All Forum Posts by: Wesley W.

Quote from @Henry T.:

I believe if you have four units or less, you are also exempt from Fair Housing requirements. Still you have to check local laws.

 You would have to occupy the property in that case.  It's called the "Mrs. Murphy exemption."

This may or may not help, but I like to use my own applications rather than a third party vendor (i.e. Zillow) that does not have any stake in a positive outcome.  This is why their application seems to not be asking some of the important questions.  I also advertise on Zillow, but I provide my own applications to those whom I invite to a viewing.

I always verify ALL of the information a prospect provides, and all occupants, aged 18 and older, must be screened and vetted.

I would always prefer to leave a unit vacant (even for an extended period of time) rather than place a suboptimal tenant, especially here in NY.

In the Socialist Republic of New York, there are very few means left for landlords to use with prospects that are less than perfect with regards to screening criteria.  Since one cannot deny an application based on previous evictions (you're reading that right), nor collect any additional security beyond one month or any advance on rent (such as last month), it's difficult to mitigate that business risk.  Add in NY's historically lengthy and expensive eviction process, and the "just cause eviction" statute that appears imminent, and you have a recipe for being financially disemboweled by placing a bad tenant.

(Side note: I will debunk your theory about refusing to lower the rent.  I've found that I get WORSE qualified prospects when I reduce the rent on a vacant unit, and not a single "highly qualified bargain hunter.")

Sometimes, there is a point where you've been through the pool of current apartment seekers and they are all woefully inadequate, so it's time to take the ads down for a few weeks and let the duds work their way through the apartment hunting process with someone with lower standards / bigger appetite for risk.

You can thank the NYS legislators for passing such draconion, unilateral laws that actually hurt the very constituents they claim to be protecting.  So, warehousing it is, sometimes.  It certainly cuts my top line revenue.  But it certainly beats the alternative.

Based on your experience, I am obviously not alone in coming to this conclusion for my rental business practices.

What kind of doors where there?

Bifold doors are not that expensive.

Hi folks,

So, I have this wall heater and the thermocouple is not readily accessible (like it is on all the other room furnaces I have). Does anyone have any experience with this style? There are 3 sheet metal screws on the front edge of the burner pan. I am assuming those get removed and the gasket seal is opened and the pan drops down to access the thermocouple and pilot? The tubes go through the bottom of the pan, but the openings are not nearly large enough to access the mounting bracket inside.  Also the gas valve is directly underneath the pan, so not sure how far the pan would drop.  I'm trying to avoid taking the unit completely apart in an attempt to get into the engineer's head who designed it.  Since this is a wearable part, I am expecting there is a trick to getting to it.  I've checked online forums, YouTube, and the manufacturer (whom does not provide technical support to end users). Can someone help me out?

My lease prohibits running a business out of the rental unit, so I would ask them why they need a such a thing.  Afterwards, I would decline that request and remind them of said lease provision.

Many investors in my area use Alside.

Quote from @Mark Cruse:

Quote from @Wesley W.:

Quote from @Dale Robert Mason:

 Frankness is appreciated, calling poor people savages is not. I just wanted to add this to this discussion.

You are ignoring basic human nature.  When you were living at home as a teenager, where you that concerned about turning off the lights when you left each room?  When people do not have any skin in the game, they are usually abivalent to caring for someone else's asset (or honoring a written contract, for that matter).  What is their incentive?  Yes, that's a generality, but the exceptions prove the rule.  When you are assessing business risk, you can't ignore those generalities.

@James Wise has never been known to sugar-coat or avoid offense, but don't get stuck on the semantics.  He's conveying his extensive experience with this very challenging tenant base.

 I understand in the current political climate this kind of bigoted and hateful rhetoric is seen as cute by some but Iḿ not one of them. Defending prejudice has no place here as well. There is tons of professional advice on this site that can communicate and operate effective businesses without belligerence. What you deem as an acceptable generality could easily read is Blacks are lazy crack dealers or Jews are blood suckers. This filthy bullsht doesnt belong here and if you want to engage with it as normality take it to some right wing platform, not business. Also, people should not project their own failures or ineptness on others. If you do not have what it takes to make it work look in the mirror because many do. Garbage in garbage out......................

You are addicted to outrage, sir.  You're the one making it about politics and race.  The OP, nor any of the respondents, mentioned either of those things in their answers.  You obviously disagree that the S8 tenant pool does not have an increased business risk.  That's fine, but you're unnecessarily escalating the conversation.  This isn't about your emotions, it's about the facts that other investors are sharing based on their experience with the tenant class.   That's what the OP was asking for. Keep to the topic.

Quote from @Dale Robert Mason:

 Frankness is appreciated, calling poor people savages is not. I just wanted to add this to this discussion.

You are ignoring basic human nature.  When you were living at home as a teenager, where you that concerned about turning off the lights when you left each room?  When people do not have any skin in the game, they are usually abivalent to caring for someone else's asset (or honoring a written contract, for that matter).  What is their incentive?  Yes, that's a generality, but the exceptions prove the rule.  When you are assessing business risk, you can't ignore those generalities.

@James Wise has never been known to sugar-coat or avoid offense, but don't get stuck on the semantics.  He's conveying his extensive experience with this very challenging tenant base.

Quote from @Jim K.:

@Scott Mac

Thanks, Scott. Over the years, we've been able to turn my work in my spare time into a nice part of our nest egg. This shower is a good example of that. I don't think this conversion would have been less than $6K under any circumstances today. That's why I commented on this thread. I really don't see how @Marci Stein could make taking her claw-foot tub out with tenants-in-place cost-effective anywhere in upstate New York, I really don't.

100%, @Jim K.

I'm noticing the folks that are being cavalier about the cost are not operting in NYS currently.  Unless you are a large operator with built-in trades, finding someone to do (a) competant work for a (b) just a moderately exorbitant price is nearly impossible.  You can't get anyone to work around here.  Anecdotally - last year, my lawn service (not landscaper, cuts grass only) was billing me what amounted to $100/hr.  This year his prices went up to $120/hr.  I'm Upstate, not anywhere near NYC.