All Forum Posts by: John Gach

How many NY investors looking forward to the end of the moratorium?

Too bad that if the tenants are applying for ERAP, you can’t evict them still.

I have a couple tenants not paying on my new property, so I’ve been paying the mortgage personally, which is no fun.

The ERAP and LRAP is taking forever!!!!

Too bad there’s nothing I can do it seems.

I also wonder how NYC is doing with all the skyscraper offices, wonder if they’re low on tenants, but that’s a separate discussion.

@Nathan G.

Yeah I’d like something that gives off a warning message as well. Rather scare them before they try to break in.

My rental is in the city and the windows are boarded up while we do construction. Someone was trying to steal tools.

Looking for a cost effective security camera solution for a property of mine. Figured I’d do a cheap smart phone with a hot spot so I can have the system connected to the internet and notify me of any motion detection near the side people keep breaking into.

Would also be great if it was a camera motion sensor spot light that maybe also did an audible alarm noise or maybe I can even communicate verbally through it.

Sounds crazy but pretty sure there’s spotlight camera that does that.

Probably need 4 cameras total.

Any recommendations?

Thanks

@Scott M.

So the tenants are applying for the ERAP, they’re behind on rent but also the previous landlord now is stating they used the tenants security deposit for par due rents.

Is this allowed during covid, and then if the previous landlord doesn’t get back owed rent they should send me the security deposit then.

Does this seem normal?

I just closed on a property that the tenants were supposed to be of their rent but turns out they aren’t.

I’m gonna try to play nice and get all the information I can on them, so maybe we can get rental assistance.

I think NYS will extend the eviction moratorium as this state sucks lol

I wonder how NYC is going to be when the chips fall

I’m in WNY, our major city Buffalo, was mainly built in the 1800s also early 1900s.

Very solid homes built better than most new homes it seems. I make sure to insure the main sewer drain through my property insurance because it’s cheap vs paying out of pocket when it needs to be fixed.

I’m very handy so I’m not worried about many things, I’ll agree electrical could be something to worry about since it could be knob and tube, and it’s buried behind walls.

My most recent purchase just this week is a 3plex, and it appears to have bx wiring throughout which is code for commercial properties around here, I don’t think there’s much knob and tube left active in the building.

Is it alright to have a security camera on the inside, so squatters don’t try to live in the basement or attic of a building?

Also would be nice to catch people selling drugs because my newly acquired property has atleast one tenant I could see selling drugs and I’d love to get rid of them.

I believe you can emergency evict for damage to property or illegal activities?

@Kyle Smith

I was also wondering if it would be considered discrimination? Also there’s HIPA laws, so your personal health is private, what if someone says they won’t tell you whether they’re vaccinated or not?

My dad was vaccinated and he still got covid, wasn’t that bad for him though.

So upon going under contract for the building the tenants were paying rent per the seller. Upon final walk through found out 1 tenant was applying for rental assistance, this tenant never had a security deposit but the question is not about that tenant.

The other tenant supposedly had a $1,000 security deposit. Apparently in between being under contract and closing on the property the tenant stopped paying rent. The old landlord then “used” the security deposit towards rent.

Now that I own the property at closing I was never given the $1,000 security deposit, I was also never notified between being under contract and closing on the property that tenants stopped paying rent nor that the security deposit was used towards rent.

So that’s the dilemma, I have my real estate agent saying I should have received the security deposit. My lawyer hasn’t really tried to stick up for me regarding this. So my real estate agent asked another attorney that he knows and that attorney made it sound like the security deposit shouldn’t be used towards back owed rent and that I should received the security deposit of $1,000.00

Does anyone know for sure how this should work?

Fun times

@Eric James

Definitely,

That’s one thing I’m noticing even with cap rates in the 6-8 range to me it seems like for the amount of down payment to purchase these large apartment buildings it’s still not cash flowing good at all.

Put $200k down and it cash flows 1-2k a month, but even if all the rents are only $50 low compared to market. Once you raise all 10 units $50 bucks it’s only another $500 a month, you could probably do that every year and after maybe 4 or more years it would make a good return, but then a few renovations would take away all that income.

So unless people are happy with that poor return, or the rents can go way higher, or have less vacancy’s, I don’t see how it’s worth it.

I supposed after 4 years you could refinance and pull some money out but even then you sacrifice the cash flow now.