All Forum Posts by: Jo W.

Beside of late fees, what kind of fees can i legally charge a tenant in NY (Buffalo)?

Can i charge a tenant for sending a 14 days written demand for rent or demand to cure a lease violation? 

One of my tenants is late on rent (Second time in the last two month) and i'm spending time and gas driving to the property to serve the letter and send a regular and certified mail as the law requires.

You should read this great post by Brandon Turner https://www.biggerpockets.com/blog/2013/11/02/hack-housing-get-paid-live-free/

@Norm Chrostowski Welcome to BP

I'm from Buffalo NY and i think it's a great market to invest in. There is a very high competition but deals can still be made.

I would avoid spending a second on the MLS as people are overpaying.

Also, you really need to know the market as it can change so much from one street to another or even on the same street (For example Eggert Rd have one side of the street in Buffalo and the other side of the street in Cheektowaga which means different price points and different taxes) .

My personal strategy is to invest in small multi family in GOOD areas. I'm currently house-hacking and own 2 more properties (Duplexes). I'm looking to buy a 4 plex this year. Not to brag, i moved to Buffalo less than 5 years ago barley speaking English, no credit, and 10k in debts... there are great opportunities in Buffalo! 

Is it legal to write a "love letter" to the seller in NY?

Some people told me it's against housing discrimination laws...

@Harrison Hodson

I don't know your market and price point but based on rent to own statistics you will most likely not end up buying the property.

I'm a really big fan of house hacking (I'm currently house hacking and it's the best decision I've ever made), I was paying about $700 in rent and now my mortgage is $621 and my tenant is paying me $725. of course there are some other expenses but i'm basically living for free.

1. Line up your contractor to be ready to work as soon as the unit is vacant.

2. Screen your tenants.

@Ramonater Ramo

It all depends on your personal risk tolerance, how involved in real estate are you looking to be, and how much you and your family are willing to sacrifice.

Were you considering house hacking?

What about saving and buying a 4 unit investment that will generate about 8-9 k a year?

@Justin Guzman

I think that a family of 6 can live on $5040 a month after all of their bills are paid. (56% of 9000)

https://www.biggerpockets.com/blog/working-legit-turn-key-provider-game-changer-state-investors/

1. Google search the company.

2. Check with investors who worked with this company (Ask for referrals)

3. Question every information they provide.

4. Check public data like the assessor website.

5. check on zillow or Realtor what the houses in the area are selling for.

6. Check on Rentometer what's the rent in the area.

@Elizabeth Kness

Have your boyfriend execute a "lease" for you for $500 a month and go back to the lender.