All Forum Posts by: Douglas Holden

@Cory S.

Not currently. If you want to grow your portfolio more rapidly, reinvest you rental income as long as you can.

@Steven Westlake

As an orthopedic surgeon, I do as little as possible myself. My hands are crucial to my livelihood and my time is more valuable spent elsewhere. That being said, I am very involved in any project from beginning to end and keep a close eye on my projects

@Shachar Avraham

Check with your city to see what they have as the registered rent. This is key.

The amount that you are allowed to increase each year is based off of the registered rent role. Make sure that you increase the maximum each year.

Also, in the event that you have a tenant that you choose not to increase the max (you feel sorry for them, they perform tasks for the building for reduced rent, etc) make sure you still show the max rent in the city registry. That is what your allowed increase are based on legally.

If tenants move out and you are able to value add via renovation, there are formulas for rent increases based on renovation costs. This amount varies by city and you need to speak to your city to find out their formula.

@Kaylee Pratt

Honesty and result driven for me, the buyer and not them, the realtor.

@Maricela Chavez

Hi Maricela,

Have them sign the form OMB Control No. 0920-1303. There are rather strict guidelines that they must follow in order to utilize the COVID excuse.

It clearly states:

-They must have experienced a significant loss of income due to Covid

-They have tried all other firms of government assistance

-They have made efforts to at least Make partial rent payments

-the landlord has the right to request full payment if outstanding rent (with interest and applied late fees) when the deadline has passed

-They can still be evicted for reasons outside of COVID

-By signing the form they understand that any misleading statements or omissions may result in criminal and civil actions for fines, penalties, damages, or imprisonment.

I think if you demand that they sign this, you will see some action on their part.

Good luck

Doug

@Jared Forman

I would keep clear of anything in Manhattan at the current time. People who have means are fleeing the city to the suburbs. Vacancies will increase and rent prices will drop.

My colleagues who own in Manhattan are trying to sell their NYC portfolios.

Better off looking at the suburbs as that is where the value seems to be at the current time. (Weehawken, North Bergen, Fairview). Stay away from Union City though!

@John Erlanger

Hi John,

Thanks for the ‘education’

Read the trail of posts.

@Joe Splitrock

Thanks again. I completely agree that a home can gain value with time but if you are starting out I feel you are better off with investment property than single family homes for personal wealth building.

Yes I do have 2 multimillion dollar homes but I didn’t start out with them... I purchased them after I was making significant money elsewhere.

It all depends on your stage in life and you position on the earning ladder I guess.

It’s just my own personal opinion and it has worked for me

@Joe Splitrock

Hi Joe

Thanks for your comments.

I believe in his situation that he should not look at buying a single family home instead of keeping a rental as a good financial maneuver if he is trying to build wealth.

Having an MBA and a multimillion dollar real estate portfolio, I am quite aware of what assets are and where they ‘belong’ on a financial statement. However, I will tell you that my 2 multimillion dollar personal residences are a liability as they cost money every year and I do not make a single penny off of them.

For a first time investor it is important to understand that your personal residence ( although an asset on your financial statement)

Does not generate income at the end of the year

Thanks again for your comments

@Richard Chen

Hi Richard

Rent and keep you investment. Otherwise you are going backwards on your path to financial freedom. A primary residence is a liability, not an asset. Keep the asset you have and if you really want to buy, consider a 2 family do you can house hack.

Good luck