All Forum Posts by: Gregory B.

Did you serve a notice? This is probably much more complicated then just sending it to collections. You would probably need a judgment against them. Not to mention usually (depending on state law) you are required to mitigate damage by re-renting the unit. Also, they were at the unit for about 10 years, they stayed for 1 day into June and were on the last month of the lease. In reality your Damages a nominal. Also, the security deposit is not for missed rent only damage to the property.

I don’t think many people on this thread know how estates and probate works...

5k, if he were to pay 10k on a 50k principal, he would be paying for 20% of the equity in the home. The rest of the debt service doesn’t really matter in this situation.

It’s illegal to Airbnb (short term stay) in a multiple dwelling in NYC

Security is not rent, you can’t take it if they don’t pay.

Make sure you weren’t over charging your tenants first if you take legal action. Many states have roommate laws that allow tenants to have a roommate not on the lease. You cannot usually contract out of this. Either way for $2500 it’s really not worth doing anything.

Speak to an attorney, any other advice on here is foolish. You don’t want to mess around with any chance of a discrimination suit. They can become very very expensive very quickly on top of any fines and other penalties applied.

PE fund terms: 8% return on investment, return of investment for limited partners and they take 80% of the remaining. Manager puts in 1% and takes 20% after returning all of the investors money.

To add on to what everyone else is saying, you may also be working with the wrong type of agent. Your friend probably on sells to homeowners not investors. If you want an investment agent you go to brokerages such as Jll, cushman cbre etc. Just because he is an agent, that doesn’t mean he actually deals in the types of properties you want. You don’t go to a real estate attorney to do m&a work so you don’t go to a average residential agent for your investment properties.

Why do people say deals are near impossible to get done in NYC? That’s just a bad way to look at it. They tend just to be higher risk higher award deals... more value add available then most places in the country, especially with rent stabilization.