All Forum Posts by: Janel F.

My lawyer in nyc actually recommended I do the same thing. If you decide to end the lease and they don’t comply, it becomes a holdover case vs an eviction. 

Originally posted by @Frederic Babeux:

@John Boychuk

You are right that we still have to give the 90 days notice for someone who's been there for 2+ years (we currently have one tenant to whom we gave notice who's supposed to leave by end of february).

Correct me If I'm wrong but when you have an annual lease, you can't break it mid-lease, even with proper notice unlike month to month. So if a tenant doesn't really respect the property, you're stuck with him/her for slightly longer.

In my opinion the month to month lease has the same benefits as the annual lease but with added flexibility for both tenant and landlord. The only downside would be if a tenant leaves in low season but I think you can limit this somewhat by having a respectable property.

For the NYC and NYS investors, what will you be doing differently in light of the new rental laws? I have property in NYC and Rochester and I’m told that there have been changes in Rochester as well. Curious to hear about how others are dealing with the changes.

thanks for your reply @Josh Oaten

I’m an investor from Brooklyn, ny. Currently have 10 units locally and long distance all 2-3 family units. Local units are self managed long distance units are managed by a pm. Short term goal is complete financial independence. Long term goal is wealth building. Contemplating next steps:

Continue with small multis?

Move into larger multis (10s of units)

Aggressively purchase single families

Would love to hear your pros and cons and experiential anecdotes especially regarding investing in larger multis long distance.

Thanks BP fam!

@Samuel Porran did you find new management that you like? 

Omari Did you find a manager that you like? I have 2 multis and have been with 2 companies so far and I’ve not been happy with either. Curious to hear if you’ve had a better experience.

First they had to evict a tenant after we were in contract and asked if we were ok with taking it without a tenant. We were fine with that. Then they asked if we wanted them to place a new tenant because they had an applicant. We asked to see the application, never heard back and all of a sudden it was rented and apparently this tenant has a pet. Then they pushed back closing because they didn't want to credit us rent before they received it. It's nothing major, I just thought I'd have options if I walked away. I'm finding that is not the case. 

I wonder if you're the person buying up all the property I'm interested in. Lol. I'm coming up this wknd and had a list of properties I wanted to see. Half were in contract within 2 days!

Originally posted by @Jason M.:

I have been aggressively buying cash flow properties in Rochester over the past 2.5 months. I am definitely finding it more difficult to find good deals as time goes on. 

 How many have you purchased so far? I'm in contract on 2. Was going to let one go because the seller is being a jerk - but now I see why. 

Thanks @Larry Turowski good to know I'm not crazy! What do you think is driving it?

Is it just me or are the property values in Rochester NY increasing? I was told that roc was a cash flow town with little appreciation. When I first started looking there houses were listed for the same prices they had sold for in the 90s! I was seeing more houses (in the areas closest to downtown) in the 45-60 range. Now I'm seeing more in the 50-75 range and this is just over the course of months. Thoughts?