All Forum Posts by: Larry K.

With the rent to price ratios so high are we at a disadvantage? This applies to 1to4 Fam and larger commercial deals, also with very low cap rates.  

There must be an upside. Any ideas?

welcome and best wishes. IMHO I say the Bronx may be a good investment  (wo knowing the deal details) but I don't think the Bronx will ever gentrify like brooklyn. it has to do with the subway lines and quick access to midtown or downtown Manhattan. the Bronx is a haul to midtown. 

I think you can deny based on occupany quantity. your town may have restrictions as well that you can put on your side. I have said no in these instances and that was the end of it. more suitable tenants came along and I rented to them.

was this more of a commercial deal with an LOI? if so thenjoy that is why you have the due diligence period. either way unless your money has gone hard you can adjust your offer downward or back out of the deal. what you are dealing with runs with the property and any other buyer would encounter the same.

I have done the professional spray on the tub and tiles and looks great and has worked well and held up. although it has only been about 2 years.

in most areas this is not allowed. egress is the biggest factor. if you have proper egress doors and windows it might work. check with your local code officials.

• Use your current equity via a heloc for down payment on another property
• Buy a 2 to 4 family, move in, rent the other units 
• Use your equity and find a money partner

@Marcia Maynard

Are you sure thats not commingling the security accounts?  I think that is not allowed. Unless I am misunderstanding something.

The bank holding the deposit requires a w9 from the tenant at time of deposit which tells me they are identifying those funds specifically so they can send out a 1099 related to it.

That is black iron pipe. It is typically used for gas or steam or fire suppression systems. The shut off valve is like that for gas.

 Whether or not gas runs through I don't know. It is strange to have gas or fire suppression at the floor.   Like the others said search around. 

@Marcia Maynard gets it right.

The security deposit is in a separate account. The Tenant gets a 1099 for their deposited money while they are a tenant. The landlord holds it in the landlords name though. Only the Landlord can and should withdraw it and hand it over to you at closing. You would then deposit in a new LL/tenant account under your name.  Still, check with a lawyer in your state.