All Forum Posts by: Leo F.

Old Format PLEASE!!

@aj Wish it was that easy and cheap

@Aj Parikhundefined

NY you legally can now only charge 1month :(. Used to get a min. of 2 mos and in certain circumstances up to 4 mos. Being  a LL in NY definitely has been and now very difficult

@devon 

@Devon Rogers I am not filling BK, I have plenty of equity in the property. I will definitely get ZERO dollars from them once I am able to evict which likely won't be until the end of this year. Unfortunately it is part of the business. 

NY (Long Island) tenant owes $48,750. Started eviction Dec 2019, covid hit and she has rode the wave!  I have had 3 court adjournments since then. My last landlord / tenant hearing was scheduled for March 10th 2021 and the county just kicked it to August! Even if I secured a default judgement, I could not evict bc of the Federal moratorium until September 30 2021. Not sure about other states, but NY specifically Long island is particularly difficult to evict in general, At this rate she will likely be there for 2 years w/o paying her rent of $3250 per month. CRAZY!  

I am landlord in NY , B+ Class area,  with a non paying tenant since December 2019! Basically , they are living in my home likely for 1 1/2 - 2 years FREE!  Mind you, rent is $3,300 per month! I had my first court case schedule with my atty for march, now that is getting kicked down the road. Does anyone know how I can go about applying (for the tenants?) for that 25$ Billion rent relief fund? thanks

B

everything Ryan lays out is pretty accurate. I own many properties, and have executed 3 seller financing agreements on a small multi props. 3.5% interest, 30 year amortizations and 15 year balloon payment!  I did put 25 % down.  Not your typical terms but surely worked for me.  Do what specifically works for you or walk.  Personally, I wouldn't feel completely comfortable on a 5 year balloon.

@Arlen Chou

Very good Arlen! Great strategy. I live in NYC and appreciatioin used correctly you can do very creative and amazing things. 

@Remington ly

@Remington Lyman

Yes agree!  My market is one of the most expensive in America.  Love spending money to make money, just don't like spending it to spend it on over priced assets in a super competive tight market anywhere. Anyone can be successful in any market, just need to be patient or have the connections to secure good deals.