All Forum Posts by: Daniel Cavallari

@Scott Wolf It is not on long island but I appreciate the help and suggestion. I think I'm going to go in person to see what happens. I'll use it as a learning opportunity.

@Erik Baumer Through my brief understanding from contacting assessor offices they offer 2 options (at least where I live)

1. An informal meeting with assessor to discuss the issue.

2. File a grievance

Through talking with the assessors office it seems that option 1 is a good place to start because they can hear you out in person and can choose to agree or disagree with your opinions. If you meet a favorable outcome you can agree and dont need to file a grievance.

@Mike Kirby Good point. I guess the worst that can happen is they say no. It was most definitely worth you while.

I was wondering if anyone has any insight into challenging a tax assessment of their property. Is it worht it? I don't actually think my assessment is too off, maybe $4k greater than its value. However I did note that my tax assessment is $10k - $15k greater than nearby (within a block) comps. My property is located in NYS so a $5k to $10K reduction in tax assessment would result in a several hundred dollar reduction in my property taxes. Let me know your thoughts. Thanks!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Lockport.

Purchase price: $63,000

Duplex (Upper/Lower):

Purchased for $63,000
Put approximately $8,000 into upper unit (Paint & Flooring throughout, Bathroom renovation, Kitchen updating).

Monthly Rents (Included water, sewer, garbage)
$690 - Upper
$550 - Lower

What made you interested in investing in this type of deal?

After running the numbers on multiple properties in the area I determined that a multi family unit would generate enough in monthly rent (as opposed to a Single Family) to make the investment worth while.

How did you find this deal and how did you negotiate it?

MLS, not much negotiating, cash offer.

How did you finance this deal?

Cash (savings), plan to refinance.

How did you add value to the deal?

Increased rents from $480 (lower) and $425 (upper) to $550 (lower) and $690 (upper).

Was able to substantially increase the upper rents through renovations and doing a majority of the work myself.

What was the outcome?

I now own a cash flowing rental property.

 Thanks @Brian Adzadi. I know a lot of the leases I have been looking at are month to month, so you're saying I can legally step in and not renew the lease, giving about a months notice. 

Thanks @Brian Adzadi. I know a lot of the leases I have been looking at are month to month, so you're saying I can legally step in and not renew the lease, giving about a months notice. 

Hey BP community I am looking to purchase my first property and have been looking at multifamily options. I plan on using the house hacking strategy by living in one of the units (finally getting out of my parents house), while renting the other(s). However, many of the properties I have looked at have all units filled with tenants who plan on staying into the future. I was wondering if anyone knows how I can (legally) remove a tenant if I plan to live in the unit. Located in NY. Thanks in advance for any advice.