house ownership in Crown Heights

hello_sunshine · September 2006

I am sure many had to deal with a similar situation i am in right now:
I am investing in a house in Crown Heights in which I plan to live. The only issue is that the house is occupied by elderly tenants that pay a very small amount for renting of most of the space in the house.

I was wondering if anyone is familiar with any programs, grants, anything else that would subsidize the elderly to stay in the house so that i could manage to carry the house/mortgage for some time.

Generally I am curious to know if and how others have dealt with similar situation of home ownership and very low-income and /or elderly tenants.

Mod note: deleted the duplicate post and edited your title so no one goes looking for the original.

bojolais · September 2006

I would speak to an attorney. It could be really scarry to rely on a government payment for your mortgage. Because the gov't may change the tenant's status to receive housing aid or just eliminate the program when a new politician takes office.. and you would have no recourse.
Check brownstoner.com. There is a wider discussion on tenant/landlord issues there. Plus depending on the level of rent control, your tenant may be able to pass the apartment down to family members for generations to come.

faithful · September 2006

In 2001, I was in a similar situation. I fell in love with a brownstone on Hancock St., but there was a tenant that was occupying one of the three apts. She and her daughter were only paying $400 rent. I knew she was going to be trouble from the very beginning because the second time that I went to look at the house, she mentioned that she had spoken with the block association and she was thinking of retaining a lawyer. I didn't feel like going through this type of landlord/tenant dispute as a first time homeowner, so I gave up on the house and moved on. Till this day, I still think about that house.

Believe me, I sympathize with tenants who have to move out when property changes hands, but those are the risks that you take when you live in a property for so many years and are just a renter. Please, by no means am I rich or privileged; long time renters must understand that when a property is purchased now-a-days, there is a lot of $$$$ involved and therefore large mortgages to carry and paying $400 - $600 rent is just not going to allow the landlord to make ends meet.

I believe many tenants equate landlord with rich and that's the total opposite. To me, I equate landlord with debt and responsibilties.

I would think long and hard before committing to this house unless you can afford the mortgage without their rent. Good luck!!

house ownership in Crown Heights

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