All Forum Posts by: Frank Meyer

I just got an insurance quote and it included lead liability coverage and costs 287 a year to have? Do any of you guys carry this coverage on your rentals? 

I just bought a duplex and I am househacking. I called my insurance agent about my policy today and was told if a tenant were to fall in bathtub or hurt themselves on property my liability insurance would not cover it. It would only cover a guest of mine if they were to fall? Does this sound right?  

If the due date for rent is before or on the 1st of every month can I post a three day pay or quit on the second If I don't receive rent? This is New York State I'm in. If anyone has a link to the nys eviction process can you please share with me. Thanks

Im looking for lease agreements for New York State. Can anyone share theres with me or know of somewhere I can get one. Thanks 

Im using the federal first time home buyers grant so I would need to live in the house for 5 years. Price is 85,000 each unit can get 600 a month easily. Everything in the house is brand new, furnaces, hot water tanks, windows, roof. I just worry about a tenant reporting me for living in the basement.

Im looking at a duplex upper /lower that has a partially finished basement. This will be my first home purchase and I plan on renting out both units and living in the basement for the first few years. Does anyone see any issues with this? Could the tenants report me? 

It is zoned as a duplex. I don't believe they would zone it for a triplex because of the windows and exit points in the basement. That shouldn't matter if I own it though right? I understand if I were to rent the basement out to a stranger it would need to be zoned because of legal issues correct? I don't ever plan on renting the basement to anyone just plan on living in it myself for a few years. Would anyone else do this if they were in my situation? young, no kids, single etc?

I'm looking at a duplex down the street from me that I plan to buy. It's a 2/2 with a half finished basement. I plan to house hack it but instead of living in one of the units just live in the finished side of the basement for a few years. Does anyone see any possible issues with doing this? It is separated so tenents would have there own walk way to the washer and dryer.

It's only been on the market for 5 days today's the first time there doing showings. It's tough because I've look at past properties that have sold around here and they all pretty much get sold at the asking price. Will bother me too much going right in it asking price so I was thinking 110-115 also. Hopefully I don't get outbid. I've been waiting for one to come up and actually get a shot at it for a while now.

Property taxes are 5,100 a year. I would only be paying the water bill. Vacancy rates appear to be low for the area. It's a 3/3 1.5 baths for each unit. The baths and kitchens need some updating no cabinetry though so no major expenses. I would be doing all the work myself.