All Forum Posts by: Mike A.

 Not 100%.  Re-read the law. The company I linked above is the only option I've seen to at least run checks and pass on the fee to the tenant. 

 I used to like him, but he's made the landlords the bad guy. He turned his backs on us.

Here you go -

Lease Runner 

Finally found site that charges only 20 bucks. Unreal what Cuomo did. I hope this moron doesn't win reelection in 2022.

We use a third party to run the credit and application fees. They charge $29.95 for both. We do not collect the money, the third party does. One potential tenant just callled and said we are not allowed to charge $29.95, only $20.00. One, we do not collect the money or even run the report, a third party company does. Two, how is anyone supposed to run a credit and background check for $20.00 in New York State? We do not charge any fees whatsoever, the third party company charges access to the reports. Are we supposed to eat the $9.95 loss each time? This is crazy.

There was another 12 unit CMF I was looking at. It has an independent appraisal of $2.1 million that was completed recently, yet the seller is asking $2.7 million for it. It's been going on and off listing for 2 years. I just think some sellers are delusional. I went to see it last January. At that time it was listed at 3.3m. It was the fastest walkthrough I was at. The seller was actually there with both agents. Very strange situation.

Was just curious. I do not entertain those "opportunities".

Maybe I am missing something, but I am not understanding how people are buying properties yielding < 4,5,6 percent gross. What am I missing here? If a mortgage is around 5%, then add taxes and other fees, how do people make cashflow and pay for expenses?

PM sent. 

 6 + a few garages.  I put the water/sewer under other.  All in all, about 125 bucks per month.

Yep, it seems good. I actually added an additional 800 bucks a month for any issues.  It should net a bit more.