All Forum Posts by: Jacob Stephen

Thanks Tim. My insurance company said the damages to my neighbors unit will be covered under my insurance policy and there is no deductible to be paid by me. All he needs to do is send in pictures and an estimate for repairs. Since my insurance company is handling the claim, there is no need for an adjuster to come out. It’s a 3rd party, so their policy is to not send out an adjuster. Strange. I don’t want to get into a combative situation with my neighbor. If someone above me leaked water onto my apartment, I’d want them to pay.

Does homeowners insurance cover leaks from one apartment into another? I live in a condo. Water leaked from my toilet to the downstairs apartment. Not sure how much but there is at least some sheetrock damage. The neighbor was understandably upset so I’m going to wait for him to let me know the damage. I was looking through my policy and I’m not sure which line item covers the water damage to my neighbors apartment. Building property protection. Personal property protection. Family liability protection

I’m going to try quickbooks. Seems like other more full service options are Appfolio and TrueRent. They offer more than just bookkeeping.

What software do you guys use to track rental income and renovation costs. The options I can think of are Quicken or Quickbooks. Any know the pros/cons of these or other software packages? Thx

By placing 2 years of rent in escrow, don’t I️ get to effectively collect rent while the prior owner is forced to evict? Or as soon as I️ take ownership, the tenant becomes my headache?

I was looking at the Closing disclosure from my lender and noticed that the Title owners insurance is optional. What are thoughts on opting out on that? Its not cheap.

I thought even NYC courts can evict someone within 2 years? Sounds like I don’t have a complete grasp of the situation. I have amazing financing locked in and I want to use it on this home. Should I ask for 3 or even four years of escrow? Or can the tenant stay indefinitely? Seperately, the owners son lives in another unit and I have agreed to let him stay until the end of the year (1.5 months). He has children in school and they want to finish out the term in their current school. The owner has agreed to put 10 months of rent in escrow for that. Am I putting myself in an unsafe situation there as well. Thanks for the help.

I’m closing on a multifamily Home next week and the seller promised to deliver the building vacant. The sellers broker called me today and said one of the tenants hasn’t left yet and asked me if I️ want him as a tenant. I️ do not. I️ proposed the following: the seller puts 2 years worth of current rent in escrow. Every month the tenant doesn’t leave, a months rent is transferred to me. Is this legal? Are there better options? I’m also considering asking for legal fees in escrow in case in the tenant becomes my headache. The property is in NYC and tenants can stay up to 2 years rent free due to our court system.

It’s a multifamily (3) property in NYC. The bank appraisal came back significantly lower. $1.125MM vs $1.3MM Should this be a major concern? The bank is going to lower the loan amount.. I can come up with the additional equity but I’d rather not. I’ve done my homework and comps seem to justify the higher price. I plan to contest the appraisal with my comps. But I’m wondering if I’ve become blinded to this property. Any advice or input would be great.

I am renting out my condo and would like to get a standard lease template. Where can I get one? Thanks.