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Old 04-29-2012, 10:12 AM
 
Location: Beautiful Pelham Parkway,