House with basement apartment (Babylon: apartments, lease, broker)
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I recently purchased a home which as a basment apartment. Kitchen, bedroom, bath, etc. My question is, what would be the best way to find a tenant as I want to minimize the risk of having landlord/tenant issues. Would you stay away from craigslist? Perhaps I post in Newsday?
Since all basement apartments are illegal, your greater risk comes from your neighbors turning you in to the town and the fine and expense to take out stove and whatever code violations they find. It's not an if. It will happen, only you'll never know who did it or why you pissed them off. Maybe your visitor parked in "their" spot on the street accidentally or your leaves blew on their lawn. Trust me, someone will turn you in, it's just a matter of time.
Since all basement apartments are illegal, your greater risk comes from your neighbors turning you in to the town and the fine and expense to take out stove and whatever code violations they find. It's not an if. It will happen, only you'll never know who did it or why you pissed them off. Maybe your visitor parked in "their" spot on the street accidentally or your leaves blew on their lawn. Trust me, someone will turn you in, it's just a matter of time.
Not really looking for the risk factor, but more on the lines on where to find the best candidates. Do you have any input?
Not really looking for the risk factor, but more on the lines on where to find the best candidates. Do you have any input?
If you live near any places where a lot of people work, like a hospital or a college, you might see if you could post a listing on a bulletin board (a real board, not a digital one) at that location or even in a nearby supermarket if they have a board. You might still have tenant issues but you will have an idea about their background.
Agree with Martinjsxx with the caveat of having a parent sign lease for any college students. I rented a legal accessory apt to college students (against my better judgement) and had to go after the parents to pay for the inevitable damage. If you're near a hospital, nurses/interns can be a better option. Tell us what you're near for more specific answers.
Is the house listed as a 2 family? Do you plan on paying taxes on the extra apartment? Are you going to report the income to the IRS? I bet the answer is no to all 3 questions.
I recently purchased a home which as a basment apartment. Kitchen, bedroom, bath, etc. My question is, what would be the best way to find a tenant as I want to minimize the risk of having landlord/tenant issues. Would you stay away from craigslist? Perhaps I post in Newsday?
1. Make sure the apartment is legal and you have a CO for it.
2. Decide what type of tenant you want (student, single working person, older person, etc) and go to a broker and have them find someone. Putting an ad anywhere is only going to get you tons and tons of calls and it will take you a while to weed out the ones you don't want.
MrBitterness, how about you mind your own business? By renting out a part of the house, living in LI becomes more affordable to people who will be paying the 6 figure teacher, police, and garbagemen salaries. By renting out, a student, nurse or teacher gets to live in LI and pay taxes that support this expensive town of our's.
Even the counties have held off on inforcing illegal apartment actions because doing so drives people out of LI and considering the job losses in NYC and the resulting loss of taxpayers in LI, that's the last thing we need.
MrBitterness, how about you mind your own business? By renting out a part of the house, living in LI becomes more affordable to people who will be paying the 6 figure teacher, police, and garbagemen salaries. By renting out, a student, nurse or teacher gets to live in LI and pay taxes that support this expensive town of our's.
Even the counties have held off on inforcing illegal apartment actions because doing so drives people out of LI and considering the job losses in NYC and the resulting loss of taxpayers in LI, that's the last thing we need.
Don't know what town you live in but, the Town of Babylon is at your door step at the drop of a dime when it comes to illegal apartment reports.
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