All Forum Posts by: Eric Vasilopoulos

Hi all,

I have recently stabilized my very first duplex in Troy, New York (near Albany) and am very excited to be officially in the landlord game in this area! 

Recently I saw the duplex that is DIRECTLY across the street from my property come on the market, and I would love love love to jump on the opportunity to buy this property as well. 

One problem - I used all my cash fixing up the place I have! So even though I could qualify for new financing based on the anticipated rental income of this new house across the street, I don't have enough saved for the 25% downpayment anymore. 

What do you do in this situation? Are there people who would do a private loan for just the downpayment amount? And where would I find them if they do? What are the drawbacks to something like that?

If this is a dumb idea I also welcome that feedback! 

Thank you as always,
Grace

If you combine two RS apt.'s, first rent of the newly created unit must be equal to the combined rent of the two previous RS units..in addition, newly created unit will still be regulated, NYS senate just passed bill S2980C..

Substantial rehab is the only remaining strategy, which is not cost effective in the current market

Hi,

I’m looking to buy a 2 family house in Brooklyn NY. 1 tenant is on the section 8 program and they pay $2000 rent. The seller is saying that the lease expired years ago therefore there has been no rent increase.

If I purchase the property and make a new lease with the same tenant will I be able to get the max section 8 pays for a 3 bedroom which is $3777?

Thanks

I am a HVAC technician in new york, and recently came across the NYSERDA clean heat program incentivizing the installation of electric heat pumps. Its a really good program for people looking to install heat pumps in their homes and rentals. For multifamily buildings the incentives can go as high as $350,000.00.

I’ve already done a few projects and I would love to shift my focus to these types of government subsidized installations.The problem I’m seing is that since units run on electricity, the tennants will be responsible for their own heating costs. This sounds like a huge win as a landlord but how do you transition the units to this without seeming like you're trying to pull one over on the tenants? Has any one made this transition and offered a short or long term rent reduction?

Attention: Real Estate Investors! RCD Capital is your trusted Direct Lender for Real Estate Investments Financing!

· We lend throughout the United States, offering funding in just 12-14 business days.

· Foreign National

· Single Family Residence · 1-4 Units · Commercial Buildings · Multi Family · DSCR Loans · · Portfolio Loans · Fix & Flip · New Constructio

Bridge Loans

· 1 – 4 Single Family Residence & Townhomes

· Up to 80% LTV

· $100,000 to 5 Million Loan Amount

· No prepayment penalty on 1 year term

· Pricing discount for experienced borrowers

· 600 Minimum Credit Score

· LLC, LLP, or Corporation

DSCR Rental Loans

· 1 – 4 Single Family Residence

· Up to 80% LTV

· $75,000 to 5 Million Loan Amount

· Minimal DSCR requirements

· Portfolio Loan

· 620 Minimum Credit Score

· LLC, LLP, or Corporation

Fix & Flip

· 1-4 Single Family Residence & Townhomes

· Up to 90% Purchase Price + 100% Rehab

· 25% Advance Rehab Funds

· 95% LTC

· Monthly payments rolled into the loan

· $75,000 to 4 Million Loan Amount

· Up to 24 Month Term

· 680 + Credit Score

· LLC, LLP, or Corporation

New Construction

· 1- 4 Single Family Residence & Townhomes

· Up to 75% Purchase Price + 100% Rehab

· Monthly payments rolled into the loan

· 90% LTC

· $100,000 to 4 Million Loan Amount

· Up to 24 Month Term

· 680 + Credit Score

· LLC, LLP, or Corporation

California Finance Lender 60DBO-76030

NMLS 1722515

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho,Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota,Tennessee, Texas, Utah, Vermont, Virginia, Washington,West Virginia, Wisconsin, Wyoming

@Eric Vasilopoulos before you do this make sure your town does not have an unrelated persons ordinance and you have sufficient parking for the vehicles anticipated. For some rentals I specify a maximum number of vehicles. I would also collect info on all vehicles of the proposed tenants that way you if additional occupants are staying.

I would list the kids as part time occupants (I don't usually do this but you could put it under your visitor policy as an exception.  Vistors maximum of  7 days/month exception  name 1 , name 2 visitors of aprox 10/month or whatever.  Rent is based on current maximum occupancy, any additional occupants shall incur additional charges. 

If you need to amend the lease to change roommates you need everyone to sign an addendum removing x tenant and adding y tenant.  It only needs to be a page referencing the initial lease. 

Quote from @Eric Vasilopoulos:

Hi everyone, I have a 6 BD, 2 BA house for rent and 6 adult friends want to rent it. They said that every other weekend two kids will be staying over. How can I structure the lease so that the kids or additional adults don't begin to move in full time? or even structure it in a way that if additional people move in there would be an additional fee?

Hello Eric! 
Great to hear that you have tenants lined up.

This is not legal advice ... this is based on what my clients and I have done in the past:

You can include in your lease (or add a lease rider) stating that visitors staying more than X days must complete a rental application. If the tenants are children, they'd have to be added to the lease for a rent increase of $X per tenant.

The fee for additional tenants would be totally up to you and should be a significant amount as it would set a precedent for the other 5 tenants to potentially move someone in (i.e. their children, spouses, siblings, etc.).

In Brandon Turner's book on managing rental properties, he shares a 'Rules and Regulations' form that can be used for your situation which outlines the rules on Occupancy. In his example, he uses a 14-day period to specify when a visitor would have to apply to become a tenant.
Brandon also includes a 'Roommate economic unit addendum' in which all roommates agree to make 1 single payment to the landlord (vs. 6 separate payments). They also agree that any 1 roommate violating the lease can result is termination of the lease for everyone. I feel like this could be a good way to have the tenants hold one another responsible/accountable for following the lease.

Happy to share these docs if you want to take a look. Just shoot me a DM.

 
All the best!

Abel