My apt building offered me a rent incentive for renewal at 4.7k, but asked me to sign a lease renewal contract that shows rent is 5k+. They said via email that they would credit the difference to my account monthly, and that the lease agent email serves as proof of their commitment. How to proceed?

like
Posting as :
works at
You are currently posting as works at

I would ask that they add a clause that any rental incentive credit would be deducted from the rent referenced. Then, have a separate agreement for the incentive. Commercial property is valued from the rents received. They want the value to go up, either to refinance or to sell the property. You want a clause referencing “any incentive credits” and a separate agreement for credits in case you need it. This way, the signed lease agreement reflects rent that increases their asset value, but you have signed agreement that you will receive credits. That seems to be a good happy medium instead of a “I pinky promise you will get your credits”, then they sell the property and a new owner or manager tells you “your verbal contract is not worth the paper is it not written on”. I would sell it to them as “you should change your standard lease to read less any available incentive credits. That way all leases have the same language.” If they are questioned, they can say credit language is there for signing a long lease or for a referrals, but if it is on every lease, it looks less conspicuous. If they won’t do that, at least ask for a separate signed agreement for the credits... and expect the property to sell and the rent to keep increasing.

like

I’m not lawyer but a contract is a contract.

like

That is a very strange way of handling it. I would push back and ask the lease reflect the amount agreed upon, if they refuse to do this, I would be skeptical.

like

Get it in the contract itself.

like

This company has dozens of properties and I have been a tenant for multiple years. The lease agent works specifically for my building. Is their email considered legally binding?

like

They’re showing it as higher because they want to legally charge a higher base rent for future renewals. Look into your state/local laws for how to proceed.

like

my rent contract showed the higher rent price, with a clause of X (credit) and the net price (lower). bottomline, have those in the contract and not just email. The one thing you've got to be cautious about is for the subsequent renewals, they may use the higher rent price instead of the net rent price... so maybe ask. It was very common in NYC during the pandemic years

like

Is it a rent controlled area? They’re trying to protect their annual market rate increase cap when the market rate doesn’t actually support it. If audited, they can show on paper that they are collecting the higher rent. Clever, but shady.

I would report them.

like

Related Posts

like
like

For the foodies out there, post pics of your creations during quarantine! :)

like

Any chance of overcoming 3.34 undergrad gpa from state school? B4 cpa in TAS

like

Hello EXL Professionals,

If I resign from EXL in mid of Dec 22. Will I still be getting the Annual Bonus (for 2022) which will be paid in March 23 and is some percentage of fixed CTC.

like

Anyone recently joined Infosys as a lateral haired
Pls DM me

Klick - would you go? Why or why not?

Does anyone ever check this bowl?

like

Anyone from BCN here?
How is the overall flexibility in the firm? Do they allow wfh etc.

like

What should be the salary expectations? If someone is doing first switch? Yoe - 4.6?

like

There is an opportunity that I’m currently interviewing for that is very interesting to me. I’m interviewing two other places but I’m not responding to LinkedIn emails for other positions. The other positions don’t interest me as much. On one hand I don’t want to waste time prepping for all positions and rather put that time only for the ones that I have going on, on the other hand I feel like what is that falls through. Wondering if I’m making the right choice

like
like

From where to get CID form ? It is mentioned on ibegin portal that for those residing in Mumbai, CID form is mandatory.

like

I’m trying to collect some supporting reviews/feedback from some of my stakeholders for an upcoming employee review cycle (we don’t do 360s). In the past these have been sent directly to manager but is there another way to collect them to present to manager/hr? Is it weird to ask them to send directly to me for me to present?

Can I save tax by buying second house if first house is already in my name?

