All Forum Posts by: Lawrence Rutkowski

@Jacob Perez

You don't legally have to rent to people with pets in NYS, at least buffalo where I'm from.  Same can't be said for the 16 kids some people want to jam in however.

I spoke with them yesterday and told them they have 10 days from that day to remove everything. I sent a notice of default certified as well.

They, well the wife at least was very apologetic and was in agreement with me/the situation. Whether its BS or not, we'll find out.  I'll be up early September, and I'll have my father go by before their deadline. If they haven't complied they'll most definitely be getting an intent not to renew. They don't want to move, they love the house and want to buy it (although they don't have the cash to do so) so I would be surprised if they didn't comply.  We'll see.

Joseph, you're correct. I just researched the city's website and temporary pools with more than 24" of water require a permit.

Bettina, They've been there for 3 years and I haven't had any issues of note until this summer.  Unfortunately these are huge ones as they're (me) are violating building code and are tremendous liability issues.  They will receive a call first thing tomorrow morning, but I think I will express mail a notice of default as well.

Hello BP friends. I have a dilemma regarding the best way to move forward regarding some serious lease violations by my tenants.

I own a duplex in Buffalo NY, however I live in TX now.  

I have tenants that have been in the lower unit for the past 3 years, upstairs people are moving out after 2 and my step mother is showing the place.  Come to find out the downstairs people took it upon themselves to take over the entire common area backyard  by erecting a full size (inflatable) above ground pool and a slipshod deck attached to it, hot tub, horse shoe pits and a fire pit. They also set up a full size refrigerator right on the back patio. (looks extremely trashy)

They never asked.

This is my fault as I've been hands off, but the chickens have come home to roost.  

So:

I have not contacted them as I just found this out 30 mins ago.

Their lease is up in October, and as of right now I do believe they intend to stay.  This may change after our conversation about how they will have 10 days to fix these violations and the damage they've caused to the back lawn.

Do you think it's best to address this immediately and run the risk of having them skip rent for September? (I do have October's and their security deposit), or should I wait to receive and cash the check?

I myself am leaning towards immediately (officially tomorrow morning), but what do you all think, and what do you think the best course of action is?  Thanks.

@Dave Foster  Thanks for the response.  Property B is going to be a buy and hold so there shouldn't be a problem there then.

Someone did tell me that a refinance is already tax free, but I am skeptical.  Is that true?

Hello friends.

Are we able to use the proceeds from a cash-out refi on an investment property and 1031 it towards another?  

Also, if so, how does one go about putting that money into a 1031 exchange and doing this?  I've never done this, so any and all information would be much appreciated, thank you!

Hello, I've just come across an abandon property that appears to be owned by a "CWABS Inc".  

This looks to be a securities backed institution.  How do I go about acquiring this? Is it likely, or even possible?  

Hello all,

Looking at purchasing a new build duplex in a brand new subdivision.

All of the houses are the same finish and floor plan, will a property's location on the plat map; for instance, a place at the end of the cul-de sac vs.the busier front of the subdivision affect the amount of rent you can realistically charge?

An LLC is tops for mitigating personal liability, but in this scenario, you can "have your cake and eat it too" by electing said LLC to be taxed as an s-corp come tax time. Check into it.

You can have the best of both worlds by electing s corp status come tax time via your LLC. Check into it.