All Forum Posts by: Saikhantal Yu

 Hey! Thanks so much for your kind response. Yes, I was stunned when I heard how things were messed up. I talked to the owner of this company already and so far they are pretty cooperative to provide follow-up remedies, such as repainting the wall for us. 

However, I'm less certain about how I should handle the relationship with the tenant if by any chance the contractor is reluctant to pay for the costs associated with cleaning or replacing the items. Should I suggest my tenant sue the contractor in the small amount court? File the insurance claim against them directly? And if I should make it very clear to my tenant that I feel apologetic and I'm willing to do whatever I can to make you feel better but lawfully I'm not responsible for your personal belongings. 

Hi all,

Recently I hired an independent contractor (great reviews on Yelp) to fix a few appliances in the kitchen. Things were fixed perfectly, however, the contractor brought some minor damages, for example, scratching a large piece of the wall so heavy marks were left, breaking an espresso machine somehow by putting heavy tools on top of it, and tainting a few tablecloths and other personal items... 

The wall was repainted instantly. Now the tenant is asking me to pay for a new espresso machine and some cleaning service. 

My understanding of the law is that I'm only responsible for the appliances and the wall. It's unfortunate that their personal belongings were affected but it is this contractor whom the tenant should go after. Or they should let their renter insurance kick in. I can help with channeling the conversation. But I'm not the one to pay for these expenses out of pocket. I'm also happy to settle because I want them to feel happy but I also want to let them know that I'm doing it out of courtesy and a good intention, not because I'm obligated to.

Am I right?

Much appreciated!

They meant that the building doesn't OWN the floors so they won't repair or cover the cost like they will the wall. 

To me, it's such a fallacy. I don't own your car but it doesn't mean I could just walk away after damaging your car.

Is it true that I will have to pay for it out of my pocket initially anyway, even if my insurance will reimburse me if the cost exceeds the deductibles? I'm trying to get the building to do it instead of me getting a contractor, etc. But then I have to get into chasing the management team, arguing about my rights, etc. 

This is why I've been curious if the board will act on behalf of my best interests. I haven't reached out to them yet.

Thank you very much for getting back to me, Joe!

Can I follow up by asking that if the estimated cost is no more than the deductible, i.e., I will have to pay for the 100% of the cost unless the building is pushed to compensate, will I be left alone to fight with the building then? Will the board advocate for me in this scenario?

And can I send a contractor to generate an estimation ASAP before the insurance company could send anyone on-site?

Thank you very much for your time again!

Hi all,

Hope you are all safe and healthy!

I own a small condo in NYC. The building is undergoing some major renovation. A few weeks ago the pipe had a leak that was so significant that it dampened two walls and the floor. Now the floor is buckling, causing furniture pieces to wobble, etc. My tenant at this point is really concerned and frustrated. So am I.

The building is taking action to fix the wall. However, it is made clear that the floor won't be covered since the floor was not original. I found this rule very awkward. I thought the liability is pinned down due to who caused the damage instead of whether something was in the building or not when it was built initially. But I could be wrong. 

Who should I talk to in order to get some compensation for the repair cost? My insurance company? Again, I thought in this case the insurance company for the building should kick in... Will talking to the board be helpful?

A related question is that if the building is only responsible for the things originally built, does it mean it won't cover any even if my appliances were flooded? What if my tenant got tripped by the buckling floor?

Any insight is sincerely appreciated!

Sincerely yours,

Sai

@Anthony Thompson All the information is very much appreciated, A! You laid them out in a good way so they really made good sense.

May I ask for referrals of good realtors, lawyers, and management companies? (I know I'm asking a lot, LOL) Right now I'm clueless. Communications can be taking a variety of ways that are less intimate than usual in the midst of the pandemic, so I'd love to talk to the right people upfront and get a solid idea about the niche I'm interested in so that we could move on effectively.

Also, I cannot wait to see who will also show up in this thread, on the investment side, so I could get more anecdotal learnings!

Stay safe and healthy everyone!

@Anthony Thompson Thanks a ton for a prompt welcome note! I'm trying to see what makes a better sense, Airbnb or renting long term. Considering I'm familiar with the streets near PC, and also that I'm not able to come here so often in person, I am now thinking the easiest formula could be to work with a property manager to rent the place long term. 

I'm now hoping that I could get mid-size multifamily to make around $2500/month (of course it would be gorgeous to be around $3000). That should be able to leave me a few hundred per month, after minus the mortgage & monthlies. May I ask usually how does management fee work here? Do you think this ballpark sounds right?

Where I live in NYC is also close to schools and institutions, so rent is pretty stable, neither skyrocketed with other fancy neighborhoods nor nosediving when the economy took a hit in general. Do you guys think Smith St. Eaton St. Huxley St... are also relatively stable?

Thanks again!

Hi Everyone,

I've been reading and learning on this forum for a few weeks. It's very impressive how nice and supportive everyone is.

I'm a first-time investor. I spent a few months in Providence last fall and I was living in an Airbnb place in Elmhurst, very close to PC. My feeling is that it's a quiet and safe neighborhood. I am familiar with the streets, etc. already. Since this is my first real estate purchase, I sincerely appreciate any advice. I am curious about a few topics in particular as below.

I noticed Elmhurst saw a price increase over the last year. Any idea why?

Ideally, I'd like to hold the property for a long time. Do you think this is the right move in Elmhurst?

I am assuming that multifamily near PC would be easy to rent. Is that the case generally speaking?

Would anyone not mind recommending realtors, lawyers, and lenders to work with locally here? 

Do people always incorporate an LLC here when buying real estate? I know lots of people do in NYC.

As I said, I'm all eared for any advice regarding the above topics as well as anything in general that you think I should be aware of. I've been working my *** off to earn the bandwidth to think about investing, so I'd really like to make sure I make smart moves!

Thank you very much. Be safe and healthy!