Looking at going Mulit-Family

[Pete Ackers]

So I am thinking about getting into multi-family buildings in the New York area. There are some nice properties in the Bronx area. As a newbie, I wanted to reach out to the BP family and see what things I need to know about as a Canadian owning income properties in the US. Thanks

[Johnny Kang]

@Pete Ackers

Do read about landlord/tenant laws in NY. This is a tenant friendly state. We had a property in Brooklyn where it took us almost 2 years to evict 3 tenants out.  I called them thug, thugor and thugette. To make matters worse, their bad attitude spread to the tenants upstairs and they also stopped paying. The upstairs tenants, however left (thank goodness) after we filed an eviction notice thinking we weren't serious. I'm not saying all tenants will be squatters, but if you're investing in the wrong part of Bronx and you get a few horrible tenants that can wipe out any money you had saved up to buy your next property or do much needed maintenance.