All Forum Posts by: David Kirchhoff

Howard,

I meant to put the values in there but for got. the 1.1 acre property has a Zillow estimated value of $139k (which I see as worthless data). tax assessment is $61,000. The 5.61 acre property is Zillow est at $133k with an assessment of $48,400. Id estimate the lots to be worth $20K & $35k respectively w/o trailers. I do have the means of getting rid of the trailers for a decent price when that time comes as I have many friends with excavators and will just crunch it up and haul them away when the time homes. However, i think they can generate income for 10+ years. thoughts now?

new to the site and mobile home investing and wondering if this is a good deal. 2 single wide mobile homes on separate lots. one 1.1 acres, the other 5.61 acres. I think I can pick up both for around $55k. current rents are $750 & $550. taxes are low and it's on its one well and septic. so no other monthly expenses to me other than taxes. kicker is one of these trailers is in rather rough shape and to bring I new one in Id need a variance and the maybe a new septic. thoughts?

THANKS ROB!

I suppose I should stop complaining then, lol. However, it's a pain to serve a 3 day as it usually my scare tactic to shape up. better to do it than having to start the process over again. Plus, tossing the "rule book" in the judges face will just cause him to pick my stuff apart in the future. I guess I answered my own question..... kiss the judges butt and my life will be easier. luckily I don't have to do this often.

does a "3 day notice to pay or quit" have to be served in NY?

 In the past I've just sent them in the mail or hand delivered the "3 day notice" before starting the eviction process. However, a new judge is telling me I have to have this document served like the petition and notice or petition and verification. I've never had to do this in the past. does anyone know the exact answer and where can I find it in the legal code?

Here in NY the process is started with a "3 day notice" basically telling the tenant they have 3 days to pay the rent or the eviction process begins. In the past I have just mailed this and then after 3 days had the Petition and notice of petition served. This has ALWAYS held up in court until recently in a new court. they advised me the "3 day noticed" had to be "served". of course my argument was there are here so they know they are late. However, he made me start the process over from scratch. that said, what is the process in NY. does the "3 day notice" need to be served?

new to the site after watching a very informative blog where the individual discussed the aspects he LEAST enjoyed about being a landlord. ANSWER: tenant interaction. Mine seems to be the safe. all too often I bend over for tenants only to be taken advantage all. they all seem to feel that "oh you're a landlord you're rich" when I send late notices or complain when rent isn't paid on time. The investor in the BLOGs response to this was open a Property Management Company and filter all communications through that. I can then simply state I'm just the "manager", "don't shoot the messenger". I will also set up a separate phone line and voicemail service for this. as I really need to eliminate the frustrations of talking to some tenants directly. They always just tell me what I want to hear and never follow through. It's time for me to tighten up operations and follow my leases 100% for little bending.

that said what type of entity would this be? here is my portfolio. I have a total of 7 investment properties and 2 LLC. one of my 7 units is run through it's own LLC and a few of my other properties are run through a separate LLC and a couple are just in my name as the rules tightened up in my area (update NY) and it is difficult to get financing under an LLC and if I transfer the deed I'm told the bank with call the note due in full and it's fraud. Thus, eliminating any protection the LLC gave in the first place. correct me if this is wrong.

right now all rent checks are made to the LLC's and/or myself for properties that are under my name. now I'll want all checks made to the Property Management Company...... how do I connect the LLC and mgmn company? or is that redundant? sorry this probably seems like a stupid question but I really am clueless here. I didn't plan on obtaining this many properties it just kind of happened. however, I want to keep growing, streamline operations and make sure I'm doing it right.

any input would be greatly appreciated.

thanks

Dave from NY