Rental Property Investor · Yonkers, NY · Member since 2020 · 2 posts · 0 votes
So i now own a 6family unit in Yonker New York. Unfortunately I’m not getting anything higher than 1300 for a 4 bedroom from place that is literally 5 minuites from NYC. I have one guy on rent control paying 700. And 2 paying 1000 and the rest is paying 1300. Does anyone have any advice on how to increase my rent legally. The building is paying itself, so fortunately I’m not losing money. But at the same time I definitely want to get more income on my rent. I do have great tenants. But i needa make more money on it. Ive gotten offered a little over a million for my building.i thought about selling it. But the value of my building went 600,000 to 1000000 in a matter of 3 years which is keeping me from selling. And i feel like its only getting higher. Im at the top of nodine hill area if anyone is familiar with it. Its a historical area. Its been a bad area for years. But now its calmed down allot and there doing allot the reconstruct west Yonkers. I need some advise on my next move guys. It would be much appreciated
Lender · Boca Raton, FL · Member since 2014 · 1k+ posts · 956 votes
6y
If the value has risen so much, you should take it and 1031 it into something that will make you some money with no hassle or into something that has greater cashflow with more work. That's a ton of untapped equity you are sitting on.
Rental Property Investor · Yonkers, NY · Member since 2020 · 2 posts · 0 votes
6y
@Scott Wolf I appreciate the advice. Im just learning everything. Its a long story. But I’m just trying to make the right moves right now. But i would definitely love to connect if possible