All Forum Posts by: Joel Polanco

For those who are investing in multi-family transactions of 10+ units, how important is it to know how to create a pro forma in excel? I assume that investors want to see this, just trying to determine if I should invest in some classes to learn how to complete this. 

@Galen Ikonomov I can't do that, in NY the most I can charge for a late fee is either 5% of the rent ($40) or $50, whichever is less. 

I received the message below from my tenant. She has been with me for about 6 months and has always paid rent on time. She has been great with communication and keeps her apartment clean for the most part (I had one instance where she was leaving dirty diapers outside).  She has also always paid her rent on time: "Hello! I got hurt at work about 2 almost 3 weeks ago and was pose to get paid today and didn't I've been on the phone all morning with my job trying to figure it out. Don't know how or why because I was told that I would still get paid my Dr. Did approve me to go back to work this upcoming week... I'm trying to figure things out now because I wouldn't get paid again till the 18th"

What do you guys recommend for next steps? Obviously, lease says to evict her. My mind says I don't want to go through an eviction especially during these months. Thoughts? 

 WOW this is amazing advice. I'm going to send this to my agent, I'm not sure how she's marketing my house to be honest. Thank you so much.  

Hi All,

I am selling my primary residence in Gibsonton, FL (about an 20 mins away from Tampa) because I just got a new job and I'm moving. The comps for my SFH is $386,000. Originally I listed it for $392k and..... crickets. On 8/7/22 I reduced the price to $374k and I've gotten some showings, but still no offers. The house has been on the market for 24 days now and I am getting somewhat impatient because I am moving on 9/2/22. Should I reduce the price further? What's the best way to get the house sold? Also, I do have a real estate agent.

Joel

Let me just add some clarification for everyone's consideration: These contractors have not been messy or rude in the past and are on time the majority of time that I've worked with them. The tenant requested the repairs due to smoke stains on the ceiling. I figured that I'd add an exhaust fan while I'm replacing the ceiling for proper ventilation (also the tenant signed the lease acknowledging that smoking is not allowed). This is an inherited tenant (my first one) on a property I bought about 4 months ago. She routinely fails to pay her rent on time, and I just received a complaint from the downstairs neighbor because she leaves her trash outside for the rodents to feast on. She's terrible at communication (barely responds to my messages). 

Also, while I'm in this business to make money I'm also in it to provide affordable and safe housing for my tenants as I grew up in the safe neighborhood and none of the landlords that I know out there are ethical. 

 @Wesley W. Thank you. I sent you a connect request. Do you know if there is a specific process in NY to evict a tenant based on nonrenewal of the lease? Such as specific forms and delivery methods. 

Hello BP Community,

I have a tenant who constantly fails to let contractors in when I have scheduled repairs. I want to renovate the bathroom in the apartment to install a ceiling exhaust fan and new sheetrock/paint. Per the lease, landlord may enter the premises as long as he gives reasonable notice to the tenant. How should I proceed with getting the renovations completed? Thanks.

Joel

After fixing a property and before listing it for sale, do you hire an appraiser to appraise the property? Or list the property according to your estimated ARV?