Rent advice

a few years ago I visited NYC and was bitten by the New York bug so I decided I wanted to move there. I never made it but I did spend months looking at apartments on Craigslist, and the sad part is that $2100 is pretty damn reasonable for an 800 square foot apartment there. I found a ton of apartments priced higher than that for the space.

Are you in Manhattan?

 

That's interesting

I know, you can swing lower priced deals but they are few and far between. A great rental deal doesn't spend more than 48 hours on the market. You have to jump on them immediately and how often is it that you can drop your current lease on a whim to move? Not often. I'm actually a broker too.

I live on the LES (lower east side), a neighborhood called Murray Hill. It's the most affordable part of Manhattan if you exclude Harlem and anything above 90th. This makes it way more desirable than those areas along with its ease of access to most anywhere in the City.

Our place is pretty accommodating. Our building is very clean, its very common for even the nice buildings to be completely roach and rat infested. I haven't seen a roach in 2 years that I've resided here - thank God. We have laundry and gym facilities on the premises as well as a 24 hour doormen who are always helpful and willing to tote groceries in the service elevator. We are allowed washer / dryer efficiency appliances in our unit but I don't bother with those because the barrel is so small and tends to mold beyond a tolerable stench. I've tried barrel cleansers, bleach, vinegar, nothing ever seemed to work but I digress.

City life isn't for me though. I would loooove to pay anything near OP's asking for his home. Hell, I've even considered commuting between NYC and another state for work/living.

 

Edited….

 

I'm actually a licensed broker in New York State as well as California. I have 8 years experience selling and renting residential real estate.

This is 100% true. A professional management company also assumes liability for any misdealing or mismanagement that may occur. Not saying you will do things the wrong way, but in the event things to go wrong its best someone else is left holding the bag. They are better equipped with various forms of property and liability insurance as well as errors and omissions coverage. These are costs that you probably want to avoid, yet necessary if you decide to enter into contractual agreements within a landlord tenant agency relationship.

Speaking of contracts, I would never use a verbal contract with a renter. Opt for a standard contract for your state or have an attorney fine tune it for you for around $200. It's best to air on the side of caution when entering into any contractual agreement, and you will likely pay for being cheap in the long run. The link I'm providing is harvested from www.utahlegalservices.org which is a trusted and reliable public source subsidized by the Utah government and will hold up in a court of law.

http://www.utahlegalservices.org/public/self-help-uploads/RentalAgree.pdf

Also, many homeowners complain about being contacted at all hours of the night, all too frequently. If you decide to forego a property manager, its best to have a "plan b" / continuity plan in place in the event an issue occurs and you are unable to manage it due to unforeseeable circumstances. Maybe you have a business partner, knowledgable spouse, or best friend that can take care of things for you or act as a safety net in the event their assistance is needed. It's important to ensure that all fair housing and tenant laws are being acknowledged in everything you do, because the last thing you need is some stranger or opportunist coming after you with a lawsuit. And lets face it, if family relations can get dicey with money - so can the one with your renter.

 

I'd say $650-750. Were the other homes furnished? I'm assuming not.

 

(To Post 24)Good. Glad you understand what I meant. I'm sure you've seen some results of bad tenants and/or miscommunications.

When I sold my house in California, the management was given to a useless real estate person. She NEVER checked the renters or even drove by it. The buyer was from out of town and I never met him, otherwise i could have steered him to a NO-NONSENSE real estate management company. I was in a very nice, quiet neighborhood with good neighbors and it turned into a fuckin' drug house with the attendant wreckage of property by scum that didn't care about the property of ---well--anyone. Of course I didn't own it any more, but I had put 20 --30 grand into it before I sold---and it all went to shit. And the principle. So, what I'm getting at, is that a person is not ACTING LIKE THE MAN--when concern is paid to a HUGE investment, by taking care of ones real estate business in a proper and forthright manner. 10% of a rental is peanuts compared what I've seen people do to others property.

