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2771 Views 6 Replies Latest reply: Mar 1, 2012 12:11 PM by marilyn

ahjuarez

1 posts since
May 12, 2011

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May 12, 2011 3:24 PM

Any NYC owners that can share their experiences?

I'm considering beginning to rent my home, located in Williamsburg, Brooklyn. I've about the legislation that was apparently passed last year banning short term rentals but I see many of them are still going strong so I guess the law was reversed? If anyone is will to offer some info about their experiences, and tax implicatations, etc. I'd love to talk.

Thanks.

Amy

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Tags: nyc

meredith
301 posts since
Nov 18, 2010

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May 17, 2011 3:50 PM (in response to ahjuarez)
Any NYC owners that can share their experiences?

Hi ahjuarez,

We have some resources for NY vacation rental owners you may want to check out. This article could be helpful as well as this discussion. This website http://protect-vacation-rentals.com/ also has some good information on NYC rental regulations.

Hope that helps,

Meredith

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marilyn
462 posts since
Nov 9, 2011

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Feb 29, 2012 5:08 PM (in response to ahjuarez)
Re: Any NYC owners that can share their experiences?

Years ago, I paid in excess of $50,000 in fines not to mention costs of attorneys for short term rentals in the Hamptons, Suffolk county New York. The law is still in effect there.

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- sophie
  831 posts since
  Mar 4, 2011
  
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  Mar 1, 2012 10:34 AM (in response to marilyn)
  Re: Any NYC owners that can share their experiences?
  
  Marilyn,
  
  Why are you still renting if there is a ban in your area?
  
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  - marilyn
    462 posts since
    Nov 9, 2011
    
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    Mar 1, 2012 11:31 AM (in response to sophie)
    Re: Any NYC owners that can share their experiences?
    
    We rent monthly which is legal. I didn't know better years ago. CERTAINLY NOT AN EXCUSE. and paid the penalty, huge fines. Sometimes, guests want to rent for less time, but pay for the full month AND sign a month lease. My homes are priced well below the market in our area.
    
    We adhere to all town codes,AND my homes exceed all town safety codes.
    
    Marilyn
    www.hamptonhouseproperties.info
    
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    - sophie
      831 posts since
      Mar 4, 2011
      
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      Mar 1, 2012 11:40 AM (in response to marilyn)
      Re: Any NYC owners that can share their experiences?
      
      Oh, I was just curious because I looked at your website and there is no mention of your properties only being rented on a month basis.
      
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      - marilyn
        462 posts since
        Nov 9, 2011
        
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        Mar 1, 2012 12:11 PM (in response to sophie)
        Re: Any NYC owners that can share their experiences?
        
        That is correct. Because some of my homes are rented for the full summer. Sometimes we get requests for a 6 month rental while another home owners home is being rebuilt. There are a lot of different possibilities. Sometimes a tenant wants to be at my homes for 3 weeks, but pays for a full month and signs a month lease. Sometimes two sisters and families get together, one stays 15 days the other stays 15 days, but the sign a lease for 1 month. Sometimes a professor and a couple of teachers from a nearby college rent one of my homes from Sept to May.
        
        Lots and lots of possibilities. Where is your home located, resort area or state?
        
        Marilyn
        www.hamptonhouseproperties.info
        
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May 12, 2011 3:24 PM

Any NYC owners that can share their experiences?

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