All Forum Posts by: John P.

Anybody can recommend a knowledgeable handyman in Syracuse? 
Please share their contact info.

Thank you.

Anyone know of quality, yet affordable property management in Syracuse NY?
Thanks.

@Dan Maciejewski. Thanks for the info, I'll look into that area for the next step.

@Alex Olson, @Dave Foster. Thank you. That's what I thought. The concern is the timeframe a 1031 gives you. I'm not an expert, but I believe the replacement investment needs to be lined up first, and no more than 1 month can pass between the transfer.

Appreciate the advice. A few bumps in the road, but I'll get over them.

@Jorge Vazquez usually works when the tenant will give the respect of actually responding to any correspondence. It seems as though it is not the case that they cannot pay, rather, they just refuse to pay based on state cover. 

Hi @Dan Maciejewski

Interesting response about never being invested in NY, I'm starting to feel the same way.

The fact that management is in charge with contact, I don't have any way of determining what the true cause is. What I do know is that 2 management companies (i had one transfer the portfolio to another due to this pandemic), state the tenant is a real piece of work. The tenant will not provide any proof for any reason not being able to pay. In addition, the tenant does not respond to any form of contact (mail, phone, text, and in person visits). Said tenant is also submitting very costly complaints about the property to the city, causing investigations and fines where any little issue is found (cracked sidewalk etc.). It is a nightmare to say the least. On top of this, NY is refusing too act on any of these tenants, and have postponed court opening for over 1 year (the but the movie theatre's are reopening) (priorities).

On a side note, I was thinking about the process of being able to transfer what is owned in NY to a small portfolio in FL. I'm considering relocation. I'm wondering what the best way of doing this is, that is least impacted by tax consequence. Is the only option a 1031 exchange? I began reducing the portfolio by being forced to sell.

I noticed you were from FL. Would you be able to lend some insight on which area of FL is a sound area for RE investment? I need to be in an area that is affordable yet sound (if that even exists). Also, if you have any suggestions for trusted / well respected management companies in the area. I would love to be able to salvage what I have already built in terms of momentum.

Thank you in advance for help.

John

Hello BP community.

I wanted to reach out to anyone invested in the state of NY.

How are you handling non-paying tenants at this time? I have management in place, and I still cannot get any step closer to a resolution. The moratorium has these tenants blanketed from payment for nearly a year!

How are investors starting out supposed to maintain investment property when the entire puzzle of real estate investing is based on cash-flow. I understand that it is not all based on cash-flow, but I'm not interested in flipping homes, especially in certain areas. Regardless, there is major difficulty in selling a home that is occupied by a non-paying tenant. You cannot evict a tenant in NY due to the tenant protection in place, so it's almost a moot point. Many tenants were contacted by management with all required forms proving the pandemic effect; The result was most ignored them and simply did not respond. These same tenants are submitting daily complaints requiring repairs to the property. Each month the complaint is not addressed, an unavoidable fine is being issued. 

I wanted some community feedback that can relate, and possibly offer suggestions around this disaster.

I appreciate the responses.

Thank you.

John

p.s.

**I posted nearly one year ago, possibly earlier, and both the subject and content is the same**

@ Joseph Duffy

Thanks. 

Will listen to that episode.

J

Thaks @ Joseph Duffy

There most certainly is something brewing and the blindfold is real.

Thank you again to the community.

Stay healthy, be well and blessings.

J

Thank you all for your support. Love that this community is supportive. We need this collectively.

I will handle this the best way possible.
Thank you again.

Blessings to all.

@ Mary Mitchell

Thanks Mary. I'll have my attorney draft a letter.

It's CV19. NY has basically told all tenants "you don't have to pay rent" "rent forgiveness"'; unlike homeowners who are deferring their mortgage payments, and have to pay it back by way of extending the loan term or by paying all of it in full after the deferment ends, tenants of NY don't have to....and they're being protected. Frustrating / Costly / and not right.

@ Darius Ogloza

Transferred from previous owner. Property purchased with tenants in place.