All Forum Posts by: Les Jean-Pierre

Thanks

Hi, I had a former tenant do substantial damage to my commercial unit. I filed an insurance claim Thursday. My insurance agent has a preferred contractor who reached out to me this morning. I have not gotten a call from the claims adjuster yet but the agent called me and said I should talk to the contractor first to get a scope of work. I have had other insurance issues with my condo and I always had the adjuster come first(granted much smaller issues). I don't really care who comes first. I just want to get the most for the claim. What are other people's experiences with this. Adjuster or scope of work first? And does it matter? Thanks

I own a condo in Manhattan that I rent out. I rent a condo(don't ask). My family owns a three family mixed use in Bed-Stuy Brooklyn. The Manhattan rental market has softened. I would say it will take a year or two to rebound. But, I don't see it being back to pre pandemic levels for a while. I think for most young professionals that are starting out their careers, you still want to be in the office to move up. For some people like me, who have been in my day job for a while, I don't need to be in the office. And also, NYC has to be NYC again, people will come back for all the things that people like about NYC: restaurants, shows, museums, etc. Now, what is interesting is where our family's property is, it has gentrified at a faster rate since the pandemic started. I am getting pretty good applicants. They aren't like the Manhattan ones of course but better than before. The other factor here are the potential tax code changes and who is the next mayor of NYC. So, I think NYC needs to mend but hopefully, once the vaccinations are up and people feel safe again, it starts returning to normal.

I did a similar program in NY. But, it was NYS Program. After some complaining, they really added a lot of things. I note it was a long wait though. I would try your utilities as well.

I rented to Section 8 tenants. I don't now. I would ask the seller for the voucher number and the section 8 office number. I would call up the office and  tell them what the situation is and go from there. At the very least you would want to sign up for direct deposit. While I think the seller would be nice to do that and should, might as well get ahead of this issue.

What did your lawyer suggest? I would guess you only need to register a foreign corporation in NY. I highly doubt NYS bars out of state corporations to evict tenants once they are registered. Also, you are wasting time. You might need another lawyer.

Why would you quitclaim a deed and go through that expense? Likely, you need to register the LLC with the NYS Dept of Corporations. Then, you need to hire a NY lawyer for the eviction. Which part of NY are you in? Also, Corporations generally must be represented by counsel in court. No Pro Se.

I would try Blumberg forms. You can get them at a lot of stationaries.

Thanks

Yes, I try to max my 401k at all times. What I have done when I have changed jobs is move my 401ks into rollover iras and then invest in stocks. Done pretty well the last few years. I should note that I rented out a condo I lived in and manage a family property so might not be as "active" as other people.