All Forum Posts by: Akshay Vig

Hi All,

I own a Triplex in Buffalo, NY, and could use a bit of guidance on what to do regarding evicting one of my tenants.

I had a couple with 2 kids a sign a 1-year lease in June 2019. For the duration of the lease, I would say they were average tenants. Paid their rent late a few times, and we received a noise complaint from adjacent tenants once or twice, but nothing too critical other than that. About 2-3 months before the expiration of the lease, they informed us that they were having marital issues and after many unsuccessful attempts, would be moving out at the end of the 1-year term. This was the plan until Covid hit. Due to the nature of the rental market during the pandemic and difficulties in regards to finding a new apartment, they asked if they could stay on a month-to-month basis until they were able to move elsewhere. With unemployment soaring and the moratorium, my property manager and I had no choice but to let them stay.

In the past 2 months, a few issues came up with the building. However, the only tenants making a fuss were these ones.They started to complain about their bathroom ceiling leaking, the faucet not working properly, etc. In addition, some minor electrical work needed to be done in one of the common areas, and one of the hot water tanks needed to be replaced. They flat out refused to pay their rent until we started addressing the issues they were having. And so we started to get work done where needed. We issued a 14 day eviction notice, asking them to pay their rent or vacate the unit. We received a partial payment for the 1st month they were delinquent. But that's all. They claimed they would make the rest as we addressed more issues they were facing, citing ridiculous excuses such as the water in the bathroom being too hot, strange odors, etc. As of now, they still owe a month and a half worth of rent + late fees. We issued them a second 14-day notice yesterday, and today they once again refused to pay the remainder of their rent owing. 

My property manager has suggested getting an attorney involved, which will set me back $550. On top of all the other repairs/things that have needed fixing + missing rental income, I am trying to avoid getting going this route as I simply will not have enough to cover my mortgage.

To anyone that's had to go through the eviction process in New York, what would you suggest? Also, how long did it take from the eviction filing to court date and getting the tenants out? This will be my first eviction, so any help would be greatly appreciated! Thanks in advance

 Hi Richard,

I would not be very hands on with the deal, due to the fact that I would be at a distance and it would be hard for me to physically be present for an extended period of time while the repairs are taking place. As for the purchase price which I forgot to add, you're correct it's at $95k. So yes, barely clearing it, but with all these immediate repairs, it's definitely a lot to consider. 

Glad to get your opinion. Thanks!

He does not have as much stake. Just a minor stake in order to manage the property. But those are some very good points regarding the work required and managing everything from a distance. I've had mixed feelings about that, so glad to see it's not just me. Thanks for your take! 

Hi all,

I'm just getting started with my first buy and hold deal. It's a single family home located in the Cobbs Creek area of Philadelphia. 1300 sqft, 3 bed, 1bath. Currently rents for $1050, with $100 increase for a few small updates. One of the few houses on the block that has a garage. Many updates done last year, including new windows, flooring throughout most of the house. Comps show similar recently sold homes selling from anywhere in the $20k to $125k range, depending on the amount of work that was done over the years.

So far, this doesn't sound too bad. I got the inspection done the other day and discovered quite a few issues that should be addressed ASAP:

-new chimney: the bricks are falling odd

-cracked asphalt on one of the front steps

-one of the floor joists need to be replaced

-some previous foundation settlement issues: the inspector suggested getting a structural engineer to come and look at that

-some moisture damage that will be taken care of by the seller

-it appears there might have been some termite infestation in the past: the inspector suggested getting a terminate radon inspection done

-new garage for needed as the current one couldn't be opened

-new ceiling in garage needed as part of it was ripped off, exposing wiring: could lead to a hazard

Other than that, a few minor things here and there like replacing a floor tile here, etc.

Here's the thing: I'm an out of state investor and was looking for something that didn't need much work. Granted, all the things listed above aren't the end of the world. But it's still a lot more work than I was expecting. My partner here, who happens to be a duel agent for the property, will be the one managing the property, collecting the cheques, etc. With cash flow above the 1% rule, I'm having trouble deciding whether I should go for it or not. 

Just looking to get your opinions on this deal. If you were in my shoes, being out of state and all, would you go for this deal knowing all this?

Thanks!

Hi All,

So I'm about to put in a couple of offers on some turnkey rental properties in Upstate New York. They are located in quiet, suburban neighbourhoods occupied primarily by families and young working professionals. My concern is finding tenants heading into the winter months. I'm able to close fairly quickly, so I would be able to have it ready for tenants to move in by late November at the latest. I'm highly considering using an agent to help me find tenants ASAP. However given the time of year, even that wouldn't guarantee quick tenants. 

I'd like to hear from anyone who's gone through a similar situation. How hard was it finding tenants going into winter? Were there any issues you encountered?

Thanks!

Thanks everyone for the insight! Greatly appreciated. Obviously I'd like to get the best rate and have a higher profit margin. At the end of the day though, I'd rather pay a bit more and have the peace of mind of knowing that I'm not being scammed. 

I'm getting ready to do my first fix and flip and am currently seeking funding from Private lenders. I'm familiar with corporations and LLCs that pool the funds of several lenders and loan them out for a certain percentage and/or lender points. I'm highly considering going with this option. However, I've recently come across some private lenders willing to lend their own funds directly on their own, some with significantly lower interest rates. They have their own contracts, terms and conditions, etc.

If anyone could share their experience with these "solo" private lenders would be, that be great. I'm just not too sure how reliable/safe these lenders would be, especially with this being my first time seeking financing. Also, if there are any things I should look out for/pay close attention to when going over the terms and conditions, that would be very helpful.

Thanks!

I'm getting ready to do my first fix and flip and am currently seeking funding from Private lenders. I'm familiar with corporations and LLCs that pool the funds of several lenders and loan them out for a certain percentage and/or lender points. I'm highly considering going with this option. However, I've recently come across some private lenders willing to lend their own funds directly on their own, some with significantly lower interest rates. They have their own contracts, terms and conditions, etc.

If anyone could share their experience with these "solo" private lenders would be, that be great. I'm just not too sure how reliable/safe these lenders would be, especially with this being my first time seeking financing. Also, if there are any things I should look out for/pay close attention to when going over the terms and conditions, that would be very helpful.

Thanks!

@Vitaliy Volpov I know I'm late, but thank you for the insight Vitalily! With so much information available out there, I wasn't sure which path to take, so thought I'd ask. 

And I'm looking to invest in Buffalo!