All Forum Posts by: Emmanuel Hirakis

@Joe Gallo

It will take you many years and thousands of dollars to increase those rents to market valve.

Just need careful with 6 families and above

Have a friend that has many properties in the area, and is now getting far ahead cause of all these changes they made.

@Joe Gallo

Do you have any other investments here in new york?

6 family buildings and above abode by different landlord rules.

Is there any rent stabilized apartments in there now?

There is plenty 6 family in middle village now that went from 1.8m-2.1m.

Down to 1.2 to 1.3 after the rules changed in August. This same rules that where changed are not subject to 5 units and below.

@Olivia Evans

I have investment in new york area and out of state (nj). Cash on cash return is better out of state.

Not that I always want to be a active landlord but for now taking a hour travel to do misc items around the property puts a bernden on my main income stream/family.

Once I have enough door in that area I will be able to hire a property manager to help and relieve some of that bernden.

Give me a call I can send a guy to see what's going on and give you a price to fix. 

office line is. 7186168611

cell.. 9175778000.

Manny.

 There is a relief you can apply for, look into that. 

I dont have any input on your question but keep me in mind when you find any good deals. 

What kind of issues are you having? 

@Donald Thomas

Congrats...

May all your deals be so great.

I'm now in contract for this mix use property. We went through all proceeding and got the commitment letter from the bank. One of the items required by the bank is either a letter from the seller stating no harmful substance was used on the property.

(Or spilages)

Needless to say the seller will not sign a papers stating this.

Now a phase1 will have to be conducted. They are requiring me to do it otherwise they will try and keep my deposit.

I had my lawyer draw up a addendum saying that we will pay for phase 1 but if comes back with additional remediation they will have to pay for both the phase 1 and the remediation if at that point then I will be able to pull out of contract unless they do remediation within the month.

Would of never got into contract if i knew there was issues with purchasing properties that had cleaners in there.

What other businesses would you guys say that we need to stay away from.

@Shane Willis

I have family that could of been a great mentor. But greed is a disease.. so.i self taught and I'm doing fine.

Wish I could of had a mentor probably woild.have saved me from the many mistakes I have made.

But for every dollar lost has made me that mlm much smarter and stronger.