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So I was looking into Lefrak City (in Queens, NYC) and they told me they can't accept a year's rent in advance due to their being rent-stabilized. But what does one have to do with the other??
rent stabilized will not allow a landlord to ask or take more than 1 months rent and 1 months security . with my non stabilized apartments i take first months rent , last months rent and security .
prepaying is more than 1 months rent so a landlord cannot do it if stabilized ...
i would never want a tenant who wanted to pay months up front . it is a sign their credit stinks and they already demonstrated they neither have the ability to pay or the want to pay .
even if they gave me a year , what happens at years end and i have to evict them ? not worth the chance
I would never want a tenant who wanted to pay months up front . it is a sign their credit stinks and they already demonstrated they neither have the ability to pay or the want to pay .
even if they gave me a year , what happens at years end and i have to evict them ? not worth the chance
I mostly agree except I get a lot of the pay upfront offers from people with great credit. Almost all of them are people transferring into the area from out of state and they think it would help them find a place. Intentions are good but in practice it is a bad deal for most LLs.
I don't take advanced rent for two reasons the biggest is once you take rent it is harder to evict except in cases of very extreme damage/lease violations. The other reason is taxes, most LLs have to claim money received in the year received not the year earned so I don't want to juggle expenses around to try and get the same tax outcome.
Quote:
Originally Posted by MrRational
Doesn't matter what ELSE they might say it's due to... taking advance rent is a stupid amateur move.
many states have laws that prohibit more than x-amount of month's rent on all rentals . here in nyc rent stabilization laws prohibit landlords from taking more than 1 month's rent and one month security .
non stabilized have no restrictions but like i said -i would not take more than first month, last month and 1 month security .
rent stabilized will not allow a landlord to ask or take more than 1 months rent and 1 months security . with my non stabilized apartments i take first months rent , last months rent and security .
prepaying is more than 1 months rent so a landlord cannot do it if stabilized ...
Yes but what is it about rent-stabilization per se that somehow prevents acceptance??
Quote:
Originally Posted by mathjak107
i would never want a tenant who wanted to pay months up front . it is a sign their credit stinks and they already demonstrated they neither have the ability to pay or the want to pay .
even if they gave me a year , what happens at years end and i have to evict them ? not worth the chance
Well, yes, bad credit -- I agree it doesn't look like great odds in theory, but thankfully I've found someone who'll take me despite it all!
Basically, as I was saying in another forum, I utilized the "ethnic press"...a lot of immigrants are much more lax about such things (for various reasons) and I was perusing sites like bazarynka-dot-com and had ethnic acquaintances scan newspaper classifieds for me....
So I was looking into Lefrak City (in Queens, NYC) and they told me they can't accept a year's rent in advance due to their being rent-stabilized. But what does one have to do with the other??
Just curious. Thanks!
Curious enough to read the NYC Rent Stabilization Code?
The other reason is taxes, most LLs have to claim money received in the year received not the year earned so I don't want to juggle expenses around to try and get the same tax outcome.
Fascinating! Okay, I see...no wonder some landlords don't even want to give leases (no joke)!
many states have laws that prohibit more than x-amount of month's rent on all rentals . here in nyc rent stabilization laws prohibit landlords from taking more than 1 month's rent and one month security .
non stabilized have no restrictions but like i said -i would not take more than first month, last month and 1 month security .
Ah, so it's the law...hmm, I wonder what abuse such a stipulation was designed to prevent....
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