Best websites to get more of a handle on Excel as a beginner-intermediate?

like

Completed HR round 10 days ago but no offer or updates yet. Still.showing in process. Is the delay due to Easter holidays?

like

My in-laws are coming to visit for the holidays, does anyone have any leads on a nice (but not too pricey) hotel or Airbnb in the Downtown area?

like

I was told by my manager that I’ll be getting a promotion and a comp raise about a month and a half ago. It hasn’t happened yet and he keeps saying HR is slow to respond. Is there anything that can be done or do I just keep waiting around?

like

Additional Posts in The Real Estate Bowl

My assumption is that one makes money in RE with leverage. So, would you never let your equity in any given property get above certain% (I.e re-leverage and invest elsewhere) or would one eventually want to own a property outright?

like

I have the opportunity to buy a new build in ATX for 310k at 5.625% 30 year. Should I buy it? I can either:
1) rent it out
2) sell it

It's not my primary and I don't need it to live in. The news about a housing market crash is worrying me. Any advice?

like

Is there an investment fund or group that anyone knows of? I heard of Fundraiser but it seems very convoluted. Looking for an investment group or development group to invest with

like

If anyone has problems with leaks or anything facade related I work in facade restoration, preservation, rehabilitation, retrofitting in NYC. I’d be happy to discuss potential solutions.

like

I'm a first time home buyer and got pre qualified back in Jan. Hard pull on credit docked me a few points. I wasn't able to close and now considering another hard pull for a different mortgage company offering better rates.
I'm new to this and this may be a stupid q but I'm looking for input from the bowl on whether to do this hard pull and get pre-qualified with a few more mortgage companies. Any advice is appreciated. Thank you

like

Better mortgage vs. Rocket mortgage - anyone shopped with both and what swing your decision?

like

Finally got an offer accepted on a home I love! (In DC) Spent months searching. Next thing is getting to the closing date.

Now I feel super anxious about everything going thru and getting the keys. How difficult is that process of getting to close, have heard the underwriting portion could be a headache?

like

Are the <3.5% rates gone for good?

like

For any of you real estate investors, what tools or sources did you learn from when getting started. Can’t find a mentor currently so want to find some highly recommended books or videos. If focused on the tri-state area (NY, NJ, Long Island mainly) that would be even better. My hope is to buy and rent out a apartment while also owning a house and house hacking that by renting part of it out. Trying to understand all the steps, traps, and how to find if it’s a good investment.

like

The threat of nuclear bombs flying over cities should crash the real estate market

like

How long did it take you to purchase your first rental property once you started looking? I’ve been working with an agent for about a month with one offer not accepted, feeling discouraged

like

Anyone sell to Zillow? Got an amazing offer from them, but naturally my floor decided to start deforming right before inspection. No water damage - I can get someone out here to fix it ASAP, but wondering if it’s worth the hassle. Mostly worries inspector will think there’s water or foundation issues

like

I'm early in my career, managed to save $30K to invest, and want to get my hands dirty with a rental property without too much risk (e.g. no HML/flipping). It sounds like that's a tall order in the NY/CT area given the prices, not to mention whether I'd be able to get a mortgage on anything below $100K, but I figure I'll give it a shot anyway. Any advice on what you might do in my position? Am I being crazy with this idea?

like

For those that built higher end homes, what kind of appliance budget did you have?

like

From a financial standpoint in this market, which would be a better approach in Austin -

1. Buy a ~8-850k house that meets most of our ideal criteria (size, schools, interiors etc) to stay long term

2. Buy a ~5-550k house that’s not ideal with the plan of moving into an ideal home in 4-5 years when kid is ready for school.

How easy is it to get a mortgage for the second home?

Household income - 300k

Happy to add more details as needed

Thanks

Any potential flags/benefits for dual agency? My agent and the seller's agent work for the same company.

like

Do y’all do 15 year or 30 year for your portfolios? I personally plan to have a “job” or “career” for both the next 15 and possibly next 30 years, so should I just do 15 years to get a free and clear portfolio earlier? 25 year old and just getting started. Have a duplex in a major market (looking to refi out of FHA), and eyeing other opportunities now. I don’t “need” cash flow, so should I try to just build equity?

like

Can I get a commercial loan without 25% down?

like

Is it okay to buy a home worth 660K for a couple earning 325K TC together? The HOA and taxes for this home bring the monthly payment up to ~4.8K which is ~32% of our monthly take home after tax…we’re first time home buyers, any advise is appreciated!

like

Bought a 300k end unit townhouse in Atlanta, 14 months ago with 10% down (3.65% interest rate). Prices in subdivision have been increasing over that period. This month 2 non-end units listed for 330k and sold right away. The opposite end unit on my 5 unit building was listed for 340k and is currently pending. What is the best way to stop paying PMI since since I should be at 20% equity?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal