Single Guy buying 3 bedroom home in Westbury LI - bad idea? (Valley Stream: lawyer, new house)
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True, however, one possible way to get around that could be asking for 1st and last months rent plus 1 month security.
Also, if you take pets, you can no longer ask for an extra deposit, however, you can ask for a non-refundable one-time fee, or increase the rent, i.e. $50/mo~~ extra.
Ridiculous. What’s next, not being able to file a derogatory credit report on someone who doesn’t pay rent?
We exited the market with the one house our group held. We make more per month on a $185k house in our business state than a 550k home in NY. The taxes are a small part of that. The tenant protections and lost rent are not recoverable when some lives rent free for 14 months and we pay 26k in mortgage taxes insurance. 21 days tops normally for us and the non payer is out.
Don’t give Cuomo any ideas. Not reporting to the credit agencies will prob be a law soon enough.
We exited the market with the one house our group held. We make more per month on a $185k house in our business state than a 550k home in NY. The taxes are a small part of that. The tenant protections and lost rent are not recoverable when some lives rent free for 14 months and we pay 26k in mortgage taxes insurance. 21 days tops normally for us and the non payer is out.
Don’t give Cuomo any ideas. Not reporting to the credit agencies will prob be a law soon enough.
“A judge may now stay an eviction for up to one year, rather than six months, if the tenant cannot find a similar dwelling in the same neighborhood after a reasonable search.”
This is insane. Define “reasonable search” for a deadbeat. Also, if the person was renting at below market rate it will be nearly impossible to find a similar dwelling in the same neighborhood.
“That practice would be banned, prohibiting landlords from discriminating based on a tenant’s history in housing court. Other states, including California and Illinois, have experimented with other solutions, like having certain housing court records automatically sealed.”
The Times and the people quoted are so proud that those poor tenants have the upper hand over evil landlords. Just the tone alone should put off anyone smaller then a big corporation renting out property.
If you can afford it and you think you got a good deal on the house, I would do it. Buying a house/land is usually a smart investment.
Given you own in Queens as well I'd rent both of your apartments out and use some of it towards your new mortgage.
That it appears you have some DIY skills, it makes it an even more positive investment. You'll have your space and quiet. You'll have DIY projects to keep you busy. You'll add value to your new home.
Despite what some say about the RE market here, the demand is greater than the supply and that won't change.
Yes I have some DIY skills. I am also looking at the new home as a project to keep me busy especially during this pandemic where meeting new friends / women will be harder than before.
Quote:
Originally Posted by markjames68
A house in Queens should probably sell quickly to someone looking to leave Manhattan I’d think.
Plus if the 2 family house doesn’t have separate meters for everything then I could see having the double whammy or not getting rent AND being on the hook for heat, hot water and electric expenses.
OP, as you’re a Torontonian, treat your situation as if you were renting out to someone in Jane & Finch. You know what I mean there.
I know what you mean about Jane & Finch, lol. I definitely am screening the hell out of prospective tenants for my queens house. I have been dealing with tenants for years between this house and another property I used to own in Oakville ON Canada, and it is all about screening and gut feel.
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Originally Posted by 85dumbo
You want random internet strangers to decide?
Well I am just looking for some guidance and more opinions.
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Originally Posted by RAHM51
Never sell your nyc multifamily. That is your cash cow and will provide generational wealth... But if you do decide to sell, let me know.
I am not going to sell it. Contrary to most people's advice to sell it, I am going to keep it for another two years minimum - I just refinanced it and the payback period for the very high closing costs of refinancing is around 2 years. Closing costs in NY are insane.
Some people are advising me to move to FL - way less taxes, low cost of living, cheap real estate and good return on rents. However, in my field (Electrical Engineer working for a power utility), the only real jobs right now are in south FL (west palm / miami / ft lauderdale) and I was hoping to move to central FL (Orlando area).
Seems like a decent area; I personally wouldn't go with Westbury in my opinion, the area is sort of a hit or miss but that's just me and this is north of the Northern State Parkway so I believe all those parts north of the parkway are safe. The school district however (even though you don't need it, it's good to know for a resale value) is not highly rated mainly due to kids coming from the not so good parts of Westbury (east of Post Avenue) and New Cassel. Remember the zipcode "Westbury, NY 11590" covers a large area including all or part of the neighborhoods of Westbury itself, New Cassel, Sailsbury, Carle Place, East Garden City and East Meadow. For my personal choice I would either go with Sailsbury or Carle Place (I would go with East Meadow as well but you can't live in the "Westbury, NY 11590" zipcode portion of East Meadow because that's Eisenhower Park"). I hope this information helps and the area the house is in looks good for now but just always refactor resale value.
It’s a very busy and congested area, but coming from Queens, it’s probably unnoticeable.
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