All Forum Posts by: Michael Upshur

Can not reiterate enough that the key to success in NYC is getting goo tenants. Be aware that the residency laws are weighted in favor of tenants and there are a lot of them who know this and take advantage of it.

Baltimore, like NYC and DC, can be a very tricky RE market.  

You really have to know your boundaries and cultural make up.

Example, Park Slope  in Brooklyn has some questionable areas that border it.  the difference between an A Class and D is only a few steps away.

Due Diligence is key.  

But with that being said if an investor is in the position of Buy and Hold, they can wait out the revitalization and have a great income producing property on the other side.  Problem is how long you would have to wait. H Street area in DC is a good this, you could get could property seven years ago dirt cheap and now with all the Condos and rehab that has gone on the prices have doubled and tripled, but seven years is a long time to most to have a property on life support.

@Brian Adams Congratulations!  You must be feeling on top of the world and looking for your next deal.

Sounds like you are on your way!

Interested in knowing what part of the Bronx you are looking at.  I have properties in Brooklyn Crown Heights area but it has become very pricey to expand.  Park Slope and surrounding area has potential but you really have to catch the deals quick.

I have to go along with Jd Martin.  Make sure you price out ALL of the activities that your super currently does and make sure you are not cutting off your nose to spite your face.

I know supers who get 100 percent free apartment with extra paid for side jobs, so I think you are making out pretty good.

I am a newbie to multi family purchasing but have some experience in Brownstone conversions to SROs.

Wanted to know what questions form brokers should or should I not be answering?

Ex:

Can you tell me a little bit about yourself?

What is my company?

do I own other apartment buildings or other types of real estate?

What is my price range?

Should these be answered upfront or should I be countering with questions of my own?

All the best,

Michael

@Chaim F.

@Scott Williams

Biggest problem I have run into are those professional tenants who know that the NYC residency laws are all weighted in the favor or the tenant over the landlord.

Was wondering if anyone had a positive experience in NYC offering the tenant a buy out.

Going through the proper channels is a very expensive lesson in futility.

Does anyone have experience with evictions in NYC, in particularly Brooklyn?