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Strategies & Market Trends : US Inflation and What To Do About It
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To: John Vosilla who wrote (1470)5/15/2020 6:58:04 PM
From: Rarebird  Read Replies (1) of 1504
 
<< Can only imagine what they are doing to landlords behind the scenes lately in blue America?>>

My late mother's side of the family is in the real estate business so I can definitely tell you what was going on in NYC prior to my leaving in June of 2017. Have a seat and fasten your seat belt.

First of all, as you probably know, NYC is pro Tennant in a very big way. One can rent a property, not pay rent and it can take up to 12-14 months before the tennant can be evicted. Why it takes so long, I am not sure. I just know many property owners who have gotten screwed by tennants who do this kind of thing for a living. That's right, they move from rental to rental and skip out after 10-12 months without paying a dime. And if you dare to provide no heat or try to throw them out by changing the locks, you will get fined.
What the big boys do is hire mafioso and put them on their payroll. Anyone who tries to get out from paying rent, gets a visit from the mob. So, if their life means anything to them, they find a way to pay their rent or they move out quickly. Otherwise, life will become unbearable, leading to extinction.

The small guy who rents properties in NYC has to be very careful and make sure he does credit checks. Failure to do a credit check, can be very costly.
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