All Forum Posts by: Steve C.

Hi, I have used Joe Hynes Plumbing on my rentals in Buffalo and Cheektowaga many times. What do you need done? 

Did you receive the loan under an entity that owns all 20 units and / or files its own tax return? In other words - are your units on your personal tax return? 

From what I understand you would have more luck applying for an EIDL than PPP unless you have a Corp. or non pass through LLC (business entity files its own tax return). I personally applied for an EIDL under a pass-through LLC which is only holding one property, which has multiple tenants who have not paid since 2019 and early 2020 and it was denied based on "LLC is not involved in a qualified business ". But, I'm curious if anyone has had any luck.

Hey Alisa. Buffalo City Court and some town courts are actually accepting petitions or orders to show cause for nuisance evictions in situations where a tenant is causing an unsafe environment for other tenants, the landlord or the property. I have one building where a tenant was arrested with a gun and am in the process. I was just wondering if anyone on here had completed one yet. Thank you for the response though!

Has anyone been successful with a nuisance eviction in Erie County, NY where a tenant has damaged property, committed crimes, harassed another tenant, etc?

Can you share your experiences even if you attempted one and not been successful?

Have you been successful removing a tenant another way besides eviction?

Hi Samantha. I haven't refi'd the house yet. There is so little inventory to buy now it is hard to find deals. I'm waiting a little longer to see if the market opens up. I ended up renovating a double of mine and bought a 3 unit with a VA loan and 100% financing in the mean time.

Do you have a good bank that you work with locally? 

I do a lot of section 8 rentals and in my lower-income area rentals that is all I will do.  Especially now with the eviction moratorium being extended until May thanks to our genius Governor here in NY, I thank the lord that I have section 8 tenants.  The only hard part, in my opinion, is the move-in process.  I love hearing my phone ding on the 2nd or 3rd of the month and seeing the direct deposit in my account.  I have found that if you find tenants that receive section 8 vouchers and that also have a job that they have been at for at least 3 or 4 years, they end up being very responsible (mostly single moms) that just need help with rent.  And they have been on a waiting list for as long as 10 years usually so they respect the fact that they get the help and they do WHATEVER it takes to keep it.  That means when they come and do the 2 annual plus one random inspection a year, that they have the apartment well taken care of because they just don't want to risk losing the voucher.  Also, if they don't pay their portion, then they are risk of losing their voucher so they always seem to stay on top of it.  I have about a dozen section 8 units and most of my tenants have been there for roughly 10 years. 

If you take care of your units and especially are on top of making sure there is no chipping paint, I have found that they will always find something small but it is easy to fix.  I know most of the inspectors now so they usually just have me sign a form after I have fixed what they want done and then fax it or email it in. 

As far as higher rents - I think that would only apply to class C properties where someone without section 8 cant pay that much. And as far as section 8 tenants in class A or B properties I think then you are hurting your cash flow. 

I would Google N.A.C.A.

I bought my first duplex with this program with 0 zero down and not great credit. I have 13 units now. The process is annoying but not hard. 

I personally buy and use as much "mis-tint" paint as possible from HD and lowes. Thats when a customer orders a custom tint and then returns it. I usually spend about $40 for a five gallon bucket of $200 paint. If you aren't as cheap as me and want absolute best quality than Sherwin Williams. If you want something in the middle I would recommend PPG from home depot. Most of their paints are interior / exterior meaning it's more durable than most interior paints. If you use a higher end paint go with a semi gloss so it can be cleaned. If its going in a lower end unit you can get away with a cheaper flat or eggshell and repaint often. With flat paint you can paint sections without it showing but won't be able to clean it well. 

For flooring I am currently using all porcelain tile in kitchens and baths. Its the most waterproof and durable you can get. I install a "Go Board" brand waterproof subfloor.  I use vinyl plank in all other rooms, even bedrooms in my lower end units. Also water proof and scratch proof. In my nicer units I put the vinyl plank in living and dining room and carpet in bedrooms except for upstairs units I put carpet in living room for sound dampening. For all of the material I buy closeouts anytime any retailer has them and always have it stocked and ready in storage. I try not to pay more than 50 cents a square foot for material and do the install myself with one worker so it saves me a TON over paying a flooring company. You can always put a Craigslist ad out for a flooring guy willing to work nights/ weekends for 15-20 / hr.

For sinks I buy open box vanities with tops from Lowes. And I always use a Delta faucet because of the life time warranty, ease of warranty replacements and availability of parts.

Matt,

I'm not sure where this information is coming from. I just closed on a 0 down VA loan and no PMI was required. VA loans have what's called a VA funding fee which is a one time fee instead of mortgage insurance. Its one of the main benefits of a VA loan besides the 0% down and very attractive rates. My rate is 2.25%.

It seems like you are describing an FHA loan.

see link regarding pmi and VA loans.

 https://www.veteransunited.com...