All Forum Posts by: Carl C.

I would just note that finding a good deal is hard. It's possible you just have not found a good deal yet. It takes time and persistence. Good Luck. 

Oof. I would not want to be a part of your team. I respect what you're trying to accomplish, but this sounds like a miserable working environment. I think this is something I would work through individually rather than call it out to everyone in a meeting. My opinion: I think this would hurt morale. Hopefully you get your desired result though. 

In New York right now, you're only allowed a 5% raise in rent annually. NYC properties may have additional protections that I'm unaware of. Also, if you wanted to evict to improve units, you'll be waiting for a long time. There is a huge backlog of evictions and not enough judges to work through all of them in a timely manor. Add to that current COVID restrictions and you're looking at a tough path forward. If you're considering this one, I'd be looking at it as a very long term deal.

I would also suggest going and spending a week or two in the area that you want to invest in. An agent will take you much more seriously if you are ready to go look at something now as opposed to some unknown time in the future. I would also suggest that it may be worth starting by looking into a more traditional buy and hold investment to start. You can find something that is a value added deal so you can get the feel for managing renovations and begin prepping for flipping. There are so many wanabe flippers out there. You probably come across as more of the same. Good luck. 

Nobody can decide if a deal is bad except for you. Is $600 per month worth the time you will be putting in to own and manage the property? Maybe. For us, no way. I need to see $400 per unit cashflow for a four unit property to make it worth my while. But we might have different goals than you have. You have to make the decision for yourself. 

Strategies? Lots of work and very little downtime. We self manage 9 units while working our W2s (for now) and it means working long hard hours all the time. It isn't fun most of the time but it is immensely gratifying. Weekends are just work days for the real estate business. What keeps us going is seeing how this things grows to a point that in the not to distant future, we will be able to support our lives using only our investment income and then we will be able to spend more time with family, traveling, etc. 

We have all had issues like this come up. Some years are bad and this is a long game. Don't give up to quickly. Do take the advice above and find a new property manager. 

@Caleb Christopher I think my reasoning for commenting on this was more about the idea of someone speaking their mind rather than specifically advocating for foul language. I don't think anyone LIKES to be around foul language. I generally don't, but it is part of everyday experiences and I don't really understand the need to edit a podcast or anything else for that matter to protect someones sensitive ears.

Your feedback to the moderators was that it bothered you. My feedback to the moderators is that I'm an adult, and I can chose to listen to something or not. If it bothers me, I turn it off. As I said; To each their own. You're welcome to your opinion, and we are welcome to ours. Don't take it so personally, it's not that big of a deal. 

There is often a perception that landlords are rich guys who are taking advantage of underprivileged folks. Unfortunately, there are often cases of a landlords treating their tenants poorly or not maintaining their properties. In cases like New York, there are far more renters than landlords so cases of deadbeat landlords tend to make headlines. States then feel compelled to to "protect renters" because one bad landlord must mean we are all terrible. Law makers are generally not landlords so they don't know what it is really like. The best thing you can do is talk to your representatives so they can learn what their regulations are doing to their constituents. 

I appreciate leaving language as people use it. It's part of who we are. I generally dislike bleeping out language as I find it distracting and I'm not offended by peoples words. To each their own.