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Author: Alyssa Priddy (27 articles found) - Clear Search



New Landlord Q&A- Part 2

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Continued from the previous post, we are highlighting basic questions and answers a potential landlord may have. Whether you're a new landlord or have interest in becoming one, there are no doubt questions that have come to mind! Here are a few you may want to know:

4. How often can rent be increased?

If a tenant has a month-to-month rental agreement, a landlord has the right to increase the rent with proper advance written notice at any time. If a tenant has a lease, rent increases cannot be made until the expiration of the lease if the increase is not indicated in the original agreement. A landlord must give at least 30 days advance written notice, be sure to check the current status of your state’s procedures surrounding this. 

5. When can a landlord enter the rental unit?

A landlord must give advance notice in writing before entering the unit. They are only able to enter during normal business hours. In an emergency, and other specific circumstances, advance written notice is not required- keep up-to-date with NYS standards.

6. What happens to the refund of a security deposit after the sale of a building?

When a building is sold, the selling landlord must do one of two things with the tenants’ security deposit: (1) transfer the security deposits to the new landlord; or (2) return the security deposits to the tenants following the sale. If the ladder, the new landlord can collect new security deposits from the tenants.
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New Landlord Q&A- Part 1

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When someone has an interest in becoming a landlord, there are a few things they’ll want to consider. The potential landlord may have some questions around common-placed terminology that a seasoned landlord is very familiar with. Because of that, we’re going to dive into some basic Q&As:

1. What is a lease/rental agreement, and why is one important?

This is probably one of the most important and foundational questions and answers a landlord needs to know. Most people know what this is, even if they don’t know the exact definition. A lease is a legal contract that a tenant and landlord are bound to until it expires — it outlines critical information such as monthly rent, security deposits, rent increases, and tenant or landlord responsibilities. Most issues can be avoided by following the lease, and most tenant questions can be answered by the lease. Requirements for a lease agreement may vary by state, so it’s important to stay up-to-date with the current standards before going into an agreement.

2. What is a sublease?

Here’s another question that landlords may be curious about, especially if they’ve never been on either end of the tenant-landlord relationship. A sub-lease is a separate rental agreement between the original tenant and a new tenant who may move-in temporarily, or someone who moves in with the original tenant and shares the rent. This isn’t as common and in most leases, a sub-lease is not allowed. Landlords should make sure there is a segment in their lease agreement that clearly states whether this is allowed or not, if a tenant sublets when a lease does not allow it, a landlord has the authority to evict. If a sub-lease is allowed and executed, the original tenant is still solely responsible for paying the rent to the landlord.
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National Mortgage Rates: Lowered Again

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Mortgage rates continue to be at an all-time low as we near the end of the third quarter of 2020. Will this continue as the uncertainty of the rest of the year remains?

Freddie Mac’s chief economist says that “these rates continue to incentivize potential buyers and the home-buying season, which shifted from spring to summer, will likely continue into the fall.” This is a positive prediction for those that are continuing to invest in real estate in the near future.

Though interest rates are low, it is still important to weigh the pros and cons before making your decision about an investment. The best way to go about this is to have a team of experts or a mentor that can guide you to make the right choice alongside your options and goals. Are you planning on renting out your property? Flipping and selling? There are different risk factors with each approach and looking at those specific factors coinciding with your personal objectives is essential.


“The bottom line: investing in real estate is smart because property is tangible. People always have, and always will, need shelter. This means it is very unlikely that our need for shelter (ie: buying or renting homes) will ever go away.”
- Kathy Fettke, Co-Founder and Co-CEO of RealWealth

 
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Continued Advocacy: Under One Roof

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Under One Roof made a big entrance as the coalition stood to represent the landlord voice across New York State when the Housing Stability & Tenant Protection Act of 2019 came into play. With a plan to stand together and address the unintended consequences for both tenants and landlords, the coalition voiced concerns with more traction than just a local association.

This coalition continues to provide connections to lobbyists with the ability to make change on a statewide and local level. Through current times, they still work on fielding requests, calls, and inquiries. The access and push for action has and will continue.

Join the conversation on Real Estate Roundtable, where the attendees touch base on Under One Roof: https://boylancode.com/RERT/




Monthly Meeting- Rob Fishbein & Brian Aguirre

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At the next FFREIA Monthly Meeting on July 9th from 7 pm- 8:30 pm, you won't want to miss hearing from these professionals! 


 Brian Aguirre, a Home Depot Pro National Accounts Manager, will guide FFREIA members through Home Depot Pro offerings. Home Depot Pro provides FFREIA members with valuable resources through several products and services.
                   


Rob Fishbein is a founder of JM Real Estate Capital and expert in investor and commercial financing. Learn not only about their products and services, but gain insight from a lender's perspective. Rob comes from a background in stock & bonds on Wall Street and has been in the mortgage business since 2002. 

See you there! 
https://www.ffreia.com/Events.aspx?ID=Main-Monthly-Meeting-120-7-9-2020