Freedom First REIA, Ltd.

 Please see https://www.governor.ny.gov/news/governor-cuomo-announces-moratorium-covid-related-residential-evictions-will-be-extended-until for complete and continued updates on the moratorium on residential evictions.

Continued from the previous post, we are highlighting basic questions and answers a potential landlord may have. Whether you're a new landlord or have interest in becoming one, there are no doubt questions that have come to mind! Here are a few you may want to know:

4. How often can rent be increased?

If a tenant has a month-to-month rental agreement, a landlord has the right to increase the rent with proper advance written notice at any time. If a tenant has a lease, rent increases cannot be made until the expiration of the lease if the increase is not indicated in the original agreement. A landlord must give at least 30 days advance written notice, be sure to check the current status of your state’s procedures surrounding this. 

5. When can a landlord enter the rental unit?

A landlord must give advance notice in writing before entering the unit. They are only able to enter during normal business hours. In an emergency, and other specific circumstances, advance written notice is not required- keep up-to-date with NYS standards.

6. What happens to the refund of a security deposit after the sale of a building?

When a building is sold, the selling landlord must do one of two things with the ten
Read More...

When someone has an interest in becoming a landlord, there are a few things they’ll want to consider. The potential landlord may have some questions around common-placed terminology that a seasoned landlord is very familiar with. Because of that, we’re going to dive into some basic Q&As:

This is probably one of the most important and foundational questions and answers a landlord needs to know. Most people know what this is, even if they don’t know the exact definition. A lease is a legal contract that a tenant and landlord are bound to until it expires — it outlines critical information such as monthly rent, security deposits, rent increases, and tenant or landlord responsibilities. Most issues can be avoided by following the lease, and most tenant questions can be answered by the lease. Requirements for a lease agreement may vary by state, so it’s important to stay up-to-date with the current standards before going into an agreement.

Here’s another question that landlords may be curious about, especially if they’ve never been on either end of the tenant-landlord relationship. A sub-lease is a separate rental agreement between the original tenant and a new tenant who m
Read More...

If you're a landlord, you'll want to listen to last week's Real Estate Round Table from Boylan Code! The discussion navigates around the current state of evictions and legal limitations surrounding this topic. The conversation also touches base on potential steps to take:
https://www.youtube.com/watch?v=eA767uSr8Tc&feature=youtu.be

Mortgage rates continue to be at an all-time low as we near the end of the third quarter of 2020. Will this continue as the uncertainty of the rest of the year remains?

Freddie Mac’s chief economist says that “these rates continue to incentivize potential buyers and the home-buying season, which shifted from spring to summer, will likely continue into the fall.” This is a positive prediction for those that are continuing to invest in real estate in the near future.

Though interest rates are low, it is still important to weigh the pros and cons before making your decision about an investment. The best way to go about this is to have a team of experts or a mentor that can guide you to make the right choice alongside your options and goals. Are you planning on renting out your property? Flipping and selling? There are different risk factors with each approach and looking at those specific factors coinciding with your personal objectives is essential.

 
See full content here: https://www.keepingcurrentmatters.com/2020/07/31/where-is-the-housing-market-headed-for-the-rest-of-2020-infographic/

Under One Roof made a big entrance as the coalition stood to represent the landlord voice across New York State when the Housing Stability & Tenant Protection Act of 2019 came into play. With a plan to stand together and address the unintended consequences for both tenants and landlords, the coalition voiced concerns with more traction than just a local association.

This coalition continues to provide connections to lobbyists with the ability to make change on a statewide and local level. Through current times, they still work on fielding requests, calls, and inquiries. The access and push for action has and will continue.

Join the conversation on Real Estate Roundtable, where the attendees touch base on Under One Roof: https://boylancode.com/RERT/

 
https://www.ffreia.com/Blog/Post.aspx?pid=Three_Key_Tips_to_Property_Management_with_Karl_Weekes

Thank you, Joe! When you have a moment to spare, please consider signing onto Facebook and leaving a review. It will only take a moment of your time: https://www.facebook.com/FreedomFirstREIA/reviews/?view_public_for=103470401056495&ref=page_internal 

At the next FFREIA Monthly Meeting on July 9th from 7 pm- 8:30 pm, you won't want to miss hearing from these professionals! 


 Brian Aguirre, a Home Depot Pro National Accounts Manager, will guide FFREIA members through Home Depot Pro offerings. Home Depot Pro provides FFREIA members with valuable resources through several products and services.
                   


Rob Fishbein is a founder of JM Real Estate Capital and expert in investor and commercial financing. Learn not only about their products and services, but gain insight from a lender's perspective. Rob comes from a background in stock & bonds on Wall Street and has been in the mortgage business since 2002. 

See you there! 
https://www.ffreia.com/Events.aspx?ID=Main-Monthly-Meeting-120-7-9-2020