All Forum Posts by: Alex Zipeto

@Joseph Matarazzo

Looking at the city codes, I believe it is all good, there is however a different registration fee of $25 per room instead of the $45(?) per unit. Good luck! Also I'm curious, do you live locally to manage the property? That is what has been stopping me from doing the same as you so far

Hey, I too am interested in knowing the answer to this. I know some people that do it, however I am not sure of the exact legality. I believe there is an occupancy per bedroom law. Are you living in the house as well?

Long story short.... currently evicting a tenant. Mostly for non-payment, but also is a headache of a tenant so it's best she leaves.

I have been trying to work with her to avoid eviction and come current on the rent. Finally, she gave me the phone number of her social worker. I call her up and explain the situation. I explain to her that we just got an eviction judgment in our favor today, so she has 10 days before she would be removed. For context to the story she is behind almost two months, now 3 going into December, about $1400 and now $2100 this month.  

We discuss the ERAP program, and I tell her I am more than willing to work something out, but I found out she lied about applying for the program earlier(luckily I called to confirm and they told me she never applied) and now she just applied to the program for real. The problem is, I know, sadly from experience, that the ERAP will pay the past due rent and sometimes 3 months in advance as well, but the issue is that it takes 2-3+ MONTHS. I am not in the position to wait around while she doesn't pay anything, I tell the social worker. She said that she totally understands and I need to do what I need to do. She said that she should be able to push her application through very fast and ask if I am willing to work with her. I tell her I would be depending on how long the payment will take to get to me, so we agree to talk again in a day or two when she knows more. 

We talk a little bit more, about her job, and such and she tells me that if I do evict her and we can't work anything out, being my tenant is saying that she will have nowhere to go if she is evicted, that they are going to provide her a hotel and give her money for food, etc. 

HOW DOES THIS MAKE SENSE. A hotel in the area is probably about $120 per night. So they are going to house her for how long? and give her how much other money? Even just a week in the hotel plus other financial help to her is literally the same amount of money as it would take to bring her current in her current apartment! How does it take 2-3 months to get the money to the landlord, but the same amount of money can be spent on a hotel. I'm not sure exactly what is going to happen, but it's really just so backwards to me!

@Ted Hendry

I was and still am the same way. I had to hire someone to help. Not a property management company. Almost like a personal assistant. Helps me a lot to separate and make rational business decisions while not having to be the bad guy all the time. Working really well. Maybe you can find someone even a family member to help you out.

@Lien Vuong thank you!

I was wondering, in a multifamily property, is inspecting only one(out of 2-4 units) in any form "discrimination". Would I need to provide a reason for only inspecting one unit and not the other? The reason would be that the tenants are not taking care of their apartment and I want to make sure they remain conscious of taking care of the apartment. The other tenants in the building do take care of their apartment. I know all this because recently a repair was done in both units, and the one apartment is nicely kept, and the other apartment is not nicely kept at all and they have an extra animal. I want to inspect the apartment regularly to make sure the apartment stays nice.

State is PA also.

Hi y’all

I’m looking at buying a small mixed use property. It has 3 apartments and a storefront. Also the garage is being rented out.

I am going to put a light rehab into it and would I delay like to refinance all my money out of it.

I am just confused on how this property is valued? Is it just based on comps? Or cap rate? Or both(cap rate for the storefront and comps for the other apartments)?

I can’t really find any comps for it. Just one property that has currently been on market for around 50 days.

Thanks!

First at 19 second at 20 and still plenty of time left!

Hi all!

I recently bought my first rental property and up to this point it has been almost maintenance free. Recently one of the tenants let me know that one of the windows is broken. I really am not concerned if she broke it or not. She has been a great tenant and I think that it is best to just replace the window no questions asked. 

The window size is 33in x 32in. The cost for just the window is $200 plus installation. I was curious if it makes sense to, while it needs to be replaced anyway, change the window opening so it is a more "standard" window size. 

pros: cheaper to replace in future, cheaper window, more money going to my handyman rather than towards the price of the window

cons: unnecessary extra work 

I know this may be a silly question but I am curious of other thoughts

Thanks!

@Josiah Harp

Would you have the downpayment? I brought the downpayment and was lucky to have my dad co-sign.

If I were you I would get a job, any job, as soon as possible. Start saving and showing income.

There will always be another good deal just like this when you are ready to buy.

I would definitely agree to look for other sources for the downpayment but then remember that you will have to pay this back... and it will come out of your cash flow so you will be paying out of pocket each month.