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Investing in TRIPLE NET (“NNN”) Leased Properties: An Overview
Investors interested in commercial rental property will find occupied properties have widely varying lease terms, with differing obligations for both the landlord and the tenants. Some tenants merely pay a fixed rental payment and are not responsible for any property taxes or maintenance costs. Other tenants will pay some or all the property taxes in addition to their rental payments. Often, selective investors prefer to purchase properties with triple net (“NNN”) tenancies. Under a NNN lease, the tenant is responsible for both rent payments and for all operating expenses associated with a property, including:
- Property Taxes
- Building Insurance
- … read more
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Vendor Spotlight: Rent Application
In our LandlordsNY Spotlight series, part of the #IamLandlordsNY campaign, we shine a "spotlight" on some of our featured members and vendors to get a glimpse into their professional and personal backgrounds through an interview-style Q&A.
In this installment of our Vendor Spotlight series we get to know LandlordsNY @Rent Application
How long have you been in the business and how did you get started?
Rent Application was started in 2013. The main problem we set out to solve was the elimination of paper applications as part of the rental process. We believe that paper applications are cumbersome, slower, and less secure.
Tell us about yourself.
Rent Application is a … read more
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NYCRAA Lobby Day..."Under One Roof" We Need You!!!
All NYCRAA members and colleagues are invited and encouraged to attend our legislative lobby day on Monday, January 13, starting at 10:30AM at “The Well” - Legislative Office Building, Albany, NY. We are excited for this opportunity to let our voices be heard and contribute to our industry’s advocacy efforts. This year, our lobby efforts will focus on our newly formed coalition’s mission “Under One Roof”.
Under One Roof supports New Yorkers living in rental apartments and those who own and operate them. The coalition works to protect New Yorkers' access to quality housing, increase the economic impact of rental properties and foster growth in the rental housing … read more
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What Landlords Need to Know About Tenant Screening and Compliance with the New Rent Laws
The newly passed Rent Laws, dubbed the “Tenant Protection Laws of 2019,” have changed the way landlords do business. One area you may have read bans the use of the “tenant blacklist.” While there is no actual “list”, the “blacklist” is a name commonly used in reference to tenants who have evictions or previous housing court history on their record. The most notable changes to the law as it relates to screening potential applicants are:
- Bans the use of the Blacklist or refusing to rent to an applicant because they have an eviction on their record.
- Caps the amount you can charge for any screening at $20 (twenty … read more
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LandlordsNY MemberCO Alarms
Purchased a building with violations on the books. Hired an expediter to help me clear them.
He wants me to install a CO alarm in every room of the apartment except the kitchen and bathroom.
I read the rule and it says "any room containing Carbon Monoxide-producing equipment. Except kitchens and bathrooms.
Do I have to install 4 CO detectors and fire alarms in a 5 room apartment?
Seems a bit excessive.
The apartment is second floor so its not directly above the basement which I could understand the requirement to install in the corridor one story above or below the CO producing equipment.
Thank You
Sam
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Handling Tenant Move-ins & Move-outs
The Checklist
Preparing to rent out your property to a new tenant? Before handing over the keys, we strongly recommend providing them with a move-in move-out checklist. This important document will be used prior to the tenant moving in and upon the tenant moving out in order to assess any and all damages – including both pre-existing damage and new damage. The cost of repairing pre-existing damage, or damage that existed prior to the tenant moving in, will not be the responsibility of the new tenant. However, damage that occurred while the tenant lived at the property may need to be covered by the tenant. In this case, the landlord typically deducts the cost of repairs … read more
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Tips for Making Your Building A Millennial Attraction
Millennials are the number one consumer in rental properties. It's important to understand this population’s interests in order to know what amenities to offer and how to make your building more attractive to millennial renters.We often hear that millennials are inherently social. On-the-job, they reportedly prefer co-working spaces that come with myriad networking events to traditional cubicle offices. They are tech savvy and intricately versed in social media; they’ve used it their entire lives. But it’s not just about shared workspaces, developers of new buildings often create communal spaces to appeal to these trends, and we are seeing a rise in … read more
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Vendor Spotlight: Michael Landsman, Esq. Co-Managing Partner at Holm & O’Hara LLP
In our LandlordsNY Spotlight series, part of the #IamLandlordsNY campaign, we shine a "spotlight" on some of our featured members and vendors to get a glimpse into their professional and personal backgrounds through an interview-style Q&A.
