All Forum Posts by: Ras U-Ahk

The lot next to my property is owned by PHA. I reached out to try to buy so I can build on it but they said they are unable to sell based on the way they acquired the land.

They are only allowed to sell back to original owner. I was seeing if anybody has any experience with this and could give me tips on finding the previous owner?

@Anthony Rosa

Thanks

@Scott Wolf

I have been the property manager on the unit for the last few years. The property was was a money pit before me and I was able to get it profitable.

He is getting killed on taxes because he has property in mutiple states. Also he is in the process of retiring (to a island) and doesn't now want to deal with the headache anymore.

As it stands I have been able to create amazing cash flow with this unit. So if the taxes go up I can easily cover it. The biggest changes is the APR currently is near 8% so getting that to the mid or upper 2's will make the world of difference.

@Bonnie Low

Thank you

So my farther is looking to transfer his property in New York City to me. The property is a single-family that has about $150,000 left on the loan and is currently worth over $500,000.

I have never done a "gift" property before and looking to have as much information as possible to completing the deal.

From looking at the into the property I would be looking to do a 15 year refinance mortgage at the remaining balance to get better terms on the loan.

Can anyone give me advice on how to do an deed transfer with a refinance?

@Jonathan R McLaughlin

The contract does not say "vacant" but one of the terms is to have a solution for the tenant before taking over the property.

@Joshua Adlam

Thanks

@Jonathan R McLaughlin

Thank you for taking out the time to respond.

I have the property under contract, but I have not done anything official for transferring.

From my understanding:

The basement apartment is a legal unit.

The salon is licensed. Nevertheless, I will have to look into it more to find out the particulars. The good thing is that Via social media, they are moving the salon location this Wednesday. 

From the original landlord, It did not affect insurance.

The original landlord placed the unit under covid protection to prevent mortgage payments while having this issue. Yesterday it was extended to April.

I have the flexibility to leave everything under the original landlord's name until I can figure this tenant situation out.

I was thinking of sending a letter from my property management company introducing new ownership, laying out the new terms of agreement moving forward by offering a lease.  Giving fourteen days to respond, If I get nothing, then I would go the Legal route.  I am aware that because of Covid evicting a tenant right now is near impossible.

So I'm just trying to get the rent flow started or start the legal process while I do not have to pay for the unit. 

I acquired a single-family home in the Bronx, NY. The current tenant and former landlord do not have a lease or official amount for payment. To give some back story, the tenant was a family member of the former owner. The tenant was operating as the property manager.

The tenant was responsible for the upkeep of the unit and mortgage payment. To make a long story short, the tenant was not keeping up its part of the bargain. As of May 2020, the tenant has stopped paying.

The tenant has been living at the location for nineteen years. The tenant runs a hair salon out of the home and uses the finished basement apartment as an Airbnb.

Now that I have the property, I am willing to offer the tenant a lease to create structure and valid expiration.

In the case that does not work, I would start the process for eviction.

I am reaching out to my bigger pocket community to see what my options are moving forward.

I acquired a single-family home in the Bronx, NY. The current tenant and former landlord do not have a lease or official amount for payment. To give some back story, the tenant was a family member of the former owner. The tenant was operating as the property manager.

The tenant was responsible for the upkeep of the unit and mortgage payment. To make a long story short, the tenant was not keeping up its part of the bargain. As of May 2020, the tenant has stopped paying.

The tenant has been living at the location for nineteen years. The tenant runs a hair salon out of the home and uses the finished basement apartment as an Airbnb.

Now that I have the property, I am willing to offer the tenant a lease to create structure and valid expiration.

In the case that does not work, I would start the process for eviction.

I am reaching out to my bigger pocket community to see what my options are moving forward.