All Forum Posts by: Pat Goodyear

I am in NYS. My section 8 tenant of 2 years. Not a ideal scenario..2 bedroom she frequently has her kids stay, her boyfriend, etc. Her share of the rent was $106/Mon. I raised the rent $100 to be in line with market. Sept I end up getting $1100 extra. I call section 8 and they said they recalculated and she shouldn't have paid $106 so they gave me $1100 for Oct thru Aug. I asked why they didn't send it to her, they said that's not how they do it. First its 2 tax years, second there is no paper trail. They don't care.

Have you ever dealt with this? Then they did her recert and she has another extra person listed. Yet I know zero about that.

In NY if it's an immediate family member I can't refuse to rent.

@Angela Persico I am a LL in NY, I think you are confused, you aren't allowed to evict for past rent during the ERAP period but you can evict for current nonpayment

@Kristen P. Do they have renters insurance and would it cover a hotel?

@Chad Westfall sadly in NYS the moratorium isnt over. Even tho it expired Jan 15, 2022, if the tenant fills out an application for ERAP...which has no funds, the eviction case stops. The realty is landlords are losing there homes, savings, and their properties are getting destroyed.

Greg, THANK YOU!

I have 16 rental properties. I have one under contract now. My basis is $78k and my sale price is $190k. My carry-over passive losses are $147K from all the 16 properties. My MAGI is >$100K; so I am having carry-over passive losses every year. I am not a REP. Provided I don't want to do a 1031; can I use my carry over passive losses to off-set my capital gains? depreciation recapture?

Can someone explain how the syndication process works? I am an accredited investor. I understand the bonus depreciation and cost seg. I have found IRS rules that say I have to dispose of the entire activity to utilize the carry over losses. (ie. sell all my rentals) Thus, I don't understand how K-1 syndication loss offsets passive gain from a different syndicate sale.

Mary i already am aware of the programs. The LRAP and tenant programs both closed mid-Nov, no money left. NYS had planned Aug 2021 to end the hold on evictions...but then they extended it until Jan 15. 

I am not sure if any state is so pro tenant. Free lawyers for tenants all day long; current process: 6 day written; then 14 day pay or quit. After 14 BUSINESS days, you can file for eviction, date has to be at least 10 days out. If the tenant pays the rent (not late fees or eviction fees) it all goes away.

@Arian Mustafa I am in New York state which I believe it's currently the most tenant friendly state. There is currently the eviction mortirandum for covid until January 15th. Rumor is it will get extended again. I had felt so blessed not to have any tenants as non-payers through all of this. Then November 1st my most expensive rental decided they too deserved to have some free rent. The I'll wrap in our state is it over they spent it and these tenants owe me $1400. I am trapped, can't evict can't get them out and can't sell the house because they will refuse to leave.

@Dwight Cook be aware NYS is trying to get Good Cause Eviction passed. If that happens you will be limited by what you can increase the rent

In my limited view: State and National government is the biggest disrupter. In NYS - rental registry with inspections and fees, Good cause eviction, changes in ability for landlords to screen properly (evictions are blocked), rumors of possible rent control, eviction process made more and more difficult, rent relief tied up in so many regulations that the front line landlord never sees it.