All Forum Posts by: Mohammed Rahman

Hey @Isadore Nelson

NYC’s tenant protection laws are strict, especially with rent-stabilized units and longer eviction timelines, so it’s essential to go in fully informed. Here are a few things to keep in mind:

1. Eviction Process: Courts often prioritize tenant rights, and during certain times of year (like the winter months), it’s tougher to get an eviction through.
2. Legal Barriers: If the property is rent-stabilized or the tenants have protections, it could mean additional layers of complexity. 
3. Occupied Foreclosure Strategy: Some investors in NYC find success with a “cash for keys” approach.

Hey @Mike Johnson - are you collecting information to potentially launch your own PM software? 

They're all very similar in my opinion, and do about 90% similar functions. Some are more integrated than others, sure. 

It's why most large landlords use their own in-house tools/software they pay someone a one time fee to setup for them and then hand off. 

Hey @Naseem Abdel - it depends. 

There's already a lot of noise/options/competitors in the space - each promising what you mentioned, and then some. 

It works for small/medium landlords, but in the long run it makes no sense for large landlords who may pay to have an in house software developed themselves. 

What do you mean by increase in tenant loyalty, revenues, on time payments, etc.? 

It sounds great, but it's all just words at this point - speaking from the experience as both an operator, broker, as well as someone that has experimented first hand with different tools. 

Hey @Jon Pflueger - this is the $1B question most new wholesalers also fumble with. 

There's tons of resources out there, and the annoying thing is that almost each one works to a certain degree. 

Your hit rate with wholesaling will be very low, but that's the nature of the beast. Unless you've spent years building relationships with owners, vendors, etc. in which case deals will start to flow to you because folks know you can execute. 

Some tools myself and others have used: 

- Skip tracing

- Mailers

- Data aggregators like PropStream, PropertyShark, etc. 

Hey @Jon Pflueger

Firstly, great initiative to ask this question. I get the sense that you're eager to get started and put in the work. 

Secondly, asking whether or not it's a good idea to have an attorney review contracts is arguably the most ridiculous question to ask. Because the answer is a resounding yes.

Especially in NY, which is mostly an attorney state. AKA attorneys are hired to draw up/revise/review and sign contracts with their clients, in NYC and Long Island: Attorneys are also the ones that handle ordering title searches and etc. 

Dude, get an attorney. 

@Ralph Miller

Given that the lease explicitly states no alterations without permission, it sounds like you’re on solid ground here legally. 

Documenting everything and involving your attorney is a smart move. In situations like this, tenants can sometimes try to force a landlord’s hand, so it’s important to stay calm and professional while reinforcing your lease terms.

For now, I'd hold off on further discussions with the tenants about payment until you’ve met with your attorney. 

You’re right to trust your gut—sounds like they might be testing boundaries, so having clear legal backing will help set the right tone moving forward.

@Bob Dole
You’re right in that accelerated depreciation can help you save on taxes by front-loading deductions, which could significantly reduce your taxable income for the year. 

In your scenario, claiming that $117k depreciation deduction could lower your taxable income from $700k to $583k, which is a huge benefit in the short term.

As for the RE pro status, if one of you becomes a full-time real estate professional, you can potentially offset active income (like W2) with passive losses from real estate. 

Hey @Patricio Acosta

Expanding into wholesales and pocket listings is a great move, especially in a competitive market like San Diego. 

Sellers sometimes go off-market because they want a quick sale, privacy, or to avoid the costs and time of MLS listing. Pocket listings can also allow a seller to test the waters on price.

To find these types of deals, start networking at local REI meetups or with agents who specialize in off-market deals.

Consider reaching out to wholesalers or building connections through BiggerPockets too.

Hey @Raif Harris

To get a solid sense of occupancy rates, look into tools like AirDNA or Mashvisor, which offer specific short-term rental data, including occupancy and average daily rates for different areas.

Hey @Max G. - guessing you're a newly licensed agent, congrats!

I'm a broker based in NYC, and part of multiple MLS's.

You're correct in assuming most agents work through showingtime and/or StreetEasy. I am not a part of REBNY' however I know that REBNY as a listing service known as RLS.

Although I can confirm, that whenever I work Manhattan transactions - it's through Street Easy (aka Zillow). 

It sounds backwards I know, but welcome to NYC where real estate politics apparently matter more lol. 

There's REBNY's RLS, OneKey MLS (Long Island + Queens + Westchester + more northern parts), there's the Brooklyn MLS, Staten Island MLS, etc.

I do most of my business through OneKey as its the most "uniform" one out of all of them. 

Yes you can post listings from different areas into OneKey and they will still show up on public sites like Zillow/Realtor/etc. (however it may not show up on Street Easy directly - for which you would have to have your own StreetEasy account).