To add: Dumb-ass real estate lady to which I referred, took off with A LOT of other peoples rental money and several hundred thousand bucks. really screwed over people. Finally caught her in another state a few years later, when she tried to get a job---using her OWN SS number!! She be all up in the jail, partner.

 

Exactly.

My advice is deal with a reputable brokerage firm, and use someone that has experience and good track record. Check to see if the brokerage firm / management firm is actually licensed as I've encountered many fraudulently represented and unqualified individuals acting as real estate agents and brokers. Or agents attempting to pass as brokers (broker's have more authority, we have several more years than agents, and documented rental/transaction sales which are approved by the Department of State which issues the license). This includes cross checking advice of maintenance personnel with the broker your contract is with. I used to work as Business Manager for several dental practices (this was a way for me to earn income to supplement my real estate marketing budget and build business in a city that was new to me). During my tenure with this company I encountered a very disgruntled maintenance man who had bullied my own staff and other tenants in such a way that the fiduciary relationship had been compromised as well as basic considerations ignored. He actually got in my face when I confronted him, and called me a little girl (I look young for my age). This didn't sit well with me, needless to say. I contacted the management company and insisted on speaking with a licensed broker - who acknowledged my concerns and wholeheartedly agreed with me. She then asked which person I had dealt with, and told me that she did not recognize this person as an employee although he was the notorious superintendent for nearly ten years. As it turns out, unbeknownst to the management company the acting superintendent had relegated his responsibility to a subcontractor (an illegal immigrant, with zero prior experience managing commercial and medical /dental real estate). So again, they had someone running their operations for ten years without knowledge. This error falls totally on the shoulders of the management company, and unfortunately you have to sift through the bullshit to find a good group to work with. Do your due diligence and research - you will save yourself the unnecessary drama. I did not pick our office space at the time, but it's clear the person who did barely spent time researching the management company. I went online and found quite a few negative remarks against them. In a business where trust is everything, your reputation and references speak to the content of your ability. So go with a trusted source or referral.

 

Another good piece 'o advice. The op is 46 or so, which means he may know this stuff. I used to do a lot of roof certs and always tried to get in the (usually empty) houses. saw plenty of tenant damage. --------------Joel

 

Back when I was about 20… I rented a 5 bedroom 3 1/2 bath in San Diego from a local broker. Her father is an attorney, she was moving to pursue her acting career in LA yada yada. I was naeve and trusting.

I gave her $6k up front. First, last, and a security deposit.

I moved my girlfriends in, they all paid me directly. This was written in my lease, I was allowed to sublet space. 45 days after moving in, I find a notice posted on the garage door. The house is going to be auctioned within 30 days of posting. She knew full well that she had been in default for over 10 months, and was upside down about 300k. Her lender said she had not received a single payment within the last 90 days so all the money I gave her was pocketed. I paid for every day I spent there, so that was fair I would not ask for a refund. But the hassle. And in the end she tried to stick me with a $200 re-key fee (the property was technically still in her possession for a few more days). I ripped that bitch a new one up and down the Cali coast and she never bothered me again. She actually filed Chapter 11 to prolong the foreclosure but it ended up being foreclosed on anyway lol! Thats the story.

 

Hahahaha. Alrighty. Some brokers in my hometown went to prison for real estate shenanigans. I don't know what exactly--it happened before I moved back to my hometown in 87. Many of the agents and /or brokers I knew and dealt with, actually paid for some required repairs out of their own pockets. Made sense when you figure they may spend a couple of hundred bucks repairing something that was called, so relative to a 6 % commission on 2-3 hundred grand---worked out. There's so much to lose by being crooked doing real estate. Temptation gets the weak ones. But fortunately, not many. Ps an Qs and dotted i-s and crossed Ts are standard. I mean as you know---a clear title is paramount when houses change ownership.

Every once in a while, someone tries the old "rent it--take a BIG deposit and haul ass when they don't own it or rent it. Probably works for awhile. Some people are always looking for the angle.

