All Forum Posts by: Maciej Kupiszewski

Leon,

There is plenty of parking on the street in this area believe it or not and thats what I did for 7 years living there ;) but I know it is a turnoff for many folks in NYC to be this far from the trains. Definitely translates into lower rents here as 1 mile from here asking price would be $200 a month more

I bought the place in 2008 to live in and it worked very well for me. Now I was deciding to rent or sell and decided to keep it and rent out knowing well the market rate would be whatever it would be. Happy to be going through the steps though and gaining experience in being a landlord.  

Jd its a fair question and in my mind I was thinking that a family is less likely to move around than a single person - which potentially translates into a more stable tenant?

Good morning! Please excuse a basic question but thought why not seek input from the right place.

I own a 1 bedroom coop (700 sft) in Forest Hills, NY (Queens) - about 1 mile from subway stop which I'm getting ready to rent out. I met with a broker yesterday who will do the legwork and one of the first things she threw out when in the apartment is that I could convert a part of the living room (L shaped), into a small bedroom to basically get to a junior 4. she thought that would raise the rent potential by about 100-150 monthly.

This made me think whether I should jump in and get this done before putting on the market. When I originally bought the coop the wall was in fact there and I had it taken down because I personally wanted an open floor plan. 

Using very rough estimates, if the cost of the job would be $1,000, and there is a month delay in getting it rented out due to coop approval process and the work,  that's another loss of 1,650 income to replace with $1,800 income. Theoretically from a demographics perspective someone looking with a junior 4 would be looking for that because of the family needs which feels to me like it could translate into a more stable tenant and less vacancy than a single professional. do you think its worth the investment at this time? I'm keeping a 3-5 year window as a basis of my decision.

much appreciated,
Maciej

Hi everyone, this is my first post on BP. I've been really getting into the podcasts and am an aspiring investor in the NY/NJ area. 

Anyways, as a way of introduction I wanted to pose a quick rental/leasing deal for your consideration and opinion. I needed to rent a new place as I'm moving in with my girlfriend and we're soon expecting a baby. Since I had some money available, and wanted to lower my rent, I was able to negotiate the rent down to 1500 down from 1600 for a 6 month lease pre-pay. This also lowered broker fee by $100 for total discount of 1300 for the year. I make decent living and have a clean credit history. The offer was accepted, although I was a bit surprised they agreed to that much lower rent. Do you think I made a good deal assuming the market value is within reasonable range? What are the risks? 

thanks and see you around for sure.

Maciej