I've officially become a landlord. Good god.
Did all of you have to submit to a credit check before renting out your pads in NYC? How much of a security deposit were you charged, 1 month or more?
I'm renting out my 2 bedroom condo to two engineering school grads. I like the kids, they seem alright... just want to be sure I'm covering everything I need to.
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Now I want you to take a look at the laundry list of topics associated with the forum discussions to the right of your page. Are any of them entitled, "NYC Dating Habits" or "Appropriate Social Topics During Employee Functions"? NO. If you want a class on etiquette, my 7 year old cousin attends a very posh finishing school for developing young women in CT. I could give you the number if you're interested...
So in regards to your rental property inquiry, go find a forum that cares. Anyone know who this clown is? What a waste of space this topic...
Credit check yes. 1 month security depo, and 1st month's rent paid in advance.
How much are you getting?
Easy, Vad...
This is the off-topic / anything goes forum.
For the record, I've also had to become very interested in what being a landlord entails lately--dear old Mom wants to buy another house and use it as a rental property. Using my top-notch RE modeling skills, I (hopefully) have saved her from what would most likely have been a bad investment decision.
Aadpepsi--what was your thought process here? Landlord by default, or were there other attractive alternatives?
Given that you seem to think ranieri has more impact on the markets than PIMCO, I wouldn't be throwing stones. Aad could teach you a thing or two, i'm sure of it.
Dude, it's a simple post in "Off Topic". Chill out. Inhale... exhale...
I just want to gauge what folks are subject to out there... debating charging 1 or 2 months security deposit etc. The forum is filled with analysts currently relocating, apartment shopping... it's a sensible subject.
Jimbo... I'm getting enough :-)
Tirekicker... kind of a landlord by default. I'm 95% certain I'll relocate and needed to do something with the condo. However, I didn't want to sell because (a) it's an excellent property in a very appealing area and (b) ok, the market sucks right now. Renting it out was the best alternative from both a long-term investment and short-term tax benefit scenario.
Also, there are other attractive alternatives too. There's a huge condo development coming up across the street which I'd also like to buy into. (I'll send you the development info via PM)It's going to be 3 condo high rise, beautiful development. They've just started the demolition 2 weeks ago which will take 6 months and then construction takes approx. 2 years. Ergo.... NOISY, dusty, congested.
I can rent my condo, relocate for 1-2 years, come back to my nest egg and in the interim my condo benefits from equity appreciation.
Interestingly, I've thought about your mom's idea too... In fact my mom and I would like to buy one or two smaller 1-bedroom condos and rent them out to young professionals. If you pick the right location it's a great income stream, honestly.
Ka ching!
Oh Vadremec... when you start making real money, you'll learn soon enough how vital owning real estate is to get a tax break.
I'm not even going to dignify that comment with a response. You're right aadepsi. Poor HF vadremc who is so young (1st year in HF) and poor, he has no concept of what wealth building, tax havens or tax breaks entail...lol...you got it...I propose a truce aadepsi...
Teach me a thing or two? You can't possibly be serious. lol. You're a trader right? What do you trade? proverbial excrement? My initial post was intended as a joke for aadpepsi. (no harm, no foul man.) sorry the lol wasn't flashing across the page...
And even though he may be an afterthought given the evolved landscape in trading; ranieri's name has venerability...I don't see any published digests or industry lit on "Jimbo the Baboon" the trading tycoon, so pump your brakes buddy b4 I teach you a thing or two about what real bankers (I-bankers past and current) do..."traitor"...all in jest...
Vad... are you alright? Are you okay? Black Wednesday?
Apparently they're serving chicken wraps in the cafe for the third consecutive day. Sometimes that can inflame my neuroticism. I'm cool though...
Other than stay up in the wee hours making pitchbooks, working 2x+ the hours I do, for less pay?
Do you bother to read any of the threads? I moved to the HF world you illiterate neanderthal...You may want to put an opaque screen cover over your monitor(s), ticket boy to help your dulled vision and sub-par reading abilities. Now go get me a soda and while you're at it, take the change and go by some intelligence, you celebrated mail clerk. Did you even go to college?...
BTW, if you had to print your degree and laminate it, I doubt it's accredited, you two-bit reject cyber student. You're probably losing what couch change you managed to uncover around the paper and pencil markets today, you "Molly Maid traitor"...(all in jest)...
Chicken wraps? You're upset about chicken wraps?!? If that's your biggest issue today, you must be bored out of your mind.
No not bored. Just very sensitive concerning my daily culinary options...
Where else can you call strangers names?
Liked the bit about laminating. And yes it is monitors. Six at last count.
You're a good sport man. Typical trader, tough skin indeed...lol...
Insult me all you want, just be creative.
What strategy does your HF employ? Ie do you do a lot of equity research?
I sure hope you had them sign a contract.
Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...
though we trade over the phone.
We're multi-strat, primarily long/short equity and fixed income arb. (some FoF also)
On the equity research end we do have a small pool of analysts geared toward our bottom up approach.
Yes, ofcourse. Contract gets mailed today. I decided 1 mo. security deposit s/be enough. I drafted a rider to cover misc. issues. Keys to the condo don't get issued until deposit check clears...
I'm just nervous about renting to two guys... guys don't always take care of property like girls do.
My mom rents out an apartment in Miami, and its pretty trouble free. Except for the constant phone calls asking me to find out information they can easily find from managment. A good thing to have, is give them a routing #, so that you won't have to hear the "check got lost in the mail excuse"
College housing (in the right markets) is the way to go, ladies and gents...
Captive audience, stable cash flow, pricing power, parents that can foot the bill...
Only thing is I would prefer to rent to unattractive girls because a) girls do generally treat properties better and b) unattractive ones won't be throwing too many ragers and putting holes in my drywall.
(Aadpepsi - I will respond to your condo idea PM in a few. Cranking on something else for the time being).
girls are just as big of slobs as guys...probably even more. They just hide that
Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...
That's what I'm nervous about... two engineering undergrads making $$ for the first time, living in a chick magnet swanky condo, throwing parties, wrecking my walls and scratching my hardwood floors. Ugh.
Hopefully, they'll be working 16 hour days, rarely at home. Yeah!
I see it as more of protection against rent default
Jimbo... are you a landlord too?
if they screw something up, you have the security deposit to fix it. Refinishing hardwood floors costs 1500 bucks 1200 square feet(600 if you do it yourself, but having had to do that by myself, its worth it to pay the extra money).
They'll be working 8 hour days tops...they aren't bankers.-Don't worry they are engineering students, they'll spend all of their free time playing War of Warcraft
Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...
yet...
Yeah, hopefully playing War of Warcraft :-)
My peace of mind is that the building engineering manager lives across the hall. Since he's a gustapo type, he'll keep the boys in check hopefully. Je je je.
AspMonkey, you're spot on. I paid $1600 to refinish my hardwood floors. Would NEVER do it myself.
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