 

Id say $$800 or a tad better, You are throwing in everything pretty much. That and unless you find honest, Clean tenants that pay cash and not assisted, Kill you're furnishings good bye. The lowlifes will take them and you are out. You can try and sue, But what will you get? Trashed items back?

I live 30mins from 'civilization' per say like you listed. Im at the cross roads of BFE and you got a perrty mouth. So you wont have problems renting out a turn key ready house. I hate living in a city or town that full of fake tits and real assholes.

If its near moab you could time share it and make hand over fist money even with a crew doing the cleaning and up keep.
Good luck either way, Lots of good advice to follow so far

 

I don’t think they are furnished. And I’m unsure of they have a washer or dryer. I know back years ago when I first moved to this town (I didn’t stay long, only a few months before moving to another state) almost none of the rentals were furnished and none of them had W/D.

Luckily the Tenants in Foreclosure Act would provide some relief. Having been a tenant and PM before is my advantage there as I will not do to a tenant what I would not want done to me. Unless they fuck me and then it’s hold-no-barred.

I thought about going HUD, to make it more rentable, but I’m uncertain if that’s a good idea or not. Whoever I have as PM I will make it clear this place will be taken care of very well. I will consider not including the couch, as I really like it, the double recliner, I dunno. W/D stays for sure.

How would I do a time share? It’s not Moab, no. Carbon county.

 

Carbon is IIRC about 2 hours or less from Moab. 181 to I70, Then hit 191 south. Still close enough for a time share for there or hunters etc.

To do it, You will need a good PM that's almost the neighbor or is retired and can swing by at anytime. The person has to be strict and enforce the rules. You don't want some asshat throwing fish guts or whatever they kill and gut, Into you're trash. Or throw it in the backyard for coyotes.

Leave all you can, But not of too high of value. Staple, Screw and nail everything down. Take a shit ton of pictures not only for them to see, But for you reference. Like a fire place pic if there is one, Garage or work area if they need to fix rigs in the drive. Just like on the trails, Pack it in, Pack it out.

The cleaner the rules, Less mess and cleaner the place will be, No smoking inside or designated area/room. That way if you have people leaving on Sunday and others coming Tuesday, The PM and cleaning crew is there Sunday and Monday prepping it.

Price wise you will have to figure a good price that will work for you and them while still covering expenses. Just look around the moab area for rent/cabin/time share prices and take into a tad of consideration gas/fuel $$ to and from.
When I go back out there, If I had the option of a time share vs. a room, Ill take the house. Plus the fact most of us who go, Go in groups of 3-4 rigs and 8 people. They can all pay the same for a small room, Or chip in and have a house with space for the week. Most also go for 7-10 days at a time.

To put it up for lease/share, Go to or talk to some off road shops. The BRC/ Blue ribbon coalition, And the red rock 4x4 club. That way you are getting customers who are known and if they cause you a problem, They are known by many and can help fix problems caused. We don't want lowlifes in our sport making us look bad, So if we have to kick a few $$ to make the owner happy and the place open its worth it.

Chances are, If you rent to BRC members they will be neat and clean. But that don't mean you don't get a CC# for damages. You never know what can happen and accidents do happen.

You can very well hit up the hiking and mountain bikers too. Arches national park is right there as well and plenty of land for everyone. You will end up with a months rent from a group who stayed a week.

You just have to sit back and see if its something you would like to take on. Getting everything set up will be a PITA, But smooth sailing when you get a whole crew lined up working for you.

I don't know the fine details of 'what to do' like special insurance if needed etc, But shouldn't be too hard to look up state laws. Like you said, You want it kept very well, So if you have strict rules and a good PM, Shouldn't be any problems. Just get a deposit that will pay the PM and cleaning crew along with a CC# up front so you are covered.

 

Ya its great for people who experience rent surfers now, but this was back in 2004 (several years before that passed).