Hi, thanks so much for checking in here to follow up I wanted to create the Q&A based on questions that come into me so that you can hear me and find the info right here to support the video.
The weekend Q&A calls were about Pets, Fees and Leases.
So let’s start with Pet’s ..
The question was when do pets get residency in NYC and or do they or can they.
The short of it is YES after 30 days but you cannot hide the pet, you must have the pet visible and if the pet is not seen it gets residency after 30 days.
HOWEVER I do not ever recommend that route, if you want a pet speak to your landlord, offer pet security deposit and rider, the rider and security deposit protects the landlord to damages made by the pet. Leases and Riders cover normal wear and tear, pets are not part of “normal” wear and tear.
So try to be honest and ethical at all times and most important transparent because transparency is key, and your landlord owns the home, building you are living in. They are not your friend, or family but at the same time it has to be mutually respected relationship.
The 2nd question was to clarify income and fees for renting so here goes..
Income qualifications are based on a 40x multiplier so basically goes like this:
2300 monthly rent x 40 = 92,000 that would be your minimum income requirement.
Just remember to multiply 40 x whatever the rent is.
FEE is structured by taking that same monthly rent 2300 x 12 months in a year = 27,600 Gross rent x by the FEE – let’s keep it simple here and say the fee is 10% then the dollar amount out of pocket is 2760.00.
ALL FEES and INCOME GUIDELINES are all subject to the landlord and the brokerage.
DISCLAIMER: FEES vary and there is NO INDUSTRY REGULATION, there might be what they call an”industry standard” but nothing is standard in NY, this is a buyer beware state of mind and “representation does not equal compensation “so make sure if you have an agent and you are seeing a FEE FREE space that you clear the air.
CYOF- means collect your own fee.
Keep the lines of communication open and know that everything is negotiable, everything is flexible and everything is not in stone.
Income multipliers are also subject to change and vary based on landlords discretion, 40x the income has been used more so than not so we are using it as an example.
Any questions or concerns call me , Tyler Vincent Real Estate Inc located in Carroll Gardens, email me igiocoli@tylervincentrealestate.com, and or check it out ASKIMMA Giocoli on youtube.
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