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Just curious...how many of you rent stabilized landlords in this forum keep track of the legal rents in your apartments and offer preferrential rents when the legal rent is too high?
Believe it or not but some landlords don't keep track of the legal rents and are not aware of the whole preferrential rent option that benefits them.
Just curious...how many of you rent stabilized landlords in this forum keep track of the legal rents in your apartments and offer preferrential rents when the legal rent is too high?
Believe it or not but some landlords don't keep track of the legal rents and are not aware of the whole preferrential rent option that benefits them.
You're right about this, but I think a lot of tenants don't realize that this is on the lease. Based on your post on the other threads, it figures that you would bring this up.
Why buy a building in the first place with rent controlled tenants if you can not afford to make up the slack that this will cause? No one is forcing you to buy these buildings. Of course the tenant is going to try to get the best deal possible. There are properties outside of the city where you don't have to deal with NYC landlord tenant rules.
Of course you will not make the money, that the real estate people promise you that you will make, when you buy in NYC. But it is always better to have a slower steady profit that you can count on.
You're right about this, but I think a lot of tenants don't realize that this is on the lease. Based on your post on the other threads, it figures that you would bring this up.
Why buy a building in the first place with rent controlled tenants if you can not afford to make up the slack that this will cause? No one is forcing you to buy these buildings. Of course the tenant is going to try to get the best deal possible. There are properties outside of the city where you don't have to deal with NYC landlord tenant rules.
Of course you will not make the money, that the real estate people promise you that you will make, when you buy in NYC. But it is always better to have a slower steady profit that you can count on.
You people dont get the picture, and I guess never will.
Lets say I buy this building that is controlled.
And in 5 years, building had made profit, ever year less and less, just because my bills have gone way up, but my tenants rent hasnt.
So you keep saying they should have know, no body knew that the cost of living and bills would go up so much.
And when you try to sell the building, you cant, no body wants it. Or you have to sell it bellow market value.
Fair?
I think not, is only fair if the LLs bills dont increase or if it increase at the same rate as the rent.
If you buy a business, and the profit of that business is 100k a year, but now the profit is only 85k, what would you do?
You would increase the price of your product or service. But LL cant do this.
Is it FAIR??
You people dont get the picture, and I guess never will.
Lets say I buy this building that is controlled.
And in 5 years, building had made profit, ever year less and less, just because my bills have gone way up, but my tenants rent hasnt.
So you keep saying they should have know, no body knew that the cost of living and bills would go up so much.
And when you try to sell the building, you cant, no body wants it. Or you have to sell it bellow market value.
Fair?
I think not, is only fair if the LLs bills dont increase or if it increase at the same rate as the rent.
If you buy a business, and the profit of that business is 100k a year, but now the profit is only 85k, what would you do?
You would increase the price of your product or service. But LL cant do this.
Is it FAIR??
CJMA is right. There is no way of predicting that oil was gonna be almost $150 a barrel. Which rippled thru-out everything, inflating prices everywhere.
You people dont get the picture, and I guess never will.
Lets say I buy this building that is controlled.
And in 5 years, building had made profit, ever year less and less, just because my bills have gone way up, but my tenants rent hasnt.
So you keep saying they should have know, no body knew that the cost of living and bills would go up so much.
And when you try to sell the building, you cant, no body wants it. Or you have to sell it bellow market value.
Fair?
I think not, is only fair if the LLs bills dont increase or if it increase at the same rate as the rent.
If you buy a business, and the profit of that business is 100k a year, but now the profit is only 85k, what would you do?
You would increase the price of your product or service. But LL cant do this.
Is it FAIR??
First you say no one knew that the bills would go up so much, then you use the example of a small business. Being a landlord is running a small business, or large business, depending on the amount of property you own.
I know it may be too late for you, but people should go visit the small business advisors, that are non profit, and will advise you for free. There are quite a few ex-landlords there. They will give you the total picture, all the bad, and the ugly, of being a landlord and especially with a rent stabilized building. Most will tell you that it is a loosing game, that you cannot win. People have been loosing at this game for over 50 years.
Now people are on this forum "crying like babies" (the expression one landlord on this forum used) because they thought they were going to be the only winner in a game that everybody looses in.
My suggestion is to stop crying, and just get out of the game while you can. You will have to take a loss. But if you keep holding on, you will just continue to loose more.
CJMA is right. There is no way of predicting that oil was gonna be almost $150 a barrel. Which rippled thru-out everything, inflating prices everywhere.
It's not just the oil. Fifty years ago it wasn't the oil. It was other things. People still lost.
Now people are on this forum "crying like babies" (the expression one landlord on this forum used) because they thought they were going to be the only winner in a game that everybody looses in.
My suggestion is to stop crying, and just get out of the game while you can. You will have to take a loss. But if you keep holding on, you will just continue to loose more.
I'm giving it another 5-8 years to see if things get better and to see if my neighborhood where I conduct business gentrifies. I pray to God it does. All signs point that it will...look at the area around yankee stadium, alot of rent stabilized buildings turning into luxury condos and the property value goes up. Little by little the threshold will move up North. I really hope it happens.
I'm giving it another 5-8 years to see if things get better and to see if my neighborhood where I conduct business gentrifies. I pray to God it does. All signs point that it will...look at the area around yankee stadium, alot of rent stabilized buildings turning into luxury condos and the property value goes up. Little by little the threshold will move up North. I really hope it happens.
OK that is a very good attitude to take if you want to stay in the game.
However I don't think the rent stabilization laws will end completely. You have too many people at the average salary of 46K, and above, but not to the point where they can pay market rents. These are people performing the jobs that the market rate tenants will not perform in this city. These workers are very much needed in the city.
On my end, I already started the gentrification process about 3 years ago in my building. I now have LESS issues than I did before I started the gentrification process. No more hanging out, loud music, no dogs or pitbulls (a "hood" favorite), no grafitti, etc. I evicted all the low-lives and undesirable tenants and basically started from scratch. You have to have a minimum annual income to qualify for my apartments. And all my tenants are happy I did it, epecially the low income families. It brings a different and positive vibe to the building and neighborhood.
First you say no one knew that the bills would go up so much, then you use the example of a small business. Being a landlord is running a small business, or large business, depending on the amount of property you own.
Did you knew?
Yes being a LL is running a business where the government tells you how much you can earn(pure socialism).
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I know it may be too late for you
Late for me? I am not a LL.
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but people should go visit the small business advisors, that are non profit, and will advise you for free. There are quite a few ex-landlords there. They will give you the total picture, all the bad, and the ugly, of being a landlord and especially with a rent stabilized building. Most will tell you that it is a loosing game, that you cannot win. People have been loosing at this game for over 50 years.
A building leaving you 100k in profit is a good business, and no advisor would know that the market crashed.
Quote:
Now people are on this forum "crying like babies" (the expression one landlord on this forum used) because they thought they were going to be the only winner in a game that everybody looses in.
Again, you dont know what you are talking about.
You people think that LL are millioners, that all LL are Trump
Quote:
My suggestion is to stop crying, and just get out of the game while you can. You will have to take a loss. But if you keep holding on, you will just continue to loose more.
You still dont get it,, You know my example. The building that was making 100k, and now making 85k and he LL cant do anything about it, cant sell the building. Why? because now the building lost 15% of it value, and he cant sell because he would lose money.
If the building is private, and the LL is the owner, why if he wanted(since it his) rent it at what ever price he wants.
What is next? we are going to tell all car rental they have to lower their prices also,
when does it stop?
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