If you have a shed or even an underutilized basement, you could allow one or more of your tenants to use the space as storage for a nominal fee. Even a few dollars every month eventually adds up!
Sponsored by Feeder
Instead of just settling for a standard credit and background check when screening applicants, take the extra step of contacting employers to confirm pay stubs and former landlords. This will ensure you're covering all your bases.
Tenants will often try to use their security deposit as last month's rent. Be sure to include language in your leases and lease renewals that this will not be accepted. When a tenant gives you notice of non-renewal, remind them you will be collecting last month's rent and if they attempt to use their security deposit instead, you will assess late fees and send them to a collection agency. No tenant wants to be on the tenant blacklist!
Local Law 1 of 2004 requires owners of buildings built before Jan 1, 1960, with three or more apartments, to correct all lead- based paint hazards- that is, lead based paint hazards cited in a lead based paint violation from HPD or those discovered in a vacant apartment.
Always take photographs of a unit before a tenant moves in. They can be used as proof should a dispute over "normal wear and tear" arise when the tenant moves out.
Sponsored by Securent
Before purchasing a property, make sure to pull the Certificate of Occupancy. If it doesn't match the way the building is being used, it could cause you a lot of legal headaches down the road.
To keep pests from returning to problem areas, make sure to use detergents and enzymes that ensure a long-lasting disintegration of organic material. Sponsored by: Global Pest Control
Tenants value an updated bathroom but that doesn’t mean you have to rip out and replace existing tubs and tiles. Bathtub refinishing gives a new life to your existing tubs. Refinishing also saves you the hassle and costs associated with tearing out an old tub and potentially damage tile and plumbing.
LandlordsNY vetted vendor Finishing Solutions Network is your one stop shop for your refinishing needs. The trained experts at FSN will have your bathtubs looking like new in a matter of hours!
Sponsored Tip by Finishing Solutions Network
Owners must provide natural light to every habitable room. Sponsored Tip from YARDI
All elevators in New York City will have to be inspected to ensure compliance with Code "K3" by January 1, 2020. The code states that all elevators need to have devices installed that will prevent the automatic operation of elevators with damaged door contact circuits. There is no grandfathering or getting around this code.
Sponsored by Consolidated Elevator Services Corp.
Today's Tip is sponsored by Maxons Restorations, LNY Certified Vendor:
For insurance claims in the event of a fire, do NOT disturb the fire scene in ANY way until AFTER the cause and origin investigation by your insurance company has been completed. Be sure to keep the area cordoned off so tenants and passersby do not enter and disturb the area and evidence within.
Knowing how to recognize a good contractor can make or break your next project. So, what are the Top 5 indicators of an experienced and competent contractor?
FSN has a network of vetted finishing trades contractors who specialize in painting, taping, wallcovering, metal polishing, arch metal and glass. Don’t take any chances with your next project, let FSN connect you with an experienced contractor to get the job done right.
Sponsored Tip by Finishing Solutions Network
One way to keep tenants doing laundry on your property is to keep prices down. Make your prices reasonable to increase resident’s usage.
Make sure your laundry room has a sign that is easy to read and that states the rules and regulations to help keep it running.
Though carpet tiles are usually more expensive than broadloom carpeting, you don't need a professional to install them. This may end up saving you in the long haul.
Distressed properties can oftentimes be purchased at below-market values, but they're difficult to find. One of the signs of a distressed property is delinquent taxes. Properties with delinquent taxes are not difficult to find. One just needs to pull the most recent certificate of tax lien sale, a public record. The document will contain a list of thousands of properties with delinquent taxes. These properties may not necessarily be distressed, but there is a relatively good chance that they could be.
Sponsored by Feeder.
Though one usually thinks of cars when thinking about window tints, tints or films can also be used to trap heat in apartments, which can cut down on energy expenses.
Film is a particularly good idea if you have units with skylights.
Pest control cannot always be in the hands of your exterminator. Be sure to seal holes and gaps in your units' walls. Even small cracks can easily allow pests access and create infestations.
Sponsored Tip by Best Energy Power:
When going solar, there are definite advantages to installing a new roof at the same time. Be sure to keep the existing roof MFR warranty in place. Please contact Best Energy Power, LNY's Solar Expert, to learn more.
When considering hiring a contractor, ask for proof of completed work. This should be readily available to them through their smartphones or other electronic devices they may carry such as a tablet. Make this part of your requests to your property management company as well, should you use one. Reliable contractors will be able to describe in detail the work done, before and after.
When preparing for an appeal of an assessed value, you must have detailed records of your monthly revenue. Be certain to track vacancies throughout the year, as any circumstances that result in a loss of revenue to the taxpayer must be documented and explained at the hearing.
Sponsored by MGNY Consulting
The Dept of Sanitation can fine you for not having a garbage can with a lid that is "tight fitting" enough under §27-2021. To avoid potential fines, get lids that securely snap into place.
Convert your coin machines to machines that use credit cards, as they will help track which tenants are using the laundry room, as well as anyone who is not a tenant and using the laundry room.
Make sure you screen your tenants well. Running a background and credit check on your potential tenant is necessary to see if they were honest about past employment, credit history, or living arrangements. If they lie about these things on the application, they will lie to you about why the rent is late or how the damage occurred. Sponsored Tip by Yardi
This service gives members instant access to LNY in house DHCR, HPD, and Property Management Counselors for immediate help when you need it.
Just like a concierge at a hotel who knows how to guide guests and to remove some of the uncertainty of trying something new, our staff counselors goal is to provide information and guidance to landlords and to take much of the uncertainty out of owning and operating a property in New York.