All Forum Posts by: Carini Rochester

Here a quote from a news article dated yesterday. I have apartments in the City of Rochester. It sounds like the tenant retains the right to leave at the end of a lease, but the landlord doesn't have the right to end the lease. The lease will renew if the tenant wants it to. What do you think of this proposed law?

ROCHESTER, N.Y. (WROC) — A bill was introduced by the Rochester City Council to adopt the state’s Good Cause Eviction law.

The bill would restrict landlords from evicting tenants without good reason and would curtail the denial of lease renewals. City council says the bill would not be considered until after the council meeting this month.

Rochester’s Housing Quality Task Force expands focus to homeowners

In order to evict a tenant or deny a renewal, landlords would have to prove the tenant did not pay rent and that it did not result from an unreasonable increase in rent, the tenant violated an obligation of the lease, is being a nuisance or doing illegal activity, or unreasonably refusing to give a landlord access, among others.

Is it taxed or isn't it? It also gets taxed as you pay down the principal. The principal portion of your mortgage payment is not an expense. It increases your equity, therefore it get taxed.

@JD Martin "really doesn't mean much" so true! @Jake Andronico "Expenses" 

In my market, Rochester, NY, I need 1.5% to 2% to not go bankrupt. High real estate taxes and older homes requiring a lot of repair and maintenance. OP, Is anyone seeing 1%? Yes. I am, and more. And it's wiped out by the higher costs mentioned. 
@Jake Andronico

Exactly right. Fixing the place up will most likely have a good return on investment. 2 acres of prime real estate could be an opportunity for subdividing into three or four building lots. But anything you do is going to take up time, might be a lot of aggravation, and has the risk that after all the work and financial investment, might not pay off to the extent you hope for.

Do you want to take the route that gives you the most dollars per hour, or the one that gives you the most dollars?

Your question is very good and has some validity. Although to use the words a little more precisely, its not where's the profit, it's where's the cash. Real estate can be a little hard take the profits as cash. Much of the profits end up being equity in the property. You turn the equity into cash via cash-out refinancing, or via selling a property. After 20 or 30 years, after the mortgage is paid off, the monthly cash flow gets better. But who wants to wait that long? I have improved cash-flow by buying some multi-family houses rather than single family. Getting three or four checks each month instead of one per property helps some.

The water authority here charges about $25/ month for the meter, and water is additional. So, paying an extra $75/ mo (3 additional meters) just to keep track of who uses how much, doesn't sound worth it!

I agree w/ @Denny Robert. LVL material, preference for an open floor plan, make this renovation very popular. I think you'll more than make up the price in higher selling price.

Crunch your own numbers with the equations that mean something to you. That way you'll have information that is meaningful to you so you can judge for yourself if it a good deal for you. Don't ChatGPT it. My impression is that this is a good deal for the seller, a bad deal for the buyer.

If you decide to further pursue this one you need a local structural engineer who can assess the already completed fix. That fix apparently is now concealed and may be almost impossible to assess unless there is some documentation of what was done, and if a permit was pulled, and did it pass the building dept's inspections. If it was fixed without an engineer's design, that would worry me. Was the recent work at least partly to hide the old work? I'm not saying its a hard pass. I'm saying it might be worth doing more research. You would probably need an accepted offer to give you an opportunity to have an engineer's inspection. You need a different agent if he feels it his job to steer to new construction and you are interested in existing stock.