All Forum Posts by: Jinyu Shao

Thanks everyone for the input! Really appreciate your insights and advice. 

To clarify, the basement unit is not included in the lease, that's why the first floor tenants are asking for a separate meter. We have proposed to reimburse them $50 every month on electricity every month (which IMO is already a lot), but they refused. 

It is a legal duplex and I'm guessing the wiring is this way because there was one family living in both first floor and the basement. We are hoping to rent the first floor with the basement after this current tenant moves out, assuming they wont' stay. But if they do, we might will propose a lease that includes electricity with a cap  and raise the rent. 

@Jason Lee Thanks for the insight. You mentioned that the Manhattan market has softened. Do you have any advice on how to accurately estimate the value of my co-op? I have found in my experience working with agents in the past that some of them prioritize a quick sale rather than trying to negotiate more value on behalf of the seller. Do you have any tips on how to avoid that as well?

@Seth Ferguson @Brandon Cohen Thanks for answering. I do have an agent whom I have spoken with a few times about working together. She lives in the building and is familiar with the board. I'm hesitant to work with her because although she's experienced and had sold many properties in the building, she seems to be selling many other properties as well and I don't know how much time and effort she will put in to negotiate for me on my property as its value is on the lower end of the property she usually sell. 

Would you be able to share some advice on how to choose a good agent?

Thanks everyone for the input. Maybe it is a better idea to work with an agent this time. If anyone knows a good agent in Murray Hill area in Manhattan, recommendations would be much appreciated!

Seems like everyone agrees it's a bad idea to try to sell the co-op myself. There were many aspect of this process that I had no considered like fees for the broker. Really appreciate the input! 

The property is at Murray Hill in Midtown Manhattan, would love to receive some recommendations if anyone knows a good agent in the area. 

Thanks again!

Hi all, 

I need some advice on how to handle a situation that might require an expensive rewiring of the electricity in our home. 

I have a duplex in Queens where I rent out the first floor and live on the second floor with my family. We also have a basement but it's being used as storage and we rarely use it. 

A family has been renting the first floor from us for almost a year now. There is only one electric meter for both the first floor and the basement. When they first moved in, we had informed them about the shared meter for both the basement and the first floor, and had offered to pay a percentage of their electric bill every month. They had accepted this work-around. In the past few months, they became unhappy with their electric bill and involved ConED to investigate our home. We now are being forced to rewire the home because it's supposedly illegal to not have separate meter for the basement in this situation. 

My questions are:

1) Is it really illegal to not have a separate meter in this case?

2) What else can we do in this situation besides being forced to spend money on the rewiring?

3) I thought about offering to cover electricity within a certain limit and raising the rent, would this be a good solution?

Thanks for reading. Looking forward to your replies!

I think it depends on what you want to do with the real estate license. Do you want to do it because you want to become a real estate professional and start selling houses in your area? Do you want to change career? Do you want to use it to sell your own home? I think it's best to think about how committed you are to this idea. For example, if it's just one of many randoms ideas you have, then I would do more research before committing myself. If you have thought long and hard and have concluded that this is the best way forward, then go ahead. 

I'm also thinking about getting my real estate license and my understanding so far is that you don't just pay for the online course and the exam, in order to keep your license, you have to pay annual fees for many things. So take that into consideration as well.

This is by no means expert advice, but I hope it helps!

Hello! I have a co-op in Manhattan that I want to sell. It's currently being rented out, although not generating much return. I plan to take the real estate agent exam so I can be my own seller's agent and save on commission. (It's at least 6% in NY!) 

I'm currently living and working abroad and go back to visit 1-2 times per year. I'm trying to find out whether this is feasible in this situation.

I'm looking for advice for the following:

1) Can I represent myself to sell my co-op in NYC? (I know it's possible in some states, not sure if it's the same in NYC)

2) Can I do so while residing and working in a different country? (I can fly back for closing or other events that requires my presence)

3) If both of the above are okay, when do I need to be physically present?

4) Once I take the class online and pass the exam, what's next before I can represent myself to sell my property?

Thanks so much for reading. Looking forward to reading your replies!

Hello! I have a co-op in Manhattan that I want to sell. It's currently being rented out, although not generating much return. I plan to take the real estate agent exam so I can be my own seller's agent and save on commission. (It's at least 6% in NY!) 

I'm currently living and working abroad and go back to visit 1-2 times per year. I'm trying to find out whether this is feasible in this situation.

I'm looking for advice for the following:

1) Can I represent myself to sell my co-op in NYC? (I know it's possible in some states, not sure if it's the same in NYC)

2) Can I do so while residing and working in a different country? (I can fly back for closing or other events that requires my presence)

3) If both of the above are okay, when do I need to be physically present?

4) Once I take the class online and pass the exam, what's next before I can represent myself to sell my property?

Thanks so much for reading. Looking forward to reading your replies!

Hello! I have a co-op in Manhattan that I want to sell. It's currently being rented out, although not generating much return. I plan to take the real estate agent exam so I can be my own seller's agent and save on commission. (It's at least 6% in NY!) 

I know this might be a weird question to ask in an agent's forum since I choose not to hire one this time around...but I would love to hear advice from your perspective and would really appreciate any input.

I'm currently living and working abroad and go back to visit 1-2 times per year. I'm trying to find out whether this is feasible in this situation.

I'm looking for advice for the following:

1) Can I represent myself to sell my co-op in NYC? (I know it's possible in some states, not sure if it's the same in NYC)

2) Can I do so while residing and working in a different country? (I can fly back for closing or other events that requires my presence)

3) If both of the above are okay, when do I need to be physically present?

4) Once I take the class online and pass the exam, what's next before I can represent myself to sell my property?

Thanks so much for reading. Looking forward to reading your replies!