All Forum Posts by: Mike Adams
Mike Adams has started 35 posts and replied 205 times.
Post: Emergency eviction possible in NY?
- Port Chester, NY
- Posts 209
- Votes 156
Originally posted by @Lynnette E.:
Can the police be called every time he uses pot? I think that would get old for him and also protect the other tenants from the smoke.
Pot was decriminalized in NY last year.
Post: 401k vs Real Estate
- Port Chester, NY
- Posts 209
- Votes 156
Originally posted by @Caio Ferreira Torres:
@Mike Adams
I was thinking of it that way as well but having that free money tied in the 401k until I’m 60 years old makes me reevaluate it. The possible return from proper real estate investments might outweigh the free money. I feel like as a new investor I need as much money as I can get a hold of. However, 401k would be a guaranteed 100% return.
Trust when I say it's good to get that match. It's free money and it grows for years. Nothing beats compound interest (money making money). I put 30k or so in my 401k 9 years ago, it's worth over 400k. By 70, it will be worth between 3m - 7m in tomorrow's money. Never put all your eggs in one basket. Check out https://firecalc.com/
Post: Emergency eviction possible in NY?
- Port Chester, NY
- Posts 209
- Votes 156
Originally posted by @Mindy Jensen:
Originally posted by @Bruce Woodruff:
This may not help, but when training horses, there is a saying - "make doing the right thing very easy, and make doing the wrong thing very difficult". You have to get him to want to move out because it is so painful for him to stay there. I'm not suggesting anything illegal, but just think outside the box here.....
This is HORRIBLE advice. Don't put yourself at risk of violating the landlord tenant laws of your state by taking advice like this.
As much of a pain as this is, You should pursue all legal methods available to you. Regardless of whether or not he is paying rent, you need to evict him for violating your lease, which I assume says no illicit substances, no unauthorized guests, etc.
Get this tenant out legally, by following the eviction for lease violations rules of your state.
Yea, I wasn't going to do something illegal. The building is in a good neighborhood and worth a nice piece of change. We are, by no means, slumlords. We had a crew of five there on Saturday - Monday, yes July 4th weekend fixing the building as per the utility company's requirements to turn it back on. I told the guy today that he's getting a 30 day notice to vacay. He retorted that I need to call him immediately. I replied, phone line has always been open; we've been texting back and forth for two days.
The reason why I want it in text is to show how this guy acts. So now, he's getting booted.. Thank the heavens we wrote the lease as a month to month so he can be removed as a holdover tenant. Hopefully, he'd be gone in 30, but if not, within 60 I would think in Troy.
Post: Fannie/Freddie for multifamily
- Port Chester, NY
- Posts 209
- Votes 156
Feddie Mac has the small balance loan program, but I believe it starts at 1m, so depending on how much you put down, you may qualify.
Post: 401k vs Real Estate
- Port Chester, NY
- Posts 209
- Votes 156
I'd do both up to the match if possible. Do not turn down free money.
Post: Emergency eviction possible in NY?
- Port Chester, NY
- Posts 209
- Votes 156
Originally posted by @Ali L.:
@Mike Adams I know in NYC, it's only possible to (try to) expedite an eviction that is already filed by submitting an Affadavit of Support and Motion based on nuisance grounds. Nuisance would include creating danger to property and other residents. Best advice is to start eviction process and speak to a Clerk to expedite. Right now every Court is backlogged and long shot getting a hearing. I am told August 21 is likely for a case filed in Nov 20.
NYC is a different animal.I would take a building in NYC for free. With all the games tenants now play, we've been slowly moving out of New York and focusing on other states to operate. Not sure which is worse, New York or California in terms of landlording.
Post: Emergency eviction possible in NY?
- Port Chester, NY
- Posts 209
- Votes 156
Originally posted by @Bruce Woodruff:
You didn't get the point of my vaguely worded post. You need to make it very unpleasant for him to stay there.
I understood, however, there's little we can do in terms of making it uncomfortable for them since it would also make the other tenants uncomfortable as well. Luckily, we did write the lease on a month to month, so we're issuing a 30 day notice of non-renewal, and filing for a holdover eviction; which is still being processed in New York.
Post: Emergency eviction possible in NY?
- Port Chester, NY
- Posts 209
- Votes 156
Originally posted by @Bruce Woodruff:
This may not help, but when training horses, there is a saying - "make doing the right thing very easy, and make doing the wrong thing very difficult". You have to get him to want to move out because it is so painful for him to stay there. I'm not suggesting anything illegal, but just think outside the box here.....
With the new tenant protections in New York, it's not that easy. We vet our tenants very thoroughly, however, this person's personality changed over the times, and is being unreasonable. There is little to do in order to get him to move out. He's already stayed in the apt through the outage, that he caused, and now is requesting more funds because he stayed at a hotel during the outage. Yet, security cameras show he hadn't left the apt. So, it kind of hard to do anything to get him to move out.
Post: Emergency eviction possible in NY?
- Port Chester, NY
- Posts 209
- Votes 156
Anyone know of a good landlord attorney in the Capital Region? Unreal times.
Post: Emergency eviction possible in NY?
- Port Chester, NY
- Posts 209
- Votes 156
Is there such a thing called an emergency eviction? We have a 6-unit multi-family in upstate NY. We have a tenant who's been an amazing pain:
1) Smokes pot all day and it fills the entire building of pot, tenants complaining.
2) Let's other people stay in his apartment when he's not there.
3) Overloaded the power line to where the utility company had to come out and shut all utilities off for all units in the building for the last five days while they investigated the problem and found the solution.. A solution which cost us $5k in repairs.
Do we have any options here? He's making all other tenant's miserable and basically destroying the building in the process.