In this installment of our Vendor Spotlight series we get to know LandlordsNY Legal Expert and Co-Managing Partner at @Holm & O'Hara LLP, Michael L. Landsman, Esq.
How long have you been in the business and how did you get started?
I have been in the business for over 20 years and I got started working for a large law firm under the supervision of Mayor Koch. I have always enjoyed working … read more
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Some Potential Good News for Investors in New York’s New Rent Laws
On June 14, 2019, Governor Cuomo signed into law the Housing Stability and Tenant Protection Act of 2019 (S.B. 6458) (“HSTPA”), which reinforces and fundamentally changes the landlord tenant law surrounding rental properties – especially rent stabilized apartments – throughout New York State, making it very difficult to either remove apartments from regulation or to significantly increase income from individual units. Many property owners are concerned that HSTPA will lower the value of properties and discourage investment and development of rent regulated residential buildings. Such decline in property values, however, may also provide … read more
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Still Time to Qualify for 30% Federal Solar Tax Credit!
We have been stating for some time that the time is now to claim your energy independence. The biggest reason - one of the largest subsidies in “Going Solar” is the Federal Tax Credit which has been calculated at 30% and is set to be reduced to 26% on Jan 1 2020. There is still time to qualify for the 30% credit. Find out how by contacting our friends and LNY’s Solar Expert - Best Energy Power. Shoot Kevin (kevin@bestenergypower.com) an email and ask how you can take advantage of the 30% savings before the end of the year.
There has been a lot of talk about this credit being extended but thus far all that is - is talk. With all the political issues … read more
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What Landlords Need To Know About AlphaTouch®
Is your building dumb? “Smart” Buildings and technology seem to be all over the news and real estate industry event circuit, but what does it really mean for you and your building? We spoke with Alpha Communications about their smart video intercom platform “AlphaTouch” to get the skinny on what it is, and why it’s important for your building and tenants.AlphaTouch is a cloud-based smart video intercom platform that can be managed from virtually any web browser in the world. Here are some of the key features and tenant conveniences - which translate not only to building safety & security, but also helping to identify short-term rental usage by knowing who … read more
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Due Diligence on Screening Potential Tenants
We all know the importance of screening tenants before renting out your units and why we should always do so. Screening tenants will help you make sure the people you are entrusting your properties with are credible, reliable, and trustworthy. But what are some other ways you can ensure that this potential candidate is who they claim to be even after a screening report?
Social Media as a Verifying source
Although some candidates may have private socials, often times they do not. Looking into an applicant’s social media accounts can be an amazingly insightful addition to rental applicant screening. LinkedIn is a great resource for validating employment history … read more
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Do You Need an Architect?
Architects are licensed professionals. Like doctors and lawyers, they have completed university programs and lengthy internships, and they have gone through a series of rigorous exams. Their training covers many areas, ranging from landscape design to structural engineering.
This diversity means that architects can see possibilities and find solutions to your individual needs. While a builder or a home designer may make some adaptations at your request, a good architect will anticipate your needs.
What Architects Do
For some projects, architects wear many hats. They may create the design, do the drafting, select the materials, and supervise the entire work process. Ideally, your … read more
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Remodeling's Top Firms - 2019
Hello Landlords!
We are thrilled to be featured on this year's Top Firms for Remodeling Magazine.
We ranked among the Top 150 Replacement & Specialty Contractors (No. 76)!
As a reminder, we offer 24/7/365 Emergency Responses Services if your properties ever encounter:
Fire Damage - Water Damage - Mold Infestations - Hazardous Waste - Natural Disasters
(or any other catastrophic event)
Full Article via Remodeling Magazine
