All Forum Posts by: Dane Fenner

Hello BP Family,

I purchased my first Baltimore property and I'm looking to hire a general contactor in the Curtis Bay area for a duplex with a basement apt. This home need medium rehab on all 3 floor. Please let me k now if there are any good GC you guys would recommend or any tips in general for a Baltimore renovation.

Thanks in Avance

 I think that may be my issue I don't have those relationships yet, although I would be more than willing to do all the work for equity or a very small profit. Very good point made here thanks  

Thanks Darren,

My coop has rules but they are very flexible. I appreciate your advice on the FHA Multi unit that is the direction I'm currently headed

Hello BP,

About 3 years ago I purchased my first property a 2 bedroom coop in Queens NYC, I have recently been pre-approved for a FHA loan for about 550k . I was planning to keep my coop and rent it out ( I can make about 200 profit a month, I've rented it out before) and find a 2 family in Queens/BK area to live in while renting out the other unit.

My question is, is there a better more effective way obtain property and generate cash flow? I have very good credit and income but my savings is low.

I have been playing with the idea of trying to get a multi unit building or home (4 unit +) with  the help of an investor but I not sure on how that would exactly work. 

Can you guys nudge me in the right direction, I plan to one day leave my job and invest in real estate full time I just have question on how and where to get started. 

Thanks in Advance 

Welcome Clive,

I have also  been looking in Bk but he prices are really out of control the only areas I find decent multi families is in canarsie or east new york and I really dont want to invest there. I am really sticking to my home town of Queens for my next investment. Let me know if you find any good 2 families in your area. 

I've been to a few meetups in NYC but none recently, please let me when you plan on having the next

 @Robert Fullum @Darren Sager

@Andrew Powell-Sampellegrini

I have created a "Rend Demand" electronically through the NYC court systems but I will have to hire someone (friend or family member for free) to server her.

Should I do this then hire a lawyer or should I just hire a lawyer and let them handle everything?

Thanks for the advice I'll guess turning the utilities off is out the question. I'll have to start to process asap

@Jarrett Harris

1. Don't rent to friends or relatives. It just makes things messy.

I know now, never again

2. Did you have your friend sign a lease that stated the utilities be in their name.

The Tenant signed the lease, the unities were to remain in my name only utilities that is not covered in the maintenance fee is electricity and cable/phone/internet

3. Did they sign a lease at all, if so what are the eviction procedures in your state since they are not paying.

I have to check what the NYC eviction process is

4. You probably just need to evict them. Hopefully the process doesn't take very long like it does in some places.

5. When is the last time you have been to the property? Are you able to inspect it to see if you "tenant" is still their and not damaging the place?

I usually stop by once a month to get mail and sometimes collect rent but I actually live a few block from the property I was planning to stop by today.

@Account Closed

Thanks for your feedback would you suggest I suspend the electricity and/or cable in to avoid the eviction process and wait till she moves on her own?

Hello BP,

I would like some advice on my current situation:

I purchased a Co-op apt in Queens NYC over a year ago. I lived in it for about 4 months and decided to move back home (due to money issues) and rent out my apt. A friend of mines agreed to move in with her two small kids under a 1 year lease.

For the past 6 month I have been paid but NEVER on time always a 2 weeks to a month and half late. Currently I am missing March and April's payment (which I can cover with emergency funds) but I'm fearful for May. The tenant has not been very response and to my emails or phone calls so there was no communication on when I would receive rent. All of the utilities, cable and bills are in my name because I was planning to move back in September once the lease is up.

If needed I could move back now and cover the rent and I even suggested that to the tenant (although money would be tight).

Please let me know what I could/should do to fix this situation

Thanks in Advance