All Forum Posts by: Adam Weber

Mike,

My experience as both an investor and real estate professional in NYC says that you better have some very high level connections and alot of money if you are going to try this.

Walk into the zoning office and talk to someone. Speak with someone in your community district about this. Your due diligence should focus on the local level.

Adam

Sam,

I have run into the same scenario before. Sometimes it is just better to go with your gut instinct. In this case you do not want to go along with their terms and their proposed terms appear to be in the their favor. The tenant could stay for a year or two on a month to month basis with no increase in rent. A couple of questions to ask yourself.

Why do you not consider them a model tenant? Non payment of rent? Damages? Do you not like them? (for whatever reason)

Will you eventually have to evict them?

How long will the apartment sit vacant if you do re-lease to a new tenant? Short term rent loss? Leasing costs?

If they vacate can you make any improvements that will increase the rent above the existing market levels?

Given the experience of others that follow and comment on these posts I am sure that there are some others that have had different experiences that they can share that will help you make a well informed decision. Best of luck to you.

Adam

Hi,

My name is Adam Weber. I am a real estate investor and real estate professional here in Larchmont NY which is located north of the NYC metro area. I have been involved in real estate for more than 20 years. I wanted to find a place where I could share ideas with liked minded people.

Adam