All Forum Posts by: Krishna Shiwdin

We have been getting notices from section 8 that say they cant accept the rent amounts on stabilized renewal leases. The renewals all follow the RGB regulations for stabilized increases (1.25% for 1yr and 2% for 2yr renewals) My question is this: Does a landlord have any recourse for this situation? Is section 8 invincible? It seems like we are following the rules and they are ignoring them. How does one get increases when the other party can simply say "unacceptable due to our rent reasonableness test" For the record we took over the building with the section 8 tenants already in the units.

Hello all! 

Has anyone in nyc had any experience with the process of converting a rental building into a coop building?

I've worked as a property manager for a few different rental operations in Manhattan and the Bronx. We own and manage about 400 coop apartments, which were all converted from rentals to coops well before our company bought them(all non eviction plans). So I'm familiar with the process to a point. 

About 3 yrs from now we will own two multifamily apartment buildings in Washington heights. The buildings have many rent stabilized units but they still manage a solid cashflow. 

How can I tell if converting to coop is a sound financial decision? 

Your biggest concern here would be profit sharing when its time to sell, as well the income restrictions (need to show less that 70K income annually. When you sell its likely you would have to give up to 70% of your profits to the government and the building. Thats why the sales price is low. However if you fit the requirements and intend to live there for a long time I think it can be a great deal.

How have I not heard of this!?! 

Once again I come to bigger pockets for guidance. I am responsible for making sure our rent stabilized renewals are being sent out. Currently we are using the standard NYC rent stabilized renewal template and entering and editing all the information for each renewal (dates, addresses, rent/ increase amounts). This takes a lot of time that we could spend elsewhere. Excepting purchasing yardi (we will get there one day) is there a way to auto-fill this information so we are more efficient?

Thank you all so much. I felt really good during the interview, was told I asked great questions and that I was an intelligent person! Feeling great right now. I'll update if I get the job! Seriously thank you guys so much.

Originally posted by @Carolina E.:

@Scott Gray Very nicely written.  Good advice for a lot of things in life.

@Krishna Shiwdin Try not to worry so much. (I know, easier said than done) Just try to remember all that you already have knowledge of. You have some good experience under your belt.  

 Thank you. I'm trying to concentrate on what I know but I do worry :) Remembering is easy now, difficult in front of a future boss.

Thanks @Scott gray, you are right either way I will learn something.  I'm 25, this is my second time applying for PM job outside of my family company. The first time didn't work out but I did learn and I think that's why I am being called in for a second interview this time around. I really want this job. I like the questions about asking them how they find their properties, I also heard a few great questions such as "What problems are your company currently facing" and "Where do you see the major prospects for growth and expansion, both for this company and for this position". Any additional advice would be welcome. 

I worked for my parents company they own 100 units half in the Bronx and half in Manhattan. I've interviewed at a real estate mgmt company that owns 400 condos/co-ops and rents them (will still be helping my parents, I just want to feel successful without riding their coattails). The first interview went well but they've called me for a second. I feel out of ammo! What questions should I ask them? How do I prepare for this, and how to I help the people who help me on this website? I know I'm one of either two or three people who have been called in.

Thanks all. Feel free to add anything I'm really trying to succeed.