All Forum Posts by: Isaac El

My business partner and I are building software tools to improve the process of deal making and transaction closing.  I'm hoping to meet people who would like to talk with me about our product and the way that it can make a difference.  Anyone interested in chatting with me?  Let's get a conversation started! 

@Isaac El I have POF from my investor, I provided it to her. She said I need to show POF from my own personal account.

In New York right now, you're only allowed a 5% raise in rent annually. NYC properties may have additional protections that I'm unaware of. Also, if you wanted to evict to improve units, you'll be waiting for a long time. There is a huge backlog of evictions and not enough judges to work through all of them in a timely manor. Add to that current COVID restrictions and you're looking at a tough path forward. If you're considering this one, I'd be looking at it as a very long term deal.

@Isaac El It totally depends on if there are any rent controls or regulations in that area. Let's assume that there is not, then you have a couple choices. You can raise the rents to market rate, but then none of the tenants will likely stick around. You can raise by a couple hundred bucks and see how many stay. It just depends on what you are trying to do with the property. If you can afford the vacancy, I would raise the rents close to market, let tenants vacate, refresh the units and rent at full market rate. 

Good luck, 

Carmen Dettloff
 

Hi all! 

I have a solid lead that came in...

Seller is an older landlord. She is tired of renting out to bad tenants and has two properties that she wants to offload. She was ok with my offer and is interested in seller financing - she owns both properties free and clear. I found her on Reiapro and it says that she is the only one on the deed. 

Here's my problem: She can't remember anything. She keeps asking me the same questions over and over. She doesn't even have a key to the property right now and doesn't know anyone with a key because the previous tenants left without returning it (not sure why she doesn't have multiples). Should I just give up on this lead and move to the next? I don't know how to make it work with her memory. 

What would you do?

Thanks!! 

Do not misstate the sale price, that is almost certainly illegal! I am not an attorney so you can take that with a grain of salt. I would never sign a document that says something different than what the truth is. If your buyer doesn't want the purchase price recorded then you can quit claim the property into an LLC and then sell the LLC, any real estate attorney should be able to help you do this properly.
Good luck!