All Forum Posts by: John Gach

Say I have $200k to invest in downpayment s and purchasing MF buildings. Seems like the larger unit buildings don’t have as good of a return?

I plan to be in this situation by next year, and I don’t know if I’m better off buying the largest apartment building I can find or if I should just buy a bunch of doubles, TRI- and 4 plexs?

Goal would be best return on my money.

So I’m trying to get into real estate, I have a 4 unit I’m renovating currently, once it’s done and rented I plan to pull equity to buy the next apartment.

I’d love to own as many properties as I can eventually, but am I better off buying a bunch of doubles or is it better to go big and go for buildings with the most units I can find even though generally the return isn’t as good, but is it still better for other reasons going with apartment complexes?

I’m in Buffalo ny

Thank you

@Chelsea Knapp

I have my one rental in black rock. Yeah the city is supposed to be such a good market, so not sure if places in Florida are similar, but long term I feel like I would want to move to Florida, not sure if I should buy more properties in Buffalo.

Hi there, Im a pretty new investor, I have a 4unit rental that I am currently renovating, I’m hoping to have it done this summer and fully rented, my loan is 100k on it, I believe the building will be worth around 200-250k when I’m done with it and fully rented. Should cashflow around 2k/month after expenses.

The plan is to refinance, pull out hopefully around 100k and maybe use that money for a commercial property/Multifamily with the most amount of units to try to get the best return on it, get freedom and move from New York(Buffalo) to maybe Florida.

I don’t know if I’m better off buying the large commercial multifamily where I am currently, Buffalo New York, or buy in Florida where eventually I would like to move.

Not sure if 100k would be enough to make it happen and find a good property, I suppose it would be roughly a 500k property so probably not going to be very big. If I’m lucky I might have an additional 100k so I could have 200k down payment.

I might be just dreaming here but it’s what I would love to do.

I don’t know much about barber shops or anything about hair etc.

But what if I converted my one unit into a barbershop with several chairs that stylists can rent?

Is this something I can do? Buffalo New York

How do I do it? Can I do it, is it worth it?

Heard some people rent chairs at $800 a chair, so sounds like it can add up quickly.

@Matthew Irish-Jones

I imagine it would be better for the building to not be completely vacant. That’s why I waited to start the eviction process. Then when I did the eviction covid got in the way.

I think the lawyer figured the tenant would just leave and not take me to court. Courts are closed, so he couldn’t do anything about not having water just as I can’t do anything about evicting the tenant.

It would cost the tenant money probably to take me to court which he doesn’t have. And then if he actually took me to court, I could counter sue for the 7k he owes me and any damages to the property. But I don’t know what trouble I could get in from shutting off the water.

It’s ridiculous this whole situation. I have no income from the tenant but I still need to pay the water bill, I guess my lawyer said to tell him the water company shut off the water for non payment, and that the tenant hopefully just takes that as true and leaves finally because no water.

That’s what he is hoping for.

I’m down to do it if I can’t get in much trouble.

Had an issue with my post and can’t edit using mobile app.

Anything I can do? I told the tenant I’m for closing and water is getting shut off because I can’t afford the bill. I also told him I’m gonna board up his unit as well.

He actually knew the place was vacant and told a friend of his about it and I had an issue with people breaking into the rear vacant trying to live there for free, so I boarded the rear up.

But I might board up the front and turn the water off unless I can get in serious trouble, again if I would still win in court I think it would be worth getting the tenant to leave.

So I live in Buffalo New York. My rental property I purchased in august last year, it’s my first one, it came with this low income tenant that was getting social services and a housing agency to pay his rent.

The rental is a 4 unit but he is the only one living in it since I’ve owned it because it needs renovations. Anyways, planned to remove him eventually but didn’t want it to be completely vacant and wanted to not pay the gas for his unit since it was winter time last year. He lost half the rent in December 2018. I didn’t want to be a grinch and gave him time and also didn’t want it to be a completely vacant building.

Long story short, sent notice of eviction due to construction/renovations because I didn’t want him to come to court with the rent due and end of paying it and staying..... well covid happened can’t get rid of him. And I’m sure you know the evictions have been postponed again til may.

Is there anything at all I can do?

Courts are closed I’ve been told not sure if that recently changed. My lawyer said turn off the water and say I can’t pay the bill as I have no money coming in, the tenant owes me probably 7k

If the tenant took me to court which would be a long time from now potentially, I counter sue for the rent due

So say the tenant broke the lease and basically packed up and left. They didn’t damage the place, landlord collected first/last/security when they signed the lease. Are you allowed to put it in the contract that if the tenant breaks the lease they have to pay the remaining months rent? Also if that is allowable by New York State law, how do you go about collecting on that, are judgements the only option, does it effect the tenants credit?

This questions is more for my brother who actually was a tenant at an apartment complex and just up and left which wasn’t the smartest decision. The complex is trying to collect what appears to be around $3,000.00

My brother is trying to buy a house and is worried it would effect his credit?

Thank you

I’m a small business owner “hvac company”, and I own a 4 unit rental, and a flip house that I’m focusing on currently. The 4 unit rental has 3 vacancy’s, the plan was to get it going for this spring but now I don’t see that happening but I wonder if I am eligible and if I can claim loss of income on the vacancy’s?