All Forum Posts by: Mohammed Rahman

Hey @Shane S., take a deep breath and realize that this is a solvable problem. I agree with some of the others in this thread in that the situation never should have gotten to this stage, but you already knew that. 

I have a golden rule that I've learnt from difficult tenants: People will treat you the way you train them to treat you. Your current tenant was trained to take advantage of you by how you compromised repeatedly on situations that you didn't have to. You don't sound like a bad landlord that neglects his tenants at all, so why should you suffer?

Before moving any further, I would consult with a tenant/eviction attorney in NYC. There are plenty of them and some will work for a flat fee. Will this add on to the expenses you already have? Yes. 

But removing and having this existing tenant out of your life is going to be more valuable and cheaper than continuing to let her occupy your headspace (and physical real estate) for this long. 

@Katherin Rivera - sure thing! 

Hey @Sanderson Mittnacht - you could try swinging by the open houses of the you're interested in. Sometimes the seller is there, accompanied by the agent (it happens). 

Typically, if a homeowner wants to use an agent instead of going the FSBO (for sale by owner) route then it means they don't want to interact or speak with any buyers regardless of the offer being made. 

I've been on both ends, and any homeowner that has attempted to sell via FSBO knows the headache of managing random calls through the day as well as vetting potential buyers (but hey, you save on commission fees).

Hey @Katherin Rivera, how big is your portfolio? If it's anything similar like mine (small), then I recommend https://paltielcpa.nyc/

I've only gone to him starting this year, but I like how responsive he is via phone/text to my random questions with my properties. 

Hey @Leonardo Trought! From your post history it seems like you're actively sourcing deals for your wholesaling business, nice! 

I recommend just calling different title companies, or you can search the forums on BP. Check out TitleVest, that's based in NYC: https://www.titlevest.com/

Hey @Kimora Link - if they're looking to own their first property to invest/house-hack or own as a primary home, give me a shout and DM me! 

I know how daunting the home buying process can be for buyers in this market with low inventory, so it helps to be paired with a realtor who does this full time (NYC has a lot of part-timers that do this as a side hustle). 

Look forward to hearing back and happy to work out a referral program with your company as well. 

Hey @Nigel Girard - congrats on finding a deal that works for you at a price point of $55k! Those don't come by often :) 

I'm guessing you've already crunched your numbers and are set on going ahead with the deal, but figuring out whether or not you want to buy it outright or finance it. 

What's worked with my other clients in the past (that have worked on smaller deals) is to approach the banker you have the best relationship with as they will be more open to discussing financing a home with a <$100k value with you. Banks are incentivized to loan out bigger amounts, as they get paid more in interest if they do so. 

You could also buy the property outright in cash and immediately get a HELOC (typically will require lower dollar thresholds than a new mortgage note) as a way to not deplete your cash reserves. Just my $0.02

 Wow this is really good to learn and know, thanks for sharing! 

Hey @Duane Ward - replying to your most recent comment, yes I agree. I've noticed that once a distressed property is on the MLS it's priced higher than what it should be.

My hunch, in my own experience as a realtor, is that when an agent has a listing and is unable to sell it to her own agents' buyers *then* it goes on the MLS to attract retail home buying flippers.

I'm working with a few private buyers that are looking for off-market flipping opportunities as well on the island - if you'd like, I can add you to my list so you can get an update on the properties that I come across. 

Hey @Duane Ward - I'm not too certain about Long Island, but for neighborhoods in NYC including Rockaway you can learn a lot through the Zoning & Land Use Application website (google Nyc Zola). 

I know from the deals I've worked in Long Island the town's building department is the best first place to begin.

Good luck!