All Forum Posts by: Isadore Nelson

I'd love to understand this better:

     How long does it take to get to court?

1. Do I need to hire a lawyer?

2. How likely is it to win the case?

3. What is the typical basis for such a case?

4. How does the specific situation affect whether they have to vacate the property?

5. What does it mean to file a lien for non-payment?

6. If the house clearly isn't theirs, what would the lien be filed against?

Thank you!

Hey everyone,

I'm currently looking to rent out a newly furnished 3-bedroom unit in East New York, Brooklyn, on a quiet block. The place is newly renovated, clean, spacious, and fully ready to go — but it’s been sitting for three weeks with no bites. We’re working with a broker who's familiar with CityFHEPS, and they assure us that everything is in order — an agent from the program has already visited and unit is registered.

Still… crickets.

Naturally, I’m wondering — is this normal for a CityFHEPS 3-bedroom unit? I know there’s always a shortage of affordable housing, but I’m starting to question the actual demand for 3BRs under CityFHEPS versus, say, 2BRs.

A few thoughts/questions I’d love insight on:

• Is three weeks with no applications typical?

• Have other landlords seen faster lease-ups with 2-bedroom units under CityFHEPS?

• Could the larger unit size be limiting us since fewer voucher holders qualify for 3BRs?

• Any alternative programs (FHEPS, Section 8, etc.) worth exploring that may move faster or allow cross-listing?

• Should I consider splitting the unit if demand for large family housing is just too thin?

This is my first time working with this program on a 3-bedroom, so I’d appreciate hearing from anyone who's done this before — especially if you’ve had success (or not) with brokers or agents who work CityFHEPS placements. Would love a recommendation if someone’s out there really moving units.

I’m open to ideas. Best-case scenario, this tenant shows up next week — but in the meantime, I’m trying to figure out whether I’m just waiting out normal delays, or if it’s time to pivot strategies.

Appreciate any advice from the BiggerPockets community.

Best,

Izzy

Hey everyone,
A friend recently made a comment that really stuck with me — they said tent camps in California might become the norm in the future because of how unaffordable housing is getting.

With AI advancing so fast, I'm starting to seriously wonder:

• Will large portions of the workforce be pushed out of stable jobs?

• If people can’t keep up economically, what happens to housing demand, affordability, and the rental market?

• Could we realistically be heading toward a future where tent cities or informal housing become more common, especially in high-cost states?

As investors and folks in real estate, how do you see this playing out?
Are you preparing for major shifts in tenant profiles, housing types, or market dynamics?

Appreciate any insights!

I’m looking at purchasing a quadplex in New York City, where all four units are rent-controlled, with two units vacant and two still occupied by rent-controlled tenants. Is there a way to remove rent control from these units, especially the vacant ones?

I’d appreciate hearing from anyone with experience in this area, particularly if you know of any process to decontrol rent-controlled units when they become vacant.

Also, I’m seeking recommendations for an attorney with expertise in rent control, tenant law, or real estate in NYC. Any leads or advice would be greatly appreciated!

Good question.

Hey Mordecai,

Sounds like you’re in a great spot with your real estate portfolio already! In terms of the Roth 401(k) withdrawal, here’s my take:

First off, that $60K withdrawal might sting a bit with the tax hit, but if you’re using it to buy a property that gives you solid cash flow ($1,300/month), it might make sense in the long run. That $15.6K/year in profit from the new property adds up, especially when you factor in potential appreciation over time.

As far as the Roth 401(k) goes, the growth potential is nice, but it’s not going to generate the same kind of passive income you’re going to see with real estate. You already have a pretty solid portfolio, so adding another property and generating more cash flow might accelerate your wealth in a way that the Roth can’t match, especially if you’re planning to transition to real estate full-time soon.

The long-term game for you seems to be building that cash flow and equity in real estate, and it sounds like taking the hit on the Roth 401(k) could be worth it for the immediate returns. Plus, as you mentioned, you could always tap into the equity later on to continue expanding.

At the end of the day, it’s about what fits best with your goals. If you’re focused on cash flow now and building real estate wealth, it seems like pulling from the Roth could make sense. But definitely consider chatting with a financial advisor who knows real estate—they can help run the numbers for you.

Hope that helps, and good luck!

Hi all,

I’m an investor looking to understand how to legally remove a property or unit from rent stabilization in New York City. If I purchase a building with rent-stabilized tenants, are there any legal ways to de-stabilize the units, especially after doing significant renovations or rehabbing the property? What criteria or requirements must be met for this to happen, and what’s the process I need to follow to ensure compliance with the law?

Thanks in advance for any insights or experiences!

Hello everyone,

I'm interested in learning more about NYC foreclosure auctions, and I was hoping to tap into the collective knowledge here. If anyone has experience or tips to share, I’d really appreciate it!

Here are a few things I'm curious about:

1. How do foreclosure auctions work in NYC? - I understand that properties go to auction, but what’s the process like from start to finish? 

2. What’s the redemption period like? - I’ve heard that in some cases, the homeowner can still redeem the property after the auction. How long does this period last in New York, and how does it impact the auction?

3. What are the risks? - What should I be aware of when bidding at these auctions? Are there any hidden costs or legal issues I need to consider?

4. Any general tips or advice? - Whether it’s about funding, research, or things I should look for in the auction listing, any insights are appreciated!

Thanks in advance for your help!