Property Grunt

Monday, December 27, 2004

A text book case of a landlord assuming the best of her tenants and getting the worst.

And if she does get a chance to rent it out again, Dr. Fox said, she plans to use a broker and do a very thorough check before signing a lease.

Moral of the story is this: Do not be a penny wise and pound-foolish. Spend the money for the credit check and check the references of the references. Trust no one. If you can't do it yourself get a broker you can trust. BUT TAKE CARE OF THE CREDIT CHECK YOURSELF! My heart goes out to this poor woman and if I were in her circumstances I may have taken similar actions in finding a tenant. That is why it is important to have a reserve fund in case of vacancies in order to cover those costs.

The laws of New York are beyond protective to all tenants even the rich and the courts are no different. There are many people in New York who take advantage of these laws and live as professional squatters and have to be removed through judicial means.

If you are a landlord you are going to be spending a lot of time in court. There is absolutely no way around it. There is someone out there who has a grievance and feels you are responsible for it whether it is justified or not because you are a landlord. For those of you dazzled by Rich Dad, let this be a reminder that real estate is not a walk in the park and there are no shortcuts. This landlord lost a tremendous amount of time and money from this one tenant just because she tried to take a shortcut. It’s not worth it. This poor woman lost her husband and nearly lost her own life to cancer. But did that bother the tenant? Obviously not.

For those of you who are reading this and are considering a career in squatting I do not recommend it. All litigation is on public record and will show up on your credit report. If a landlord sees even one incident of litigation between you and a landlord let alone several, they will exercise their LEGAL RIGHT TO REJECT YOU. Good luck getting a mortgage when the bank sees your credit report and there is no way in hell a coop board will allow someone with that record like the HALLS to get even past the doorman. Which is the reason why they are buying a townhouse. So pay your bills. Not every state is like New York. Other states are a hell of a lot more hostile to deadbeats. Las Vegas is so hardcore about evictions that it takes 14 days for the eviction to be completed. 2 weeks. That’s unheard of in New York. Which is too bad for Dr. Fox