All Forum Posts by: Frank Gucciardo

I usually use Zestimate as a starting point but take it with a massive grain of salt. NY is a disclosure state, which means that you can see how much houses have sold for without MLS access. After I narrow down my search, I start to pull comps from Zillow recently sold homes that come closest to the property I'm interested in. This will give you a better idea of the value of the property you are looking for.

I love my RE agent but they are not providing me with anything different that I cant pull off of Zillow or Realtor.com for sold properties.

I found out yesterday that one of my tenants was killed in a car accident early Saturday morning.  I feel terrible to say the least.  This is in my three family property and he was room mates with another guy who is his friend. Both are on the same lease, however, they each paid half the rent separately (not specified in the lease).  Both paid on time and are/were excellent tenants.

Since the accident just happened, I have not spoken to the family, I have texted with the room mate though to offer condolences and let him know we are here if he needs anything.

My plan is to call my lawyer in the morning and get his advice on how to handle.  I am going to give the room mate a month or so to find another room mate (at my discretion of course), verify he can pay the full monthly amount ($900), or decide to leave (month to month lease).  I am not going to ask him to pay the full amount for at least July, maybe August. 

My biggest concern is how to secure his belongings and how to legally handle any family that wants to get his stuff from the apartment.  If it were up to me I would just let his parents get his stuff and be on their way, however, I don't want to get into any legal issues if someone down the road says they had no right to his stuff.  

I may be overthinking this but want to be respectful and legal.

Has anyone been in a similar situation?  Any feedback on how you handled?

I'll keep this thread posted as I work through this.

Daniel Give Wallkill Valley Federal a call. They are doing a lot with investors these days. Ask for Domenic. One question, will the property still cash flow with the new mortgage? Seems odd that fees would stop a bank from originating.

Congrats Felix

What town is the property located in?  Have you closed on it yet?

Cozy.co and PopMoney.. works like a charm

Heat gun and good ventilation

You definitely need to step back and educate yourself first. Good news is you are at the right place. Read through threads, read books, listen to the podcasts. You don't sound like you are ready to start a project just yet.

I put it all into one account and keep a spreadsheet to manage the balances in virtual accounts

If it's in your lease that they are responsible for damaged items, then yes you should charge them. You should not just deduct it from the security though. That money is there to hold them responsible for the condition of the property until they leave. I'm assuming they are still in the property.

Single Family or Multi Family?  Also, not enough information.  How much are taxes, Insurance, etc..