All Forum Posts by: Joseph Kotey

Hi has anyone used Nate Bargers BRRRR Academy ? What are some good options for mentoring programs.? I'd like to evaluate a few at a time. Thanks!

@Michael G. good advice thanks. 

As an investor who follows politics it certainly is a popular trend and I'd be very concerned. I have a rent stabilized building in Brooklyn. The new Laws are severely anti-landlord. No more condo conversions or reasonable rent increases. We're essentially admin assistants and property managers for the cities public housing. I hope to hear about a work around but I cant see any now. @Michael G. have you heard anything about challenging the new law or ways around it to make a decent return?

@Kaitlyn Curtis Yes I believe they pay the taxes for you as it will show as a fee when you try to book a room or someone books yours. I'm in some political spaces and they are trying to pass similar regulations that Boston and other cities have. Primarily the owner occupied requirement. Hopefully they don't restrict the number of days  you can rent it as NYC has which basically put an end to AIRBNB there. The Providence city council should be making decisions soon on it. The mayor stated that he will support more restrictions as well

@Jay Hinrichs Yes it is designed to prevent conversions but they out an end to rent increases. This why we need a balanced government. I'd love to hear from other NYC landlords if there are any

It seems that the new Rent Stabilized bill that was signed into law last week by the Governor makes it impossible to make money off rent and do a condo conversion. Any ideas? 

Now "51 percent of tenants in the building must agree to purchase apartments before the conversion can be effective. It USED TO BE 15 PERCENT. Meaning we have to by out more than 3 times as many people to convert it to condos as its too hard to make money from rent"

@Morris Cohen OK thanks so a regular credit line wouldn't work? There are points even if its just 25% of the value?

@Christian Hutchinson did you end up buying it?

@OnYango Williams   My family and I have a 14 unit rent stabilized:( building  on Eastern Parkway near Lincoln place & Rogers Ave. We are thinking of a condo conversion with 6 of the units due to some family wanting to keep 8 units ( 11- onebeds & 3- Three beds- total 12008sqft).

After doing research it seems like the hardest part is first the tenant buyout, then figuring out the construction costs and sale price per unit in a softening condo market. Do you see any other hurdles or have a rough estimate of the cost and potential selling prices?

@Morris Cohen it was appraised for 2.5 million. We don't have any debt but would need to take out a loan for the conversion. How much could we get about? Feel to share any thoughts on conversions in general please

Thanks for your time!

@Jason LeeThanks.Yeah I'm thinking more buyouts then purchases as many are lower income so 40k or so could go a long way for them to leave. I haven't gotten much of a response here. I wonder if anyone is an expert on it in the group or how to get more replies?