom terms, to our property. We did that because some standard lease clauses were too vague for our satisfaction. The two documents must be tied together with a clause in the Rider.
Broker's company reviewed our language in our Riders. We got back a few small suggestions on wording, all helpful, so implemented those.
Then we all signed the Lease and its Riders.
We never hired our own lawyer to review our lease riders, but of course we did pick up the Broker's Fee, as is normative for Central Brooklyn insteaad of having tenants pay it. Ouch, but ok.
Last edited by BrightRabbit; 01-17-2015 at 12:52 PM..
The house we passed on was located at Brooklyn site.
What is "superfund site"? LOL looks like we know nothing
Quote:
Superfund Listings
The U.S. Environmental Protection Agency (EPA) placed both the Gowanus Canal (in March 2010) and Newtown Creek (in September 2010) on the CERCLA National Priorities List. CERCLA, commonly known as Superfund, is a federal statute aimed at cleaning up sites that are contaminated with hazardous substances. Both of these channels have a long history as industrial waterways dating back to the 1800s. The main goal of the Superfund process is to clean up the contamination that has accumulated in the sediments at the bottom of these waterbodies as a result of these historic industrial uses
What worked, so far, for us was to have the broker who found the tenants bring us several standard NYC leases to choose from, PLUS: we wrote up a list of "Riders" to that lease which expressed exactly what we needed, in custom terms, to our property. We did that because some standard lease clauses were too vague for our satisfaction. The two documents must be tied together with a clause in the Rider.
Broker's company reviewed our language in our Riders. We got back a few small suggestions on wording, all helpful, so implemented those.
Then we all signed the Lease and its Riders.
We never hired our own lawyer to review our lease riders, but of course we did pick up the Broker's Fee, as is normative for Central Brooklyn insteaad of having tenants pay it. Ouch, but ok.
I am have met too many incompetent brokers to trust this process. At least a lawyer has legal experience and has worked hard to achieve his degree and certification. Given OP is going to buy a property, it not hard to get the same lawyer to give her free advise on the legal rental agreement.
The house we passed on was located at Brooklyn site.
What is "superfund site"? LOL looks like we know nothing
There was a chemical company over around there that supplied the Manhattan Project. They sealed the perimeter of the property with lead so supposedly those next door or across the street are in no risk.
I am have met too many incompetent brokers to trust this process. At least a lawyer has legal experience and has worked hard to achieve his degree and certification. Given OP is going to buy a property, it not hard to get the same lawyer to give her free advise on the legal rental agreement.
You know what, you are correct. Nothing is better than a lawyer's overview.
Your post jogged my memory. In fact, we did ship those documents to our two brothers who are lawyers and do things for free within family, as long as we house them and their children when visiting us in NYC. They also are landlords in their home-states. They were the first to tell us to get our hands on a standard NYC lease, not just adapt theirs. What they helped us most with was language precision in our custom-written Riders, and how to link all that with the standard NYC lease. The broker also read it and told us we did "a great job" but that's because she was reading documents that had already passed through 2 lawyer-wringers, already. Broker then took it on from that point into a process for mutual signing among all parties.
So hang onto my thought about writing your own custom Riders to attach to a standard NYC lease, but be SURE to have a lawyer look it all over. It's certainly worth the price to hire.
Last edited by BrightRabbit; 01-17-2015 at 02:31 PM..
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