All Forum Posts by: Joshua McCarthy

Unfortunately I don’t have a lease with them and it’s month to month. Another mistake for sure. My attorney said even if they get current on payment, if it’s via ERAP, I not only can’t get them out for the non payment but also can’t evict them for the holdover from the 90 day notice. I’m hoping that’s not the case. My attorney wasn’t very familiar with ERAP as it’s a fairly new program. 

 Thank you for the reply! The tarp situation was a few weeks ago now and has blown over. I agree this is 100% my fault, just gotta take the lesson and move along. I'm wondering if there's a way for me to move along faster than 12 months of payments at below market rate. 

Hello all

I'm currently house hacking my first property, a duplex, and am trying to get my current tenant out. I served her a 90 day notice to vacate in July so she stopped paying me. I filed for an eviction in July for non-payment so she filed for ERAP (Emergency Rental Assistance Program). My attorney told me even if I don't accept the payments she will still be protected for a full year under this program. I don't care about any payments I just want her gone. Does anyone know the best way for me to navigate this? Am I stuck living with her for a full year? If so, is it possible to raise the rent to market rate? Located in Upstate NY (Batavia). TIA!

Backstory:

I bought my first house 3 years ago when I was 26 years old to house hack. At the time, my friends' family was being foreclosed on and evicted from their home. I agreed to rent to just him for 750/mo on a month-to-month basis. His mother was living with a boyfriend at this time after being foreclosed on. Eventually I agreed to let her live here too since its a 2 bedroom unit. A few months later she asked if her other adult son can move in for a few months "until he got on his feet". I agreed. Now, 3 years later they're all still here. The two sons (age 30 and 32) sleep in the bedrooms and she uses the living room as a bedroom. I tried to raise rent to 950/mo which is still below market value and she started harassing me. She stomps around all day and slams doors. Her most recent move was putting a big tarp over the outside of the bay window of her unit on the front of the house. I gave her a 90 day notice in July  and that's when she first started not paying. She's been a traveling LPN this whole time but hasn't taken any jobs in about 4 months. My friend quit his job at the start of COVID because he got in an altercation at the restaurant where he worked with another employee. I was actually there at the time, he didn't start it, he's very passive but that's beside the point. Since then he hasn't worked besides some under the table side work here and there. The other brother does okay he works at ALDI. I'm not surprised NYS can tell someone that they have to forfeit their property to someone else for a full year. Lastly, I know the mistakes I made and will never make them again. The biggest one being sympathetically renting to someone who was just foreclosed upon. I don't know how younger me thought that was a good idea.

Thanks for reading and thanks for any recommendations or insight you can provide!

 Thank you so much!

This is the first I've heard of a prequal for a HML so i'll look into it right away. I agree that even if HML fees are high they cant possibly be higher than splitting the profit 50/50. I feel like I've been sitting on my hands since i ran into this so i appreciate the guidance!

Thanks for the reply!

It sounds like you're saying get the deal under contract, market the deal, and the money will find me. I agree with that. 

I also agree that i'd be better off doing the deal on my own. The numbers check out, so you're saying i should go the HML/ private lender route. How do i get POF to submit the offer? It could be as easy as submitting the numbers to a HML and they provide me with POF but i haven't gone this route yet so i don't know what i don't know.

Thanks again! 

Josh

Hey all, 

I'm currently looking at a potential flip in my hometown of Batavia, NY and have come to an agreed upon price. The seller is asking for POF with the written offer. My plan was to use private funding or HML but I'm open to a JV with a partner that can finance the project.

My question is, if i don't have the property under contract how do i go about showing the deal to a potential partner that i don't know and trust? Couldn't they just cut me out at that point? 

If i go the HML route, is it as simple as giving them the address and numbers and they provide me with a POF letter?

I have a residential construction background but this is my first time securing financing for a flip. Any advice/ insight/ tips would be greatly appreciated!

Thanks!

Josh McCarthy

Does anyone have any suggestions for how to go about finding owners of commercial properties such as large apartment buildings? I believe parcel search for Erie County NY only shows results for residential. Also, I've also always had a hard time finding the owner of an LLC. If the name of the owner doesn't come up with a quick google search i'm usually just left with the address that the LLC is registered to. Does anyone have any tips that have worked for them with either?

Thanks

Josh

 Thank you everyone for the responses! Much appreciated! 

Josh

Hello all, 

I am looking into new (to me) forms of marketing for off-market leads. I came across text message marketing and it sounds great. I've also come across a lot of people saying that it may be illegal. Is anyone here currently using this system with success? Are there ways to do it legally? I live and operate in Western NY.

Thanks in advance

Josh

Hello i just looked at a house that has fire damage from a breaker box fire in the basement. The joists above throughout the basement are all burnt. Does anyone know roughly how much those are to replace?