All Forum Posts by: Chad Kastel

@Adam Stelmaszynski

@Brian Buckley

Did the firm chrisanntha construction company prove to be good?

Any new recommendations for Binghamton, NY GC's.

Is this meetup still happening?

Does anyone have an agent in Alton?

We have one tenant lease start in April and we submitted for ERAP in June. We've called multiple times since to make sure we've submitted all the documentation.  We've been assured that everything has been sumbitted and that it is still pending reviews.

As of today we are still pending.  This is in NY state.

Hello BP,

I'm under contract for a 10-unit in NY state.  The seller has leases in place for all the units. However some of the units pay in cash. They are not verified on the owner's tax return.  The concerning part is we are in a state with an eviction moratorium and we don't know what's going to happen in January.

How do we have assurances that the tenants are actually paying?  This is a very small town and we don't want to offend the seller. I do believe he is operating in good faither but there is no way to verify?

Is it reasonable to explain our point of view and as for a warranty for those particular tenants?  Something like for the first 3 months after purchase he will cover the rent if they don't pay?

Chad

Hello BP,

I'm potentially purchasing a 6 unit in Cortland County, NY.  Can anyone help me on what the standard cap rates an apprasier would use for that area?

@Peter Walther @Alexander Szikla @Steven Luttman

I finally got down to the bottom of this.  Essentially what happened is that the seller's attorney requested a bill from the water company.  The water company gave them the bill for money owed from a previous cycle.  However the water company told the seller's attorney that they could not get a reading on the current cycle.

The seller's attorney never mentioned that to us.  I don't know the legalities of this, but I believe there should have been additional money escrowed to pay for the water bill once the water company can complete their reading. And then once the seller's portion of the  water bill had been paid the excess money gets returned to the seller.

Am I correct about this?  If so, then shouldn't the seller's attorney be responsible for the bill since they didn't do their job?

Let them pay the bill and collect from the seller?

Of course. But the attorney will not return my phone calls or emails. 

Hello BP,

I purchased a property in upstate New York.  After we closed we got a bill from the water company that should've been paid by the previous owner or at closing.  When I approached my attorneys and asked if they were reponsible for this they responded with the quote below.  Can someone tell me if my attorneys are correct?

"The seller’s attorney obtains the water bill. We relied on the written statement from the water department on what was owed. There is no indication that any other amounts are owed, or any further readings were needed. Sounds like an error or oversight from that department, but since they’re a government entity, there isn’t much that we can do to hold them accountable. We don’t guaranty the water bill amount. I did call and talk to the water department and they said if you are unable to get a refund from the seller, they would consider working with you to reduce the amount owed."

@Todd Ashley currently broome county but I'm also starting to look elsewhere.