All Forum Posts by: Henry Senatore

A. Unfortunately we put big numbers ($30k - $60k) in front of dads girlfriend but she said things like "I'm not sure" and "I have no idea how I'll find a place"... communication has broken down but prior to that she would often say has never lived/found a place on her own and that she's the baby of her family. Mind you she's 59 riding on my fathers coat tails (and now mine @ 27 y/o). Maybe the only way to get her out is to do all the work for her in finding a place and give her a decent sum so she can leave?

B. I think this is the more urgent situation because at least now we are cashflow positive from tenants upstairs. After all expenses & vacancy (5%) / maintenance (5%) budgeting, we're pulling in $415/month in Net Operating Income. If we lose that because my brother moves in upstairs and they stop paying, we'll be underwater when savings runs dry. Meanwhile the $415/month profit is going to be split evenly amongst all brothers just as dad would have wanted. But he's got the chance to be selfish and move in. I was thinking to get an operating agreement for the new LLC signed by all 4 brothers, with something mentioning none of us could live there, but I don't know if he would sign at this point. I suppose it's best to look up an attorney / PM at this point to consider all options.

Unfortunately my father had a major stroke and died recently. He left myself (executor of will) in charge and I have 3 brothers (we all get 25% of all assets). Dads house is a fully paid off 2 unit on long island in a nice area (3/1 on top, 2/1 on bottom. We have since filled the top with new tenants ($2,400/mo) which help us keep the property afloat. Recently valued at $700k (to get step-up basis) with finished backyard & pool. I live in FL property is in NY.

Two ongoing situations:

- Dad's (now ex)girlfriend of 4 years (she was abusive/irrational & he was breaking up with her) was listed in his will as able to live at the property for 5 years for $500/month. Any time I ask to buy her out she says "let's talk about it another time" or "the will says I have 5 years". She pays no utilities and our taxes are $13,000 per year. Overall property expenses are about $2,000/mo (tax, electric, solar, oil, water, internet) and we don't have a mortgage! She inherited her own property years ago and stayed in the house rent/mortgage free while her siblings paid all bills, until they got tired of paying and lean was put on house - as it falls apart from no maintenance. We don't think we can get her out but we would love to so we can sell the property and get rid of the headache. She's currently advising my younger brother on situation 2 below...

- The 2 youngest brothers (21 & 23) do not have many prospects & still working on finding careers. Both are far removed from the property/bills/maintenance/etc. One brother started dating the tenant upstairs, constantly stays over, and is even looking to change his address on ID to the property. I'm afraid he will eventually move in and won't pay rent or any bills which will turn into me having to pay all the bills to keep a property i don't live in. He can essentially turn into a squatter and I feel helpless.

QUESTION:

- Is there anything I can do to:

A. get my dads ex-girlfriend out of the house?

B. prevent my brother from moving in & turning the house from a cash flowing asset to a liability costing me money?

-Henry Senatore Jr. (first time landlord in a bad situation)