All Forum Posts by: Logan Graham

Starting out can seem pretty daunting (I was just there a year ago). However, the best thing you can do is start learning from blogs and books or anything real estate (The Bigger Pockets podcast is pretty good). I read and listened to everything I could get my hands on for a few months. After that I had a better idea of what questions to ask. So really the best advice I would give is to start learning as much as you can online then you will be able to actually have a conversation about real estate with someone. 

I haven't personal read the whole law (its like 80 pages) and a lot of it is still up in the air however, most of what you said does seem like what it is going to be happening. We will have to see what the courts end up doing.  But the way it's looking like is that evicting someone is going to be very difficult. You may have to get more creative if you want to get people out. 

One other thing I just remember is that you cannot deny someone to rent because they have had an eviction on their record. 

On the 14th of June 2019 New York state passed a lot of new laws for Landlords to follow. I work in residential and this is what I have learned so far from all these changes. 

1. Eviction Process:  There is now a 14 day notice (used to be a 3-day notice)

2. Late Fees: The late fee is now capped to $50 or %5 of the rent, whichever is lower.

3. Receipts: You have to give a receipt to all tenants when they pay no matter the way they pay. If they didn't pay in person you have 15 days to get it to them.

4. Security Deposits: No more double security deposits.. It cannot exceed 1 month of rent.

Does this mean you need to sell all your properties in New York? I think it is to early to tell what this will mean for investors in the long term.

There is much more to this law and this is just what I have gathered so far. Let me know what you have found.

The 14 day notice does have to be served after the 5 day grace period the state has not put into effect. (If you have your own grace period in your current lease take it out now! because NY adds the 5 day grace period from when you have rent due.) This now means that you cannot serve the 14 day notice until the 6th of the month at the earliest. Also, make sure you follow the laws exactly because now if you mess something up you just lost all that time and you have to start the 14 day notice over again. 

@Account Closed My understanding of the late fees is that it is 5% of the rent or $50 what ever one is less. 

I have been doing a lot of research and talking with lawyers on this and I suggest that you talk with your lawyer about some of these changes. Everything is so new and the judges don't even know what to do yet, so everything is a moving target for now. 

@Terry Huang Jr Rochester can be a great place to come and invest for sure! I just started Investing, buying my first property last month. The one thing I would want to remind you of is to make sure who know bad areas from good here. I grew up here and I still had to look into it a lot. Some of the streets can turn bad really fast and that could cause issues with your tenants. I am a property manager in the Gates area if you have any questions send me a message and I will see what I can do to help out. 

@Alex Jones

I’m not sure what a FFREIA is....

Also, I have just always known I was going to get into real estate because my parents did it and I saw how free they were to spend time with family. I then took a Real Estate class in College and we talked about a lot of stuff and I realized I really loved real estate. When I asked my teacher about learning more after class was over he showed me BiggerPockets. I have been hooked on real estate ever since.

My “Why” is simply I don’t want to work for someone else. I love my job right now but I always have wanted to be an entrepreneur but would jump around to much to make any money from the business. When I learned I could invest in real estate full time I was sold.

Hello,

I just closed on my first live in flip. I have been working on the basics that we need to do to move in next month. After we move in I was wonder what are the most important things to update to get the best return? 

I am currently managing 98 apartments in a complex and we need to put cameras around the property. I have been looking and I want to find some for the best price. What are you using at your places? 

I saw you are from Rexburg are you buying the houses in Rexburg to rent to college students?