All Forum Posts by: Bianca White
Bianca White has started 3 posts and replied 4 times.
Post: Question on how to optimize 2-family multi-family house with basement and attic
- Posts 4
- Votes 1
Quote from @Marc Winter:
It's good that the basement is empty, otherwise as you probably already know, the tenant you are evicting could tell the court and you would have much more work to do!
To legalize basement apartments you'd need help from a knowledgeable architect or other professional to shepherd you through this process. If you can even get permission from the City, it won't be cheap! IMHO, not worth it!
If you live in the attic, without a c/o, you are putting yourself in jeopardy again. Anyone (tenant, nosey neighbor) could report an unauthorized apartment to the City which would give you a violation, and many more headaches. Also, if there were an insurance claim and they inspected it, your insurance company might disallow your claim.
Again, in my opinion, just not worth it.
What is a c/o? How does that allow you to legally reside within the attic?
Post: Question on how to optimize 2-family multi-family house with basement and attic
- Posts 4
- Votes 1
I own a house in Queens that has a basement, two apartment units, and an attic. Currently, I am in an eviction process with the tenant who lives on the first floor. The basement, second unit, and attic are empty.
I'm wanting to renovate the house. I was wondering if I would be able to somehow convert the basement and the attic into legal apartments and whether or not it would be a good investment.
If not, I was wondering if I myself as the landlord could live in the attic. I'm not sure if that is legal during a holdover process or even in general.
Post: Looking for best way to pay off mortgage
- Posts 4
- Votes 1
During co-vid, I wasn't able to make any payments, and the mortgage accrued to over $20,000. The smallest payment the bank will take is $17,000. My payoff quote is $67,000.
I don't want to use my entire saving on my past due balance, so what are my best options? This is a rental investment btw
My friend advised me to take out a home equity loan and pay off the mortgage completely. I'm not really sure if this is the best option. What do you guys think?
Post: Investing in property taxes with no government lien in place
- Posts 4
- Votes 1
New poster here
I'm interested in investing in a property that I know owes a substantial amount of property taxes. This property has yet to be placed on lien by the government due to the county's exemption program for senior citizens. I am interested in this property in particular because I already have great knowledge of it.
I was wondering if there was any way in which I could place a lien on the property as an individual by paying the back taxes.