Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Russell Caraotta

Russell Caraotta has started 6 posts and replied 37 times.

Hi,

I own a 2 family home in North Buffalo. It is my plan to sell the home as soon as I can get my 2 tenants out (so I can get the place into selling condition). Their leases expired 3/31/23 and 4/9/23, so they are immediately available. One tenant is a Section 8 and the other tenant is a 3 member family (husband, wife, college son). If you have rental units available, please reply. Thank you!

Russ

@Scott Mac Well said! Thanks.

@bjorn 

@Bjorn Ahlblad Thanks Bjorn; very helpful.

My error - it should read that he has a small 401k loan already so the hardship route is his only option.

A tenant has asked me to write a letter threatening eviction (even though he is current with payments) so that he can use it in order to obtain a hardship loan against his 401K in order to clear up some unexpected bills. He has a small 401K already so the hardship route is his only option. He is a good tenant, pays on-time for the most part and includes late fees if tardy. Has a steady job with an international company but the company has its own challenges and has reduced staff from 1700 to 400.

I would like to oblige but am concerned about my risks and legal consequences if this gets discovered.

Looking for input. Many thanks.

@Taylor L. Thanks Taylor...comments seem pretty consistent. 

Thank you all for your thoughts, concerns and warnings! Much appreciated.

I own a nice 2 family home (3 bedrooms, 1200 sq feet) with good rents in a demand section of Buffalo. My upstairs tenant (currently occupied by him, his long term girlfriend and their 9 yr old daughter) was about to sign our 1 year renewal agreement when he asked me if I would consider a 4 year term as they love the apartment. I like the idea of such security and guaranteed cashflow. He has never had any issues with rent payment on time. I said - "Let me think about how best to structure something like this."

He then asked if I could follow him to the partially finished attic. He inquired if I would be interested in completing the unfinished part to resemble the other section (dry wall, ceiling, insulation). No plumbing would be provided by me. No added electricity. Is it truly a finished 3rd floor - not really - but it will be an upgrade (and increase the resale value of the home). He said he would like to have it available for a couple of his other kids. I envision some framing lumber, drywall, insulation and flooring. So the 3 bedroom apartment can effectively provide sleeping space for at least 2 more people.

I'm curious to hear your thoughts on 1) the structure of an extended lease and 2) The impact of attic modifications on rent. Is it as simple as spreading the cost across X months? My thought is if we do a 4 year lease, I would spread the cost of the upgrade across 24 months to arrive at the new lease payment. In other words, if the cost of the upgrade is $4800, I would divide it by 24 months to arrive at his new monthly lease of $1300 (he currently pays $1100 per month.)

Thanks for your consideration!

Russ

Post: More than Craiglist or Zillow?

Russell CaraottaPosted
  • East Aurora, NY
  • Posts 37
  • Votes 17

@James Barnhart Interesting points re month to month. I always viewed the security of a 5 or 12 month lease as a good thing, if the lease agreement has strong enough language for termination for cause.