All Forum Posts by: Account Closed

Bin Chen I have to disagree with many advice given above. Every market is different and NYC has its own kind of market when it comes to tenants. First: NYC is a tenant friendly city and as a landlord myself in queens NY the number one rule is never ever say the word eviction or notice to a tenant. New Yorkers will go from having an IQ of 0 to 900 when you say those words because now your putting them and thier family at risk and then you will find yourself with tenants milking the system by living rent free for almost a year. The court takes 6 months, the Marshall takes 2 months and add additional months for other delays or adjourned. Second: service your tenants needs by trying your best, don't ever ignore or say no to a tenant in this NYC market. That tactic might work in other market but not with New Yorkers because everybody is paying high rent here and NYC has the highest rent in the country so these tenants feel that they are obligated to be treated like kings. Just go with the flow and get a contractor to professional explain why you can't put any insulation, have him make up the best lie and trust me the tenant will be satisfied that you had tried. Last: once the least is up, that is the only opportunity you have to notified the tenant that you no longer want him. Don't ever try to end the lease early, a New Yorker tenant will not leave early to find another high rent apartment, he will take it personal and start a war with more whining, late rent, 311 complaints, department of building complaints, and since he knows that you don't want him anymore, that tenant will ensure you don't sleep good at night. I have been a landlord in the NYC for 3 years and a property manager for 6 years, I know how tenants think here. NYC hates landlords and that is a fact when you get a $300 fine for having a dirty sidewalk or $5000 violation for being falsely reported by the DoB. Stick with those 3 rules i mention and you will be ok, NYC is its own market and there's no market like it.

Olga Roginkin is on point with that note, Arionnys Honorio your welcome and reach me anytime for other questions you may have.

Arionnys Honorio BP has many e-books and free information to get you started. Our great NYC market is not a friendly one, but our great neighbor New Jersey is much more kind for beginner investors. My 2 advice for our market is to partner up with another investor and don't pay for any mentorship or programs. Things go faster when you have like minded investors/partners. Doing things on your own makes things go slow.

Welcome to BP Arionnys Honorio any neighborhood outside the NYC boroughs will be much easier. Best of luck

@Bryan Almodovar sorry for the late reply just been busy with a project. NYC is saturated with investors and the market has dried out. So there's no more good deals for any buy and hold properties and if you do find one then your competing is high. 

Go to the Essex county site and they will have a list of foreclosure properties with an upset price. I always bring 20% of the upset price to be safe and I have never seen a case where 20% of the deposit ended up being even at of the winning bid. I love auctions but definitely get a contractor to analyze the property because these properties are blind bids meaning you can't go inside. Also in the event you don't feel confidence on bringing 20% of the upset price, then you would bring 10% and once you win the bid they will give you 7 days to have the rest of the deposit and then 30 days after to close.

Go to the auctions and observe how they run things. I love auctions and purchase from them.

In Essex county I see Newark and Irvington as decent cash flow with moderate property taxes but only would advice for an local or experienced investors to take on the challenge on that area. Hudson county I see jersey city and you might want to look at union county like Elizabeth city or Linden that can be good for buy and hold without that property tax burden.

Johnathan Boyle anytime Sergeant send me a personal message, and we could meet up for coffee and chat.

Johnathan Boyle urahhh Marine, I serve 8 years. I have not done any projects for others in NJ, only for myself until I get more experience with that market. If you want to get great deals in Newark, go to the sherif office for thier auctions, the prices on winning bids is great.