All Forum Posts by: Anthony Vespa

We have just went into contract on our triplex in Brooklyn. My other two tenant moved out without any issues, my third tenant is claiming he cannot get a lease because he is retired. Now for me i would prefer a retired tenant that has a pension and S.S. check coming in every month. Anyway we have already filed an eviction which can take six months. i am thinking of a different approach. i would like to draft an offer letter with three options. move out in four weeks $$$$, move out in six weeks $$$ or move out in 8 weeks $$. the Four week offer is very close to six months rent. Any professional advice will be appreciated. 

Bill thank you very much. This was great information. I am going to inform my attorney and accountant. Have a great weekend.

I purchased a condo in Clearwater FL on the high side in 2006. 20k down finance 80k. I have paid down the mortgage down to 47k. Currently the cash flow is only $70 per month. If I pay off the mortgage the cash flow increases to $410 per month. The 47k is sitting in a mutual fund doing ok but not great. Paying off the mortgage will guarantee me almost 8%. Thoughts?

Me and my brothers have decided it was time to sell a three family property we had in Brooklyn (no mortgage) and expand our real estate holdings into five multi family buildings in florida. The building was sold in four weeks. (hot Brooklyn market) so now we wait and wait for closing and Requests from the buyer and time passes. In the meantime we are anxious about buying our first 1031 exchange deal and we are searching the net and found a property. We found a good deal (not great) but good enough to net around 6 to 7 %. So we made an offer and it was accepted after some negotiations. This is why I titled this rushing into a deal. Instead of selling this property in Brooklyn we should of taken all the cash out first and began buying our investments first then sold the building off if we wanted too. In the meantime here we have our first deal which because of timing the seller is not willing to wait for a 1031 exchange so forced us to apply for funding. I am in a panic now because of timing. Our closing date with the seller is may 31st. I am hoping to get an extension. Long short of this, it would of been a lot easier to leverage out something we had right under our noses and use that to purchase this property. Think before you act. I am a big believer in that and here I am rushing into a deal without thinking it through.