All Forum Posts by: Craig Schneider

Hi Alex,

Do you know where you will be working?  I ask that because Suffolk has a better opportunity for house hacking.  Taxes are lower, and evictions are a bit easier (NYC is the hardest).  Just make sure the property is a legal two-family by CO. 

That does not work for us, no cash flow when you put in expenses.  Private message me and lets setup a time to talk

Hey Gordon,

We are currently looking to purchase multifamily.  If you come across any let me know and we can use your services to rent the units. 

Hi David,  

What kind of property do you need assistance in managing?

Hey R.J.  Good luck

Hi Felix, 

Those numbers sound good as a minimum.  Keep in mind if you need plans or permits in Brookhaven, that will increase your carry number and may require a different level of renovation based on code.   If you sell it with a broker add the 4% fee as an expense.

Hey Sam.  I have been in your shoes no fun.  You need to wait until the sheriff, anything you do may cause issues.  

Just be prepared for the tenant to possibly go to court for an order to show cause which may delay things a few weeks.

I have been dealing with a holdover for 11 months, they declared bankruptcy.  

Best to do is contact an attorney or sell the property as is with the occupant if this is keeping you up. 

Francene,

Typically you will have to fill out a FOIL form.  Depending on the municipality it will take some time unless you get to know someone. 

I would also check the tax receiver and housing.  

Of course, putting an offer in subject too - would give you the time and eliminate the headache.  At that point, the title company will provide all the necessary documents. 

For my tenants who sign leases, I request pay stubs as well as bank account information.  I also include an acceleration clause having all rent be due on lease signing, however, we will accept it monthly.  (Generally, Court will only allow you to collect rent for the time they occupied)

With a the information above you will be able to get a judgement in there name and have the sheriff sweep there bank accounts for money owed and garnish there wages.  The judgement stays in there name for many years and the interest rate is 9%.  

Truth be told I have been only able to collect on 50% of the tenants, but you never know as I have judgments still on peoples records growing at 9% a year. 

In my opinion it would be best to retain an attorney 

Is this your only multifamily? 

HI,

I have dealt with to many evictions. Hopefully, the tenant is not a "professional" tenant.  That means they know the games.  

Does your tenant have a signed lease or is he month to month?

If they are month to month you would want to service them as a holdover,  If they have a lease and you serve them for back rent they can show up and the court and pay you the balance.  You will be out all the legal fees. 

Let me know if you have any questions.