All Forum Posts by: Giovanni Soto

HI.  would someone recommend a commercial atty in or near Nashville or Gallatin Tennessee,

Thanks

i don't think nassau is too good bc very very few multi's and high taxes.  Single fam's are only ok but take longer to sell and again the taxeeees.  

Good luck

@Isuf Aruci,

hey you better not say it too loud that its a 2 fam and you have 3 apts. Conisder legalizing that 3rd apt if its possible (maybe costly but the FMV may increase. But it may be costlier if HPD finds out what you are doing. Fines are Huge (ask me how i know), if tenants on the illegal unit stop paying than you cannot force them. they will live for free for 6 months and you may have to give them back the rent they have paid to that point. BEWARE.

Good Luck

@Isuf Aruci,

Hi and good luck.  i've owned some props on Bx and what Steve Gordon and Ceaser are giving you great advise.  Consider your risk tolerance bc you will need it in  the bx, although your nhood is slightly better and you should strive for better tenants,  Sometimes looking for a better tenant means having the property vacant longer. 

confirm that existing tenants have always paid on time by checking sellers bank stmts.

As CR says If you wish to buy more than one consider buying the first on FHA and the second with std financing.

Consider having separate boilers and separate meters for all tenants.  Also consider having tenants pay a 90% portion of the space they occupy in water bill if its allowed.  (for ex if tenant has 30% of the livable space than have tenant pay 90% of the 30%= 27% of the quarterly water bill) Water rates in the city are rather high now.  Have your eviction letters ready to serve and your eviction atty ready also to start the process asap.  Bx courts are very tenant friendly.  GOOD LUCK

@Christopher Oliver, @Ceasar Rosas, @Justin Wright 

Hi, to you or anyone else who can offer some insight or referrals.  I've been thinking of investing outside of bronx now.  I have been by some of these places but know very little of Ossining or Peekskill etc. My interest is large multi-families.  What do you guys think of these areas for those types of investments.  I am considering Jersey also because the eviction laws in NYC are too lenient.  So please offer experiences on eviction as well, if possible.   Thanks

got it.  It is an agent and i'll explain to him and feel out his reaction because i think it is best to have sthg in writing that we can both be comfortable with.   Thank you again for the advise.  

What do you think of this wording? Thanks again.----------------

1.Rental Of Owner Occupied Unit:

Seller agrees to give Buyer and/or his agent’s access to owner occupied unit for the purpose of renting the same space by the closing date. Buyer must find a tenant OR Seller will agree to lease back his space at the proforma rate for as many months as it takes to give buyer time to find someone to fill it?

The owner uses 15% btw.  thank you

@Eric Odum Wow. Great, I will ask. What wording can i use to place that in the LOI or what wording if he doesn't want to lease back? What if I cant find someone to pay the amount that he calculated? --Does this call for a reduction in price , I guess? How much time should i ask for to find a tenant while he leases? Thank you so much Eric.