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Most LLs can't afford to carry the mortgage on their own, even worse, they live on the same property as the tenants
I am very strategic when I buy property. Our properties are either bought with 20 year loans or we make extra payments. The goal is to pay them all off by the time we retire.
They also all have at least $200K in equity when we purchase them. It is not easy to find them but I don't stray from my business plans.
If we have to sell we will NEVER loose money unless the market completely tanks. In that case everyone would be loosing their minds.
I am very strategic when I buy property. Our properties are either bought with 20 year loans or we make extra payments. The goal is to pay them all off by the time we retire.
They also all have at least $200K in equity when we purchase them. It is not easy to find them but I don't stray from my business plans.
If we have to sell we will NEVER loose money unless the market completely tanks. In that case everyone would be loosing their minds.
Glad to hear your system is working for you
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
O really? Well I did, and I always got it back too, along with a courteous good-bye and the welcome mat extended if I should ever want to return. Now whether or not I am in my right mind may be a reasonable enough question, but this is not evidence that I am not. On what basis do you conclude the contrary? Now if Landlords are either not asking or are not permitted to ask, then of course, I'm not offering.
No doubt you told them this upon preparing to vacate the apartment, not at the initial lease signing.
Quote:
Originally Posted by Esacni
You only had security from the idiots. No one in their right mind (in NY ) ever paid for last months rent and waited for the LL to return the deposit.
When I was still renting I always told the LL to use security as last month and bill me an itemized invoice if needed.
I never received a security deposit because the 1st place I stayed for 11 years and knew I wasnt getting anything back. The other place was turned into a condo and they allowed us to keep the last 2 months rent to put toward moving.
As it becomes harder to evict, the landlords can either come up with stricter requirements or have to have a premium on the monthly rent price to recoup potential losses.
If to evict somebody all you had to do was slap a 2 week eviction notice, then we probably wouldn't even have any income requirements at all in the first place. Now that it can potentially take almost a year and a lot of time and $, landlords will make all sorts of requirements trying to filter out the tenants.
Yup, another failed liberal social experiment that has the opposite effect.
You only had security from the idiots. No one in their right mind (in NY ) ever paid for last months rent and waited for the LL to return the deposit.
When I was still renting I always told the LL to use security as last month and bill me an itemized invoice if needed.
it was done so frequently that the new laws that were imposed stopped allowing it…only stabilized apartments couldn’t get first , last and security ….
Others were free to do so and in fact many did until the change in the laws stop it.
Now landlords can simply make the tenant responsible for all legal costs and sue them when last months rent isn’t paid ,even though they are moving out and put it in the lease .
Most tenants won’t want the hassle and expense of going to court
Most LLs can't afford to carry the mortgage on their own, even worse, they live on the same property as the tenants
You're refrencing neighborhoods like Canarsie, Jamaica, etc. Total clown shows or neighborhoods where, due to renting out, single and two family homes wind up housing 15-20 people with 3-5 cars for every house and the associated increase in general untidiness.
You think people who purchase in Park Slope, the UWS, or Riverdale, rent out the same homes they're living in just so they can afford the mortgage?
it was done so frequently that the new laws that were imposed stopped allowing it…only stabilized apartments couldn’t get first , last and security ….
Others were free to do so and in fact many did until the change in the laws stop it.
Now landlords can simply make the tenant responsible for all legal costs and sue them when last months rent isn’t paid ,even though they are moving out and put it in the lease .
Most tenants won’t want the hassle and expense of going to court
Only the most foolish and petty LLs would take the tenant to court over this unless the apartment was absoluy trashed. It makes 0 business sense otherwise.
It doesn’t mean you will , it means that the tenant knows if you want to make an issue they are going to get bagged for all costs . So it can act as a deterrent.
No smart landlord wants to be holding no security…
On my stabilized apartments getting a tenant to leave is well worth not holding security if they use last months rent …we would be selling those off .
However the non stabilized stuff would be an issue and I would do all I could not to be left without a security deposit…
Last edited by mathjak107; 03-29-2022 at 06:54 AM..
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