All Forum Posts by: Les Jean-Pierre

The only "grants" I have seen in NYS are energy upgrades for lower income owners or tenants. I applied for one through a local non profit two years ago. Nothing yet. I would look at NYSERDA. Also look at the utility companies as they might have some sort of programs. Google Weatherization Assistance Services.

Hi, I am a lawyer and don't tell people. It really doesn't make a difference because your role is as an investor and not counsel. I manage a property and I farmed out an eviction. Worked out better. I would say use your knowledge to get leads.

Hi Keita, Micheal G is right. NYC is a very pro tenant town. I manage my family's property in BK and it took us six months to get rid of a tenant that did not even have a lease. Then, somehow, she even delayed her eviction for a week by lying to the Marshal. No rent for 6 months, she left a cluttered apartment(but strangely left two flat screen tv's). It is even taking five months to get a default judgment for the back rent because the courts are so backed up. Having said all that, if you can somehow get a great deal, you are completely in the driver's seat. We are not charging market rent on any of the three units we rent out and the cash-flow is really great. As you know, Brooklyn is red hot so I only expect things to go up.

@Stan, I hear you. I am struggling with this. It is likely a great deal and Brooklyn is red hot right now. Maybe I just do the SDIRA and call it a day or figure out what I want to do from there. Thanks!

Question: I live in NYC and manage a property in Brooklyn. I see a great deal that is way under market but has structural issues. It needs a cash buyer. I have enough in my retirement to buy it. Knowing the area, I could at least double my money on it in terms of equity when fixed up. My objective is to be a buy and hold. Thoughts?

nyc.gov/finance has property tax info and where the tax bills are sent. You can always try property shark. They have an article on tracking down llc owners.

Victor, Good point. My only worry is buying a place and getting a bad tenant and then worrying about cash flow. But, then again, if I leverage, the upside is much higher.

Thanks. I've been socking away for retirement for a while and see the value of it but I kind of like the idea of if I see a great deal that I buy it and know that if I get tired of it and want to sell, I have a lot of cash I can use today. Hope your properties are doing well. 

Thanks!

Hi, I have saved enough in my retirement accounts(I have rollover IRA's from old jobs) where if I wanted buy a property in a self directed IRA I could. However, I kind of don't want to wait till retirement age to reap the fruits of my labor. What would most people do? Invest in the SDIRA or cash out the IRA and use the proceeds to invest? I am a new member and aim to be a buy and hold investor. I live in the NYC area but if I invested here, would have to go with lower end properties. Thanks