All Forum Posts by: Isaac S.

If he is licensed, as is probably required in NY....you should absolutely report him to the licensing board, go after his bond and/or liability insurance. you may win a ruling or may not, but, it will be a bad mark on his license history, at least. If he's not licensed, you are probably just a liable for hiring him as he is for doing the job, but check with your attorney.

In CA you can do $500 or $600 total job value(i forget which) or less, without a license.

You may be in for a real rude awakening, as it would not surprise me if the only way to fix that damage, is an extensive and/or complete drain re-pipe...will cost some thousands, if not tens of thousands.

Sorry for your loss!

Do the tenants own pets? Dog food and cat food packaging are very common places for roaches, especially at distribution centers or pet stores, that don't have the same standards for pet food pest control as they do for human food.

1. JOB!

2. Good JOB!

3. Been at the JOB for a long time!

Haha....ok I'm joking, kind of...

All those things are important, but first is credit score(700 or better preferred, can go lower if other conditions are optimal) and no previous evictions, no felony convictions(especially violent or sexual). Preferably no recent bankruptcy or vehicle repossession. You do the report through your chosen company, do not accept tenant provided reports.

The evictions and convictions are red flag and an instant rejection. The bankruptcy or vehicle repo are more yellow flag, and could pay maximum deposit and first/last, to compensate.

Last, but NOT least....JOB.... W-2 employee with long job work history(longer than a year) at a Fortune 500 employer, with a job that is hard to be downsized or lost easily, is the gold standard. Has a check stub that clearly states hire date and current YTD earnings and you confirmed employment with the company HR department or supervisor that you reached from a publicly listed contact for the company. Even if they provide supervisor direct line, try and reach them through the publicly listed phone from the website. If self-employed, 90-180 days bank statements showing consistent deposits. If self-employed there a few other things to consider just no more time to list right now.

Is there vehicle well kept? Are they well kept?

Lastly, you should review Fair Housing Laws federally and for your state and or city...you can not discriminate against people if they have kids, or because of any protected classes(ie race, age, gender, sexual orientation, etc)

I own and manage 37 units for 20 years. 

Thanks, I always look for a partner who doesn't really care about profitability and just wants to learn on my dime!

Clearly a recession...and probably the start of the apocalypse!

I have had several 90 year old tubs reglazed.....looks great at first but is not very durable, even the guys who are the pros can only do so good, DO NOT use the hardware store over the counter refinish kits, they are garbage...the pro job will last 5+ years but they will eventually chip or peel(some sooner than others) and/or if your tenant uses the wrong cleaners(abrasives like AJAX) it will speed up that failure. They are still passable in the right market for up to 10 years, but, will not be perfect and will be a negative to a discerning tenant. 

It usually cost around $250ish, if it hasn't been previously reglazed, and another $50 more if it has.

It cost about that much for a new glazed steel tub, and then probably as much to install ...so, you save some money at first but, in the long run it is better to try and replace the tub if you intend to hold the property and/or will need to retile(the more expensive part of the renovation) and have good tenants that will not settle for small chips or signs of wear.

Good luck!

Send him the documents you would send for eviction...here it's a "3 day notice to pay or quit"....then follow up and say I don't want to have to evict you, but, the laws regarding eviction are very clear and refer him to exact part of the law that says he needs proof of covid-19 firing/layoff or else he does not qualify for the exemption and will be treated like business as usual.

Good luck and i hope more replies get posted that have better advice than mine.

$800K too much, even without looking at the expenses...BUT...

min required expenses and variables to accurately answer your question 1. property taxes at pro forma 2. utilities cost and type that are owner paid 3. type and age of mechanical systems(galvanize or copper plumbing, electric, gas or oil heated, type of constuction,etc) basically what are the possible capital expenditures your could anticipate 4. insurance cost 5. interest rate for your loan that is 80/20LTV ...unless your conservative upside on rents is more than 50% it's a solid NO with out getting all the above variables to give yourself an accurate idea of how this seemingly lean deal would pencil out....and i'm no where near the experience level of other posters here 

Like they said, ask a Trust attorney/estate planner licensed in your state. It shouldn't be to hard or expensive for them to set up. my family has one and most people I know in RE establish them to protect the assets and minimize tax ramifications when transferring the assets to children.

 UPDATED as of 4-7 all but 3 of my 37 units have paid....those three are verified COVID layoffs, provided appropriate documents and 2 of them paid 50% or more and made acceptable arrangements to pay based on provided unemployment income documents. I agreed to let one girl sublet her unit (pending my approval of any candidate)for several months until she can do business again, while she goes to her home country to stay with parents until the end of this, but she already paid the April rent.

I think May will be more or less challenging depending on the stimulus and how the work from home tenants and their employers are holding up.