All Forum Posts by: Jin Lee

I've spent the last 3 years nagging the city to sell me a lot next to my property so I can install a driveway and they've finally agreed. This extra road frontage now also qualifies my property to be able to be legally converted into a triplex from a duplex. The property has a massive 900+ sq ft attic with very tall ceilings that would make a perfect 3rd unit potentially grossing another $1000 per month. 

Without actually building the 3rd unit, would this new triplex eligibility increase my property's value? 

If you are doing a cash purchase I think you'd have no problem now. The velocity of sales has dropped but quality properties seem scarcer than before. 

I think "price memory" might be the new challenge with some sellers who saw the premiums their neighbors sold for in the past few years and expect to get the same now but that's just a guess. 

@Theresa Harris 
I do, I didn't think that was a legal option before, but I just looked it up and according to the Residential Tenants' Rights Guide for New York, it appears that I can. Thanks, that should resolve the problem as long as the charity program doesn't try to fight it. 

If she isn't out by Friday I might offer to cover the expense, but for liabilities sake I wouldn't feel comfortable with the rental being under my name. Still leaves me with lost week or two that my contractor could have been in there unfortunately. That's the tougher half of this mess. 

I'll try to keep this somewhat vague for the tenants privacy.

I have a tenant who is provided longterm full housing support through a charity affiliated with HUD, they send me a check for her rent every month like clockwork. Last month she decided she wanted to move and asked to end her 12 month lease early, which I agreed to.

Her caseworkers confirmed with me that they would ensure she is out of the house by the 1st of March but she has had trouble getting a truck to move her stuff. I've explained to this charity program that she is still living there and offered to charge a daily rate (rent divided by days in month) until she is out, but they are refusing to pay anything. They claim they can't because they are already paying for her new apartment. It is now a week into March and counting I'm not really sure where to go from here.

Like the other said, intent to live there. If anything changes, like you need to move for a job or into a bigger house due to newborn children, communicate that to the bank and ask them how they'd like to move forward from there. 

Don't risk damaging your relationship with lenders. Leverage is the greatest power of real estate investing.

Beginner, I only have one rental unit, the other is for me, as I'm house hacking (once the rehab is complete). Being a beginner isn't a bad thing though, it means you actually took the first step that weeds out the dreamers. 

Brandon Turner's podcasts early on in BP and Robert Kiyosaki's Rich Dad Poor Dad were my biggest inspirations to fix my financial situation and set myself on the path of REI.

Syracuse and Utica are both great for cashflow, less exciting for appreciation. The biggest things to watch out for is the area you are buying in, and the condition of the property. Syracuse is very spotty crime wise, there isn't a cut and dry good and bad side of the city walk the area, talk to neighbors and get a feel for where you are buying (unless you don't care about that).  

Condition is a big concern because Syracuse is an aging city with a lot of 100+ year old rentals with large amounts of deferred maintenance. Trust me, I'm about $20k and counting over my initial rehab estimate because the last owner hid a lot of problems and I wasn't yet experienced enough to catch them. 

I'm a novice but always happy to chat REI with locals if you want to connect. Good Luck!

@Joshua Stein @Bill B.
For some reason I couldn't tag you in my above reply so I'm doing so here. 

 Absolutely, I appreciate your thoughtful response. Forum filters are definitely a helpful tool as well. here are a couple examples of how groups would be helpful.

1. REI meetups - Forums work ok for organizing a single meetup but aren't the best way to manage these longterm. By having a group like Facebook groups you enable a higher level of engagement with your members. I attended local BP meetups for years and the biggest struggle was maintaining engagement. Keeping the conversations going between meetings and making a space where the group can share local resources and advice would have a big impact on the long term success of REI meetups. Groups also allow for more private conversations about local issues or specific situations with a tenant or property than public forum posts, which can be especially important with the recent hostility (and even violence) towards landlords.

2. Niche groups - The forums cover a vast amount of topics and over a decade of posts, many of which are out of date and possibly even outright incorrect in todays market. Groups allow people to join a specific niche and see the most recent conversations on that topic. 

3. Moderation - The forums are a Wild West of opinions, contradictions, and hot takes. Groups would allow for group-specific rules, etiquette, and self moderation. Just like on Facebook, a groups creator can give trusted individuals who contribute regularly, permissions to approve posts or take down posts that violate the groups rules. 

@Joshua Stein