All Forum Posts by: Michelle G.

@Wesley W. Thank you for letting me know my fears were not unfounded.  We will have to re-evaluate our entire plan.  

@Scott Wolf My properties only cash flow because of the large amount of sweat equity.  These were very distressed properties that were fixed and held.  If someone purchased, at it's current value, it would not cash flow.  

@Linda Crandell based on what I have been reading that would not work.  The end of a lease is not considered good cause so landlords can't just choose not to renew.  

Here is a link to the website Housing Justice for all.  I honestly don't think it is justice for me.

www.housingjusticeforall.org/goodcause

If this goes through basically if you rent anywhere in NY, you have no control of your property and you are allowed to raise rents no more than 3% a year.  

You can evict for cause but like I said, I am planning on retiring in 5 years and may want to sell.  Now that isn't my decision??  

I have done a lot of research and reading today and that pretty much is what I found out.

Hi,

Small time Suffolk, NY landlord.  My husband and I have 3 single family rentals that we are using as part of our retirement plan.  My concern is the newest bill NY is trying to pass after a huge tenant rights law was just passed last year.  I am in the process of rehabbing a house to rent but honestly I might just decide to sell.  If my understanding is correct (I hope it is not). Selling my home in 5 years when I retire is contingent upon the tenant agreeing to leave.  Essential if they are a good tenant they can stay indefinitely and I can increase rent by 3.5% a year max. I would really like thoughts on this as I am super concerned.

I should mention that my interest on my primary (3.25) is between 1 and 2 points lower than my rentals.

Thanks

Hello,

I wanted some advice.  In the past I had always made extra principle payments on my rental properties and not on my primary as the mortgage deduction was beneficial.  This year I am thinking that since I can still deduct mortgage interest on my rental properties that I should shift any extra payments to my primary residence.  What do you all think?

Thanks in advance

@Curtis Sharpe

I would tell me son to have it in writing. If the relationship went south, you should be reimbursed for your share.

@Brett Aguiar

I would say, make the place nice, fix things when they break, be a responsive landlord. Maintain the property, know your neighbors they will call you if anything is "off"

On the other side

My 2 biggest mistakes were.

1. Settling for a tenant, don't do it, stick to your screening criteria. I have gotten suckered by the underdog story.

2. Don't delay in starting eviction process. Waiting a month on a promise to pay is costly.

Sounds harsh but I learned the hardway.

Hello,

I have 3 residential rentals on long island the last one was purchased with cash and is being rehabbed. After it is finished it will be rented and i will take a mortgage recouping most of my costs. My question is that I have 2 other properties mortgaged and the both have quite a bit of equity. I would like to be able to maybe do more than one rehab at a time, with access to that money, i could. Can someone explain to me how a portfolio mortgage works. Can i refinance my two current mortgages and the 3rd together??

Thanks in advance

Michelle

I aplologize, I should not type notes on my phone!!

@Bryan O.

Hi Brian. Ihave t also reccomend Kreighton Reed at Solera National Bank.

He helped me every step of the way.

Good Luck

Michelle