All Forum Posts by: Alex Alleva

hi guys if anyone has any deals or would like to connect let me know. I am an investor in the westchester area.

Currently a Broadcast Engineer primarily working in sports television but also do many entertainment shows. Unfortunately now is not a good time for my industry.

I am lucky that my tenants have been paying. Sucks that I have had one vacant apt all year though...

@Hud Floyd

Hello everyone

I’ve been a volunteer fireman in westchester county NY for the last 16 years. Currently own and rent a quadplex in lower westchester but looking for more multi families to buy.

Hello guys I am a landlord over in mamaroneck. Just wanted to say hello.

How is everything working out for you guys?

Alex

Thank you all of you for the responses.

I recently completed the buy out of my family members on a quadplex. We had tenants that have been renting from my family for roughly 12 years. They are great and give zero issues. The only problem is my grandparents never raised their rent over the years. They are now paying roughly 600-700 under market value. I clearly need to raise rent but feel bad jacking it all the way up. They were always good to my family and the husband has been sick and not working for a few years now but they have never missed rent. I am thinking about raising rent $100 and telling them that it will go up another $100 in a year. 

What does everyone think? Am I just shorting myself and caring to much for my tenants?

Thank you for your responses. I will say the comps do not make sense to me. They state that they put the most weight on a 2 family house in the area. That home sold for 826k. My home is a 4 family that has way more rental income than the 2 family.

Hello BP

My family and I currently own a 4 unit multifamily in Westchester NY which we had inherited from my grandparents. My brother and I are in the process of buying the 2 other family members out. My aunt own half the house and my 2 siblings and myself own the other half. We had been told the house was worth 950k by multiple real estate agents. Wew went forward with 950k as our home value and started a cash out refi with the bank. The banks appraisal came in at 845k, well below what we had originally all agreed on. 

Running the number is would still do well since we already own a portion of the house. I know this may be the wrong way to look at this but need some help evaluating the complete situation.

What would you all do?

How much does the banks appraisal really mean to the value of this deal?

Thank you all for the responses!