All Forum Posts by: Josh Skyer

Hi BP,

I have a 3 floor multifamily with Section 8 tenants on all 3 floors.  

For the most part they are all good tenants and I have had little problems. Everyone pays their portion of the rent on time and apartments are generally clean.  Recently I have been getting noise complaints from the second floor.  There are 2 small children living on the 3rd floor and some very animated adults.   To make matters worse its hardwood flooring which does not help. 

Any suggestions or advice here would be a big help.  The 2nd floor tenants are getting very upset and making complaints more frequently now. 

Thanks in advance. 

Hi everyone, 

So I had an accepted bid on a foreclosure.  ( Freddie Mac)  

ITs an all-cash deal and they gave us 30 days to close.  A bit rushed but ok.  They then took 16 days to get a contract to us. Naturally, my Atty is not happy with them and demanding an extension if the title is not clear.  They said ok to the extension but they are claiming that Freddie Mac can not add the extension to the contract. 

The bank then expects us to sign a " time of essence contract" to close in 15 days one of which is Labor Day when the courts, county clerk, DOB are all backed up and delayed in providing us the documentation necessary for the title report. 

If I sign it puts me at risk of losing the contract deposit based on an arbitrary closing date set by whomever when my offer was accepted over 8/4 and not one person involved in this transaction on the sellers end responded to my emails or phone calls requesting a deal sheet and contract until 8/17 (2 weeks after the accepted offer). 

My atty demanded that we -- Either move the TOE closing date back or add extension language.
There is also 50K worth of HPD fines on this prop that the bank is claiming were taken care of but still show up on a search.  So we are asking them to provide proof of fines being paid as the clock on the completely arbitrary and unreasonable closing date is still ticking here. 

I should have known this but also FM is claiming to be exempt from paying transfer tax which will also fall on me. 

ANY ADVICE in this situation would be greatly appreciated.   

Thank you all for taking the time to answer.  Going to try and get her in today.

Paperwork has been approved and we have passed inspection.  She has 1 week to move in and informed us she wont have enough cash to cover the security deposit due to her lay-off from the Corona epidemic. 

If she does not move in by the end of the week we loose the subsidy and the 1 year of guaranteed rent ( and months we spent getting to this point)  Any ideas?  I was considering letting her move in without it or perhaps increasing her portion of the monthly rent.  Thoughts? 

I have had this issue in several properties and would advise you to tread cautiously here.  In my experience with smoke simply thinking it's going to be a cleanup and paint job can be disastrous.  It might be depending on your tolerance or your goal for the prop.

  I turned this one into a Vacation rental so its less of an issue because tenants average a few days at a time.  2 years smoke-free and most guests still comment on the smoke smell.  (it's really nice and basically beachfront so they tolerate it) 

  Heavy smoke permeates everything.  We did everything listed by others above -- Repaint the entire house with 3 coats of oil-based kills, empty the house and scrub it down with smoke killing cleaners, repaint cabinets, replace all fixtures and appliances, full ozone treatment -- It got better in the beginning but as time passed the smoke smell came back. 

We have resigned to the fact that all sheetrock and insulation and flooring needs to be pulled out of the house -- even then we are concerned that the smell is in the actual wooden studs and attic.   Things we are not ready to do. 

Best of luck. 

Im interested in this..