Leasing out Condo. What is the process?

Blumberg A 101 is the other form often used in NYC, you might want to compare that and the REBNY lease and see which is better for your purposes.

ali r.
DG Neary Realty

Hi, if the building has a managing agent then they should have the condo rental process available to you which includes application, credit check form, condo lease, application and any additional guidelines they require. Even if the building is self managed there is probably a process or form they use. The leases are typically either a REBNY condo lease or a Blumberg condo lease, both standard in NYC and protect the owner very well. Its common for the owner to ask the renter to acquire renters insurance.

Thanks. Yeah I've heard of the Blumberg A 101, got myself a copy of it. I guess now I just have to compare the two to see which works best. Do I have to alter my mortgage in any way from owner occupied to not?

Selyanow: I'm on the board and we are self-managed. The bylaws are quite lax and don't really discuss forms or renters really, just occupants. Yeah also considering requiring the renter get insurance and put that in the rider.

definitely run a credit check on any and all occupants and have them get renters insurance which is extremely affordable. typical paperwork would include an employment letter and asset statements and not out of the question to ask for first 2 pages of recent tax returns and/or w-2s.

What did the mortgage say? Here is the standard fannie mae mortgage clause:

Borrower’s Obligations to Occupy The Property. I will occupy the Property and use the Property as my principal residence within 60 days after I sign this Security Instrument. I will continue to occupy the Property and to use the Property as my principal residence for at least one year. The one-year period will begin when I first occupy the Property. However, I will not have to occupy the Property and use the Property as my principal residence within the time frames set forth above if Lender agrees in writing that I do not have to do so. Lender may not refuse to agree unless the refusal is reasonable. I also will not have to occupy the Property and use the Property as my principal residence within the time frames set forth above if extenuating circumstances exist which are beyond my control.

Use more than craiglist and really vet the people, beyond the financials. You don't want a douche living in your place.

But don't sweat it, this is pretty straightforward, but do check on your building bylaws in terms of renting.

Good luck!

don't waste your time by putting an as on craigs list for it will get buried in with 100's of other ads. I strongly recommend putting it on streeteasy. Have open house by appt on Sundays. Make sure it states no fee for most renters don't want to pay a $5000-7-$7000 brokers fee. Price it similar to ones listed by broker and you should rent it quickly for renters don't want to pay that dam fee.
If you do put it on craigslist make sure you don't leave your email address for you will get bogus replies and questions. Just leave telephone number for serious renters will call not email you.