All Forum Posts by: Paul Enzinger

Hello,

My wife and I are small-time RE investors. We acquired this property in 2018 (2-family) and it has been pretty smooth sailing since then. This past hurricane (Ida) was a whopper and flooded the first floor, destroying the 2 kitchens. At this point, our decision has been to issue a Non-renewal of lease notice with the idea to renovate and flip it. HE insurance will not cover floods and since we are not in a flood zone (on a hill) we did not add flood insurance, but it will cover some things (overflow from our backed-up sump pumps and a roof).

We are hesitant to make repairs fully to the building because we want new buyers to have new things, not once-used (current tenants). One of the tenants has issued us a low-ball offer for the house, which we promptly rejected but now we are stuck in a kind of limbo. Thoughts? Opinions? Anything would be helpful

I have a few rental units in Metro NY, which we are thankful to have and just renovated one of the units after a deadbeat tenant was using the eviction moratorium to hide behind and not pay rent. I also have a small stock portfolio that is generating good returns via dividends and options income. I do like the fact that I have multiple streams of income coming from different directions. Real estate is by far my favorite- being the most stable - but I cannot dismiss the returns that I have been generating in options. I am using my investment account to loan money to my business to fund the renovations! 

As an update to this thread, the tenant in question is out and we have written another contract for a new tenant starting 11/15! The renovation pictures look amazing

I had my own problems earlier this year when my longest residents just stopped paying rent back in February. It was still under "normal" rules here in NY. We took pity on them, our mistake. Our largest mistake was not evicting them when we had a chance. Total unpaid bill was close to a non-recoverable $20k. We learned now to not have any compassion. Sad that that is how it is. And, of course, King Cuomo doesn't care at all. Like @Ruth C. mentioned, we're all Scrooge McDucks with our money bins. So much for liberals' claim of compassion...Do you know that my own family is suffering because their incompetence and the State's unwillingness to give Contitutionally guaranteed due process? Not in the slightest.

Just want to blow off some steam regarding my first hostile tenant move out. We've always had decent L/T relationships since we started this venture full-on in 2018, but this one just really irks me. I just can't believe that people live in such a disingenuous way. They haven't paid a dime since January and in March, our wonderful Governor, KIng Cuomo, decided to place eviction moratoriums in place and we couldn't get rid of them. They knew this and forced us to pay for their electric, cable, heat and everything.

I have had a similar situation with my tenants who haven't paid anything since January and hid behind the COVID eviction moratorium in wonderful NYS. Because of this, she was appaled that I entered without a mask (and no body there)...heaven forbid!

Hi, my name is Paul I've been a BP member for a while now. I have a duplex on Long Island, NY sitting on .75 acre of land (2 lots and 1 is vacant). The one unit in the duplex is currently vacant and we are debating whether to renovate it to get it ready for another family or to sell the whole property to a developer (who I have met with already). Our medium-term goal is to purchase with the proceeds either 1 or 2 condos in Myrtle Beach, SC for short-term rentals or a larger mutli-family apt building in more or less the same area (not really dead set on the location) for more longer-term rentals. We are familiar with the longer-term rentals because that's what we are accustomed to, but the short-term Airbnb model has piqued our interest. We are currently asking if anyone has experience in these areas, knows the market, potentially has a place they are willing to part with, any help is appreciated.

We understand that nothing can substitute for experience and everyone's is different. If anything, we are reaching out to try to see if this concept would potentially work. Thank you in advance.

I'm in a similar state - NY - and very tenant-friendly. I am in the process of evicting one of my longest-running tenants (she hasn't paid since January!) but our fearless leader Gov. Cuomo has determined in his infinite wisdom that we can't get rid of deadbeats. Everything has to be to a T with those cases. If one thing is missing, the case is thrown out and the landlord has to start over. Depends on the depth of his pocket and if he wants to make an example out of you or if he's principled. I'm attempting to add other income streams to supplement due to this new state of the economy in the meantime.

My own home (a duplex) that we purchased with no money down, took advantage of a NYS grant to fix up abandoned properties, $35,000 without any repayment, fixed it the way we like, rented out a wonderful unit in a neighborhood that we would not have any chance of getting into. Purchased @ $447k, now appraised @ $550k.

We have a tenant in one of our properties who has been there longer than we owned the place - almost 10 years! She almost never is late with the rent and although I have trouble trying to raise her once in a while, her stability and long-term payments are more valuable to me than the extra $50 per month I can potentially get every year. Plus, the cost of renovating her apartment (since she's been there I have trouble doing potential upgrades) can be deferred while I can concentrate on more juicy projects. If there is a definite problem I'd say keep them - tenants like stability.

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