All Forum Posts by: Warren Rosanoff

by the way, thank you for your responses!

The city is Middletown, NY.  Apparently some of the neighborhoods where multi family homes are prevalent have a higher crime rate so it was decided that forcing the properties with 3 or more units to remodel to 2 unit properties would somehow rectify the situation. There is no grandfather clause. There is a 5 year phase in period with the possibility of aa additional 5 years in "hardship" cases. 

I came across a listing for a 4 family house. The asking price was reasonable and the income sufficient enough to provide a decent cash flow. I was preparing to make an offer when I discovered that the city had passed an ordinance a year ago that will phase out 4 family properties (actually anything more than 2 family) over the next couple of years. Had I purchased this property, it would have been a disaster. Is this something that occurs frequently? Do I need to review real estate law in each jurisdiction where I find a property that looks appealing? I am not an attorney and trying to locate and then understand the local regulations is tedious and time consuming. Have any of you encountered similar issues and how do you overcome them?

Found my answer NY Code section 7-101

I have a question regarding security deposits in New York State. Does each tenant require a separate interest bearing bank account or can multiple tenants' security be deposited into one account and whose tax id# should be used?

I have a question regarding security deposits in New York State. Does each tenant require a separate interest bearing bank account or can multiple tenants' security be deposited into one account and whose tax id# should be used?