Buying Property with Existing Tenants

On February 21, 2013, in Landlord-Tenant, by Robbie L. Vaughn, Esq.

Purchasing Occupied vs. Purchasing Vacant

Should I buy a house that already has tenants?

Maybe.

We have represented many Landlords who have purchased homes with existing tenants. In our experience, this has not always gone well for the new Landlord. Many of the new Landlords have ended up starting an eviction action against the existing tenants shortly after the closing.

However, many of our clients are real estate investors and have factored into the purchase price the cost associated with an eviction. In fact, many have weighed these factors well in advance of buying the property and actually end up getting a “better” deal because of the existing tenants. They normally won’t buy the property with existing tenants unless they are getting a very good deal.

Personally, I like to find my own tenants. However, as stated, there can be advantages to buying a property with existing tenants (e.g. instant rental income, lower purchase price, instant occupancy for security purposes).

Therefore, you need to carefully consider many different factors before you decide to purchase a home with existing tenants.

Nassau County Landlord Tenant Attorneys

Call the Law Firm of Vaughn, Weber & Prakope, PLLC at (516) 858-2620 for Landlord Tenant assistance

 

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Rent Stabilized renewal lease period

On February 29, 2012, in Landlord-Tenant, by Robbie L. Vaughn, Esq.

Renewal Lease

Section 2523.5(a) of the NY Rent Stabilization code provides the following in pertinent part:

On a form prescribed or a facsimile of such form approved by the DHCR, dated by the owner, every owner, other than an owner of hotel accommodations, shall notify the tenant named in the expiring lease not more than 150 days and not less than 90 days prior to the end of the tenant’s lease term, by mail or personal delivery, of the expiration of the lease term, and offer to renew the lease or rental agreement at the legal regulated rent permitted for such renewal lease and otherwise on the same terms and conditions as the expiring lease. The owner shall give such tenant a period of 60 days from the date of service of such notice to accept the offer and renew such lease….

Landlord Tenant Attorney in Mineola

As always, The Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you with your Landlord-tenant matters. We are conveniently located in the heart of Nassau County, Long Island. Contact us at (516) 858-2620 to arrange a consultation.

Eviction Time Frame

On September 8, 2011, in Landlord-Tenant, by Robbie L. Vaughn, Esq.

Eviction Time Frame

Common question:

“Can you give me an eviction time frame?”

We are often asked, by both landlords and tenants, how long it takes to complete an eviction. The best answer we can give is: “The sooner the eviction process is started, the sooner it will be over.”  The are numerous things that can speed up or delay the eviction process. Right now, the Sheriffs and Marshalls, who actually execute the “warrant of eviction,” are quite backlogged. This has been adding a considerable amount of time to the eviction process. So, no one can tell you exactly how long the eviction process will take. At the moment, it is even difficult to give someone a “ballpark” time-frame for an eviction from  start to finish.

However, there are things that your attorney can do and/or suggest to speed the process up a bit and avoid further delay.

Landlord Tenant Attorney

The Law Firm of Vaughn, Weber & Prakope, PLLC proudly assists Landlords and Tenants in Nassau county (Long Island), Suffolk county (Long Island), Queens (New York) and Brooklyn (New York) with their landlord tenant matters. Call (516) 858-2620 to arrange a consultation with a Landlord Tenant attorney!

Month to Month Lease

On July 26, 2011, in Landlord-Tenant, by Robbie L. Vaughn, Esq.

Month to Month Lease

Is a Month to Month Lease good or bad?

It depends on how you look at it:

Landlord

Good: Generally, Landlord can terminate the lease for any reason with a 30 day notice.

Bad: Generally, Tenant can leave at the end of any given month.

Tenant

Good: Generally, Tenant can leave at the end of any given month.

Bad: Generally, Landlord can terminate the lease for any reason with a 30 day notice.

So, neither side really has much security with a month-to-month lease agreement. However, there are situations when a month to month lease is appropriate. Landlords and tenants should consult with a Landlord-tenant attorney to fully understand the pros and cons of entering into a month-to-month lease.

We proudly assist Landlords and Tenants in Nassau county (Long Island), Suffolk county (Long Island), Queens (New York), and Brooklyn (New York) with their landlord tenant matters. Call (516) 858-2620 to arrange a consultation with a Landlord Tenant attorney!

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