All Forum Posts by: Marylynn B.

 Excellent info thank you!

 Excellent question as to why I do not just keep the property! This is almost embaraassing since here goes the worse business decisions ever. This property was originally an owner occupied home on 40 acres, minutes from shopping & Albany & holds tremendous potential.  My parents build an addition on it making it a duplex-but not the usual duplex you would see in the area and I could easily charge rents in the 1500 range.  However, this is the sticky situation I inherited: My parents were elderly and lived in side B.  They rented to a family in side A for 1195 five years ago.  This rent was set low since my parents were elderly and needed help on the acreage etc.  When my father took ill him and my mom moved here to Maryland.  My brother who lives in vegas and has a high power job quickly rented the other side ( side B) to the tenant's son for only 700.  My parents and other brother died within the year.  We had 5 properties, my parents care, a subdivision of the 40 acres and my vegas brother was diagnosed at the triple funeral of my parents and brother with terminal cancer ( he is ok)- I purchased the remaining properties from him.  

The tenants love it there ( only second home they have lived in, the previously had a foreclosure) and never want to leave.  However raising the rent that high would be almost unethical, especially due to the help they provided to my parents.  The one stood outside almost crying when I drove my father away. They do want to purchase but I do not want to hold the mortgage...I heard my brother and father offered that...

If I was a hard-*** or true business person I would raise the rents in a heartbeat, but I just cannot do that.  Now that it is subdivided, it should appreciate nicely although the area itself has not shown much appreciation. the land was purchased by a family who is building 2-3 new homes and it should appreciate nicely-although the zipcode reflects homes miles away.  It was estate apprassied at 235. 

See my dilemna? go ahead call me a wimp...I just rather another investor deal with it LOL..Suggestions??

 this is almost embarrassing, the rents should be 1500/1500 and they are paying 1195/700.  I inherited this problem, it just is not so easy to increase the rents that much with these tenants-again the emotional ties with my parents and my brother who set them.  

Thank you Lynn!! This is excellent information and exactly what I was looking for. How are the tenant-landlord policies in states such as VA, carolinas or florida--if you know?

 The properties are in the Capital District. One I am closing on this week (yay) and  the other is not your average rental property.  It was owner occupied for most of its existence and the tenants-although always pay on time and take excellent care have not been charge the proper rent for the dwelling. This is due to an emotional attachment my parents had to them.  In addition they wish to purchase but for me to finance which I do not want to do.  Sticky situation. 

Welcome to BP :) We are neighbors! I am currently liquidating some NY properties with the plan of reinvesting in other states.  I am sure you will be a valuable resource with your experience!!

I appreciate the responses.  Although I have had some difficult experiences in out of state ownership, the idea of investing too much in the stock market seems too risky and I do feel diversification is the key.  I am also interested in states where a landlord friendly atmosphere is present, I have seen the opposite in NY.   I am very interested in many of your responses and I believe it can be done, with the right research and guidance.  My previous properties were inherited.  I am under contract to sell one and hope to find an investor to purchase the other duplex as it has long standing tenants that will never leave. LOL. I will check some of the websites you have mentioned!

I know this is a loaded question...I am selling a property in NY and live in Maryland.  I do not like the idea of an out of state rental but looking for a good area for cash flow and the least amount of headaches.   I have been more than disappointed with the quality of property managers I have experienced...again it has been just my luck....I am tempted to just invest in the stock market but I I prefer to have some assets in real estate.  I am interested in the carolinas as well as northern Florida but again being out of state has shown me the many disadvantages.  Maryland is an option, however with the high taxes and property values not sure it is an area that will show much cash flow or appreciation.  Just interested in your experience and advice.

This is semi unrelated, but maybe not. I inherited a duplex (mother-daughter) in Colonie NY. We have never had any problems getting tenants, however I have not seen much appreciation in the past few years. I have not seen a reassessment in taxes. Cash flow is good even though I have kept the rents low. I live in Washington DC and due to the distance would love to connect with investors in that area to possibly sell. The tenants want to purchase and wish for me to hold the mortgage which I do not want to do. Anyway, I do know values dropped and have not increased so seems like a good time to buy not sell!

Thank you @Ned Carey and @Jay Hinrichs ,

@Jay Hinrichs that is an excellent point. I have some calls into them now.

I agree with you @Ned Carey , and realize it is risky. Like I said I knew south florida much better. I plan to make some trips and talk to many people. But there is risky that is for sure.

and thank you @Raymond B. :)