All Forum Posts by: Wesley W.

Actually, all of NYS (including NYC) has a maximum late fee of $50, or 5% of gross rent - whichever is LOWER.  It has been this way since 2019.

NYS now has statewide rent control (also since 2019) - each municipality need only opt in.  Ask all the class C tenants upstate how these legislative "aids" are helping them?  When I post an apartment for less than $1000, I get HUNDREDS of applicants within a week.

Rent control does nothing to help increase the supply of affordable housing. It disincentivizes investors, whom divest from these areas and take their money where it's treated fairer.  There is in an increased risk and less reward now.  Why would someone swim upstream with their business if they had a choice?

As someone already stated, this is 100% buying votes and actually hurts the demographic they are pitching it to.  Business facts don't care about your feelings or intentions.

We've been living with this albatross around our business' necks for 5 years here in NY.  Go ahead and ask the resident tenant base if that's increased or decreased the availability of affordable housing in the last several years.

Absolutely.  Some people use bank statements, but I am more comfortable using tax statements (e.g. 1099).  My feeling is that the tax evasion thing cuts both ways.  If they are underreporting their income to the IRS, I cannot guarantee that the revenue actually exists.  That's exactly how a lender or creditor would treat the situation, as well.

@Account Closed All good ideas, most of which I was not aware of.  As stated, this is not my lane in the industry.

@Tom Gimer  Yes, held in personal name.

Your suggestion is exactly the kind of tip I am looking for.  Thank you!

@Chris Seveney I worry that this operator will source the heir before it goes to tax sale.  I'm looking for some methods that they may use to make contact, so that I may use them.

You make a good point about the step up in basis, which would probably reduce any incentive for a sale directly from the owner at this point.

Is there a way to look up a beneficiary/trustee when the time comes that he passes?

With respect, I explained this in the post.  For one, he lives out of state.  Which, in this case, is about 1200 miles away.  Secondly, I do not have a high confidence he is still at that address of record, or alive, for that matter.

It will not surprise anyone to know that NY requires landlords to accept a credit report from any applicant that is less than 30 days old.  It can be directly from the applicant - even hard copy - which raises all of the problems that have been listed above.  

Good ole' Empire State, removing all of the control but none of the responsibility from property owners.

Hi all,

There is a distressed property I have had my eye on for several years that is in extremely close proximity to a property from my childhood, and an area I would like to own in. I have written a personal letter to the owner once every six months over the last several years, asking if he wants to sell. I include a photo of my family and explain my desire to own in this area I have fond memories of. Sometimes I include a personal check and a P&S agreement with no contingencies. I have never gotten a response.

This gentleman lives out of state and is 96 years old.  He has not been to this property in several years.  I am told from the person who mows the lawn that he does not have a phone, and she only hears from him once a year or so, when he mails her a check for her services.  She says she knows of a cousin who happens to live in the same state as the property, but apparently he had a falling out with him and they have not spoken for many years.  

I'm not sure if there are any other next of kin; he has no children or spouse.  I wonder aloud if he is incpacitated or in assisted living at this point, or has someone that is taking care of his financial affairs for him. I'm looking for advice from the folks that find these kinds of deals all the time, and how best to proceed.  My worry is that the property might fall into probate or tax auction once he passes and someone who knows someone will get the deal under contract before it reaches public offering.

There is a real estate agent in the area that gets about 85% of all the listings in the micro-market, so she is farming these properties constantly.  She buys them distressed, renovates them, and then sells them herself for top dollar.  I am sure she is sending him letters (or using other methods to contact him) as well.

I'm a small long-term buy-and-hold investor myself, but this property is about 4 hours away from my own market, and would be used personally by my wife and I if we were to acquire it.

I'd really like some help from you large operators who work these deals all the time, as to how best make contact with the owner and see if he were interested in selling.  I'm reasonably certain this owner does not need the money, so that's probably not a motivating factor.

Please help David beat Goliath to the punch.  I'm anxious for some feedback and advice on how to get the best opportunity to acquire this property.

Thank you in advance for sharing your experience!

 Understood.  Thanks for educating me.