RENTAL GUIDE

RENTAL GUIDE

How much rent can I afford?

Well, as a guideline in NYC, you can expect to spend approximately 25% of your gross annual income on rent. If you earn $80,000 per year, plan to spend $20,000 on rent.

What do landlords commonly require?

The basic requirement is that you annually earn 40 to 50 times the amount of the monthly rent, and that you have a good credit rating. (See credit report paragraph below)

What paper work will I need?

• Application form: The first step that will start the process once an apartment is found is filing out an application form. Most management companies have their own form that needs to be used.
• Letter of employment: Must be on official company letterhead. The letter must state your position, length of employment or start date, your annual income and the letter must be signed by a person authorized to verify the information provided. Please note that a signed offer and acceptance letter is usually not sufficient.
• Pay stubs: A copy of your three most recent pay stubs.
• Tax return: Some management companies require a copy of your most recent federal tax return. A tax return is usually required when a person is self employed or if you are basing your income on several different sources of income.
• Landlord letter A reference: letter from your recent landlord can always help in the process and is often required. If you are unable to get a letter, have the name, address and phone numbers of your landlord ready.
• Bank statements: Your three most recent statements from your checking account, savings account or any financial institution should do.
• Bank account numbers: are often required on application forms. Have them ready just in case you need them.
• References: If you have an Accountant or Attorney you might need their numbers to put down as a reference. Think of other people that could be references in case you need them and have their information handy. Not all landlords will require letters of reference.
• Identification: Many landlords require a copy of a photo ID at lease signing.

Credit reports

Credit reports are always run on every applicant and guarantor. The prices of credit reports / application fees range from $25-$100 depending on the management. Unfortunately credit reports obtained on your own are not accepted. A major part of the approval process is based on your credit report. So what is bad? A few old late payments are usually ok. A high revolving balance is not good. Past due payments that are still outstanding are bad. Delinquencies and collections are very bad. A public record (your day in court) is bad and a Landlord-Tenant record is the worst! If you think your credit is not good; it probably isn't. Be sure to advise your agent of this. Doing so will allow your agent to properly prepare you for the process. Different landlords have different ways of dealing with "credit issues". Some will allow you to increase the security deposit or to use a guarantor. Others may reject the application completely. We will guide you in a way that will save you time money and a lot of frustration.

What is a Guarantor?

A guarantor, also called a co-signor, is someone who is willing to guarantee your lease. The guarantor is responsible for all terms of your lease and guaranties not only your share of the rent but the entire lease - if in a share situation.

Do I need a Guarantor?

If you do not meet the financial or credit requirements, a guarantor might be your solution. Students or young individuals who do not meet the income requirements will usually need a guarantor. When bad credit is the reason, allowing a guarantor will depend on how bad the credit is and on how strict the management. Sometimes a combination of guarantor and extra security is needed. If you think you might need a guarantor please advise your agent of this so that together you can prepare yourself most efficiently.

Who can be a Guarantor?

A guarantor does not have to be a relative. Many landlords require the guarantor to live in the Tri-State area; New York, New Jersey or Connecticut. Try to prepare your potential guarantor by speaking with them and advising them of what they will be asked for. You might have to act quickly and their cooperation may be critical for your approval. A guarantor needs to fill out an application form and provide the required documents. The requirements are usually good credit and double the income requirements of an applicant. If an applicant is required to show an annual income of 40-50 times the monthly rent, a guarantor is required to show annual income of 80-100 times the monthly rent. The documents required are similar though usually all that is needed are proof of income (usually by providing tax returns) and a credit report. Guarantors usually do not have to be present at lease signing.

Renting an apartment in Manhattan is an experience that can be stressful and frustrating if you are not prepared. Let us guide you through this process. Our experience and knowledge that has been established over the years, working side by side with the many landlords and management companies, will be an invaluable tool that will help make this experience as pleasant and painless as possible. You can help by being prepared with the necessary documents. Remember, finding a great apartment is only half the job, being able to get it is the other and more important half. Please feel free to ask your agent any question regarding your personal qualification concerns. We are here to assist you.

Importance Of a Well Maintained Rental Property

A key component in managing an investment property is understanding the importance of required and preventative maintenance.  Keeping your property well maintained in accordance with relevant legislation protects not only your own interests but those of the tenant.

Compliancy, however, is not the only motivation for continued maintenance.  Ensuring your property is properly maintained could affect its value for re-sale and future leasing. Keep in mind that how you maintain your property will determine the type of tenant you attract.  Consistent maintenance is sure to repay itself in the form of high quality tenants and preserved property values.

So what does consistent and proper maintenance entail?

Examples include having the property cleaned prior to the first tenant moving in, having pest control carried out annually, having a building inspection carried out every year, planning to re-paint internally every five to six years, replacing carpet every five to six years, and trimming trees every other year.

Timeliness is one of the most critical factors when it comes to maintenance. This involves the property manager advising the landlord as soon as possible of any issues, and receiving the authority to proceed with the required work as soon as possible.  The longer the problem goes untreated, the more likely it is to get worse and cost more in the long run.

Having a preventative maintenance plan in place with your property manager is a great way to keep track of items that require future attention, and gives you the opportunity to put in place a finance plan to fund the maintenance projects.  Preventative maintenance requirements are generally identified during routine inspections, so it is important to carefully read all reports sent by the property manager and ask questions if you need to.

An investment property is a valuable asset and should be managed accordingly, including routine required and preventative maintenance. The better you look after your investment now, the better it will look after you in the future. Find out how often your property manager walks your property and how they inform you of any issues needed.

Living In Forest Hills, Queens, NY

Forest Hills
Located only 20 minutes from Manhattan, Forest Hills is a town that was home to the U.S. Open for over 70 years. The West Side Tennis Club, an exclusive and very historic club, is still there, as is Forest Hills Tennis Stadium where the U.S. Open was played until 1978. Forest Hills can be reached via subway, bus, and Long Island Railroad, as well as several main highways. Within Forest Hills, there are several sections that once belonged to single individuals and were subsequently sold off with covenants and restrictions, allowing the area to retain the charm and attraction that were originally intended. One of these sections is known as Forest Hills Gardens, a classic privately-owned community featuring a number of beautiful and unique homes, many in the Tudor style, as well as Colonial. The streets are privately maintained, and the general public may not park there unless visiting a resident.
Here is a view of the Community House and The Church-in-The-Gardens. Cord Meyer, another section that is named after the company that developed the homes, features many Colonial as well as other styles. There is also the Van-Court community which was formed in 1923 by the Vandeveers, and the Forest Hills Court Co. Here again there are restrictions on modifications to exteriors. 

Forest Hills has several major stores including  The Gap, Banana Republic, and Ann Taylor Loft and Shake Shack to name a few. Most of these stores are located on Continental Avenue and Austin Street, which are the main streets. If you are interested, you can find some area statistics at the Public Library-FH branch.  Forest Hills borders on Flushing Meadows-Corona Park, site of the 1939-40 and 1964-65 World's Fairs. Today it is home to the U.S. Open Tennis Tournament, and Citi Field, where the world famous NY Mets play.

In addition, there is a great selection of restaurants, including Agora, Danny Brown Wine Bar & Kitchen, Cabana, 5 Burro Cafe, and Norita--and an equally great selection of nightlife.