All Forum Posts by: Jinyu Shao

@Jason Lee Thanks for the reply. 

I'm not sure if the agent's firm is a member of REBNY. She works for REMAX and her office is in Brooklyn. I don't think she has much experience with co-ops to be honest. But she seemed knowledgeable and eager enough that's why we hired her. We're paying her the standard 6%.

@Jaysen Medhurst Thank you for the reply. I'm selling because I paid a pretty significant down payment and I want to take it out to invest elsewhere. The co-op isn't making much return. I'm just about break even. I can hold it for another year and still break even but the rates will change in less than a year since it's a ARM loan. I will likely pay more in mortgage and that might put me in negative return. The co-op is priced around 33ok right now and I purchased it for 325k. It's a co-op and I've heard co-ops generally don't appreciate that much and I don't really expect it to.

I think I'll give her a deadline and the option of cash for keys. I really think it's not worth it to actually proceed with the eviction process, but it's a good tool to get the tenant to finally take action. 

Thank you all for the input!

@Theresa Harris You're right. It's been months and the situation is really quite frustrating to deal with.

@Sandy Gabin She does have a lease. She mentioned she has family in Atlanta but she seems to want to stay in New York.

Thanks all for the reply. Seems like cash for keys is the best strategy moving forward. I'm currently helping her find a room in New York. I've been sending her links but I'm not sure if she's actually going to see them. She seems to be really dragging her feet. Hope some cash incentive will work. 

Hi all, 

I have tenant who is renting out a room in my house. She's just renting out the room for herself and she has been behind on rent for three months. 

She has been slowly paying couple hundred dollars every few weeks and it's been going for months now. She has a lease which is expiring in June. Her financial situation didn't seem to have improved and she is still perpetually behind on her rent. 

I don't want to involved an attorney because the eviction process in New York is so complicated and costly that it's not really worth it. I spoke with her once and she mentioned that prior to this she was living in a shelter. I sympathize with her situation and has been trying to find a solution that works for both of us. So far no much has changed, she's still behind on her rent and there isn't much we can do. 

Has anyone else dealt with similar situation/tenant before? What can I do to get her to move out without going through an eviction.

Thanks!

Jinyu

Hi all, 

I have tenant who is renting out a room in my house. She's just renting out the room for herself and she has been behind on rent for three months. 

She has been slowly paying couple hundred dollars every few weeks and it's been going for months now. She has a lease which is expiring in June. Her financial situation didn't seem to have improved and she is still perpetually behind on her rent. 

I don't want to involved an attorney because the eviction process in New York is so complicated and costly that it's not really worth it. I spoke with her once and she mentioned that prior to this she was living in a shelter. I sympathize with her situation and has been trying to find a solution that works for both of us. So far no much has changed, she's still behind on her rent and there isn't much we can do. 

Has anyone else dealt with similar situation/tenant before? What can I do to get her to move out without going through an eviction.

Thanks!

Jinyu

Hi all, 

I'm in the process of selling my co-op located in midtown near Grand Central. I would like to get some advice on whether to continue selling or hold it for a bit longer.

The co-op has been listed for about a month. My agent has held a couple open houses but currently there hasn't been any offer. I'm slightly worried that I will have to leave the place vacant for many more months before there is a buyer.

I currently have a tenant living there and her lease is expiring in March. I have a five-year ARM loan on it with an extremely good rate (below 3%), which is set to change on 1/1/2020. I wanted to sell it before the rate changes. I've been told that the rate won't skyrocket but I don't want to risk it.

There are about 20 active sales out of 450 some apartments in my building according to my agent. She also listed a number of other factors that's making the sale difficult. 

The market price for similar co-ops around the area has dropped since I bought it in 2015. I would be thrilled if I can break even. 

My question is, should I continue with the sale or renew the lease with my tenant for another year? If I continue the sale, there is no guarantee that I will find a buyer in the coming months. If I renew, I risk a higher interest rate. 

Do I have any other options? 

Would love to hear your input. Thanks in advance!

@Michael M. Thanks for sharing. I'm also curious what you ended up doing because I'm having the same exact problem. 

My first floor tenant is on section 8 which makes things even more complicated. My duplex is wired the same way ever since we purchased it back in 2016. We haven't had any work done because it seems time consuming and costly. A few months ago, ConEd removed my tenant's names from their account and ever since we've been responsible for their electricity. I learned just a few weeks ago that ConEd has a separate rate for landlords and we are being charged more than the normal residential rate for electricity.

I'm also planning to rent out the first floor with the basement once my tenant moves out. It seems like even so, the shared meter is still a problem with ConEd, which seems odd to me. 

I'm curious whether you have found a satisfactory solution to this issue. 

Cheers, 

Jinyu

Hi all, I own a duplex in Queens and our family both live and rent the property. My family is planning to move out of the neighborhood and rent out the entire building. 

I'm unsure whether the house will become an investment property after we move out or remain a primary residence. We've been living there for almost 3 years. I'm aware there are rules like the 2/5 rule, you have to live there for 2 years in the past 5 years for it to be considered a primary. I'm not sure if it has changed. 

Any insights on the tax implications of primary residence vs. investment would be helpful.

Thanks!

Jinyu

Hi all, I own a duplex in Queens and our family both live and rent the property. My family is planning to move out of the neighborhood and rent out the entire building. We've been managing the rental on the first floor by ourselves and it's just too much work and headache.

I'm looking for an honest and reliable property management company who can help us find tenants and manage the duplex on our behalf. I haven't worked with any property manage company in the past but I know a good one is hard to find, especially in New York.

Recommendations are welcome and appreciated!

Thanks!

Jinyu