All Forum Posts by: Les Jean-Pierre

My family's property was sued for a slip and fall and we hold the property in an llc. We have a million dollar liability policy. So, this is what happened. The llc only was the defendant. The insurance company acted as our counsel and ultimately settled. We also had an umbrella policy for 2 million. NYC is very pro plaintiff so a simple slip and fall turned into a very large settlement(obviously can't get into numbers). So, you likely can get away with no llc if you have a very high coverage limit but if something really bad happens, who knows what the judgement amount could be. If you truly keep the llc separate(which we did). There is really not too much worry about the corporate veil being pierced. Another item is to consider is that llc's give you privacy which some people want.

We had a free and clear property(small mixed use) for a long time and then transferred it to an llc. We actually got sued and we were never individually named in the suit. We had adequate insurance but nice to know we were not at risk. We did do a refi but only took out a small ltv. Only thing that is a pain is having separate accounts and transacting through that.

I would try the cops as much as possible. In terms of the lease, is the tenant a somewhat normal person who has a job etc? If so, maybe if you say you will raise the rent, they will leave. If not, then you are looking at six months minimum to get them out in a holdover proceeding. And pray they don't know the system because they can do orders to show cause to delay evictions.  As a person who had to go through evicting a tenant, I would do cash for keys if I had to do it all over again. It sucks but NYC landlord tenant court is so skewed against landlords that is the easiest method,

Saw this today on the Times website. Note, I have never used them.

http://www.nytimes.com/2015/06/21/realestate/taking-the-work-out-of-short-term-rentals.html?hpw&rref=realestate&action=click&pgtype=Homepage&module=well-region®ion=bottom-well&WT.nav=bottom-well&_r=0

Maybe en Rent Stabilazation Board could point you in the direction of classes, publication to get you started. Let me see what I have as well. I would look up utility and state benefits too.

@William, they might have a solution. But, they got it free so, they want to hold on. But, will be a challenge to manage especially since the closest sister is in NJ.

My understanding is what ever the judgment amount is that is the base price. So, lets say you look at the price at auction to be 100K, that is the minimum. If it is a mortgage foreclosure, then you might have other liens, but in Brooklyn, I think those are paid at closing.

I have been to the BK auctions a couple of times. All the stereotypes about NYC real estate.

My cousin went through NACA for a mortgage after she got divorced. It was a long process but she got a very low 30 year fixed mortgage. She told me they put her on some budget program and really scrunitized her finances but ultimately, it was worth it.

Hi, I am about to start a campaign in NYC and would be interested in that letter too.

Thanks

If you sign up for Automatic Meter Reading in NYC, you can see the water use online.