All Forum Posts by: Joe Jor

Not sure how we judging the other "bastions of journalism" to be better or worse, but here it is from CBS and the AP: https://sanfrancisco.cbslocal....

Joe

@Brandon McNulty, sums it up very well. 

@Edwin G Cruz Jr with "no money," your options are somewhat more limited: wholesaling, partnering with someone with money are the two that come to mind.

It is great that you have an 8 year time horizon you are aiming for; that should make it fairly easy to work backwards and determine your cadence.  Don't be discouraged!  As Bill Gates said: "We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don't let yourself be lulled into inaction."

Joe

Welcome to BP!  Do you have any specifics about the opinions your are trying to solicit?  Your post is very open ended.

All the best,

Joe

@Emanuel Ochoa, Welcome aboard!  I am also an investor from New Rochelle.

Joe

@Erica Howard, congrats on your first deal!  Regrettable, I don't have the answers to the specific questions you asked. 

With that said, you could ask the seller to put $XX.XX in an escrow account to cover 75% of the eviction, or whatever percent you both agree to.  These are costs that the seller already planned on spending to finalize the sale.  I will concede that the seller likely already spent some money to get the eviction to its current state.

Joe

A less "ranty" version of the letter for those of us not in the insta-face universe.  

Reach out to me if you need emails for Senator Mayer or Assemblywoman Paulin.  Still looking for Cuomo's (one that doesn't bounce)

Joe

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Dear Governor Cuomo, Senator [XXXX], Assemblymember [XXXX],

Re: Senate Bill S8125A

I am, literally, a small-business Mom & Pop real estate investor and property manager. I rent out just [X] units in [Your County] County and just barely manage to pay the bills each month. I love my tenants and aim to always take great care of them.

Halting rent payment for 90 days is an inequitable solution. Even if mortgage payments were suspended, they will eventually be due.  Furthermore, this proposal disproportionately puts the burden on property owners for other expenses that are still due (state property taxes, maintenance, utilities, etc)

I don't pretend to be a constitutional scholar, but the 5th amendment appears to bar this exact proposal: "nor shall private property be taken for public use, without just compensation."

I cannot think of another instance where products or services are TAKEN from private citizens and handed out.

If the NY State government is keen on providing rent support for 90 days, then they should be issuing government backed vouchers, not forcing the burden on small business owners. Small business is the lifeblood of NY and the US; don't squash us.

Thank you for your time,

[Your Name]

I had success with Bethpage FCU on Long Island in 2017.  They were able to provide a loan to a property in Westchester when all the other banks hit an actuarial wall.

Joe

@Curt Neider "All of the wear and tear items I saw in the thread are no different than those found in long term rentals at move out time. "

100% agree. The difference is that for STR, you have to keep up with the wear and tear repairs or you will hear about them each week when your next visitor moves in (and/or bad reviews).

For a LTR, these are reported less frequently as the tenant realizes they are the cause and chooses to live with the issue(s).  You may identify them during your 6-month walk-through or during tenant turn-over.  You gain the efficiencies of scale when you address the items as a block and you can knock out a bunch of them at a time. 

Stating the obvious, for a STR, one probably needs a greater repair reserve and a handyman near his bat-phone.

Joe

@Jingru Sui, at a StayAlfred now in Nashville. I can't comment on the profitability of the model, however, I can comment on the condition of this single unit. As a condo/apartment, it wasn't meant to take a STR beating ... or, I guess, that StayAlfred doesn't care about making repairs. It is a new apartment building in the Gulch; I would estimate under 10 years old. Its materials are of builder quality (vs a hotel's more industrial quality), so the wear shows.

As for the unit, the issues I have seen are:

• Walls repaired then repaired over with paint of a different shade; it is a patchwork of color and paint finishes
• Bathroom door hook missing; ripped out of door.
• Toilet seat missing 2 feet (so it wobbles)
• Stand up shower separating from the drywall (large vertical crack)
• Mold outside the shower glass doors
• Glass rotating plate missing from microwave
• Elevator call button surround smashed and cut up
• Acoustics between floors are terrible or we have Elephants in the STR upstairs.

It is clear that the cleaning staff is either not reporting the issues to the local room wrangler or they just don't care that much.  Half the items above could be fixed in 2 hours with 1 trip to Home Depot.

As for furnishing, they are fine, but curtains are translucent, so you will be up at sunrise. 

I guess the moral of the story is pick a well built, sturdy, building or you will have lots of repairs/complaints.

Joe

@Angel R.  While I don't know squat about Hazleton, and I would listen to Calvin's perspective, but maybe your sisters would Property Manage for you?  Throw them some money, everyone one is a winner. 

With that said, treat it like a business.  Write everything down in a contract, make sure neither side has any unstated assumptions.  Working with family can be hazardous to relations, especially if you are not 100% aligned or folks gravitate to the emotional side.

I would also ask to see detailed numbers on your sister's property. You want to make sure she isn't embellishing the situation.  "Trust, but verify" -Reagan (although Brandon Turner might have appropriated it!)

Lastly, maybe your sisters are looking for a new property; you could partner with them.  You be the money (or part of), they would be the day-to-day.

Just some other ideas to consider.  Best of luck in your hunt.

Joe