All Forum Posts by: Schneur Yecheilov

I sell Home Depot and Lowe's gift cards at 10% off. Figured I'd share that here if anyone wants to save money on their construction. PM me for more information.

Hi,

I’m looking to buy a 2 family house in Brooklyn NY. 1 tenant is on the section 8 program and they pay $2000 rent. The seller is saying that the lease expired years ago therefore there has been no rent increase.

If I purchase the property and make a new lease with the same tenant will I be able to get the max section 8 pays for a 3 bedroom which is $3777?

Thanks

Once this program ends in 6 years, is it possible that the government can continue the program or would it be totally up to the landlord at that point?

The price is a steal for the property and location that’s why I’m very interested in this. 

Hi,

I found a great deal on a 6 unit building in Brooklyn NY. It is a rent controlled building for another 6 years, then the rent control falls off as well as the tax abatement. Its under the SIP Special Initiative Program.

I have a few questions:

1) Once the program ends, am I able to pick up the rent to whatever the market rates are at the time? are there any restrictions?

2) If the answer is yes and the tenant refuses or cannot pay the new rent, will I be able to evict them? and if yes how hard would that be?

3) If a tenant moves out before the program ends, when I put in a new tenant do they get the same rate as the previous tenant or can i pick them up? and if yes by how much?

4) While under the program am i able to Increase rent yearly? and if yes by how much %?

Thank you in advance.

@Laureano Perez Did you find someone you are happy with? and how long have you been with them?

@Ronan M. I'm not happy with the property manager i currently have. so i had a different property manager/agent look at the property to see what my options are.

He said he could sell it for me as is, or i could put in 40k to make the place look very nice and then rent it out for $950-$1000 monthly. this price sounds a bit high to me for that area so i wanted to get some more opinions from others in that area.

I had an agent tell me that i could get $950-$1000 if done really nice. so i'm trying to get other opinions from the experts in that area. 

Hi,

i have a question about a property in south Chicago, by W 52nd St and S Sangamon st

its a 4 unit building, 1 bedroom per unit. it needs a lot of work.  i'm wondering if i invested to fix up the place and make it very nice, and wanted to get better tenants, what would be the most i could charge rent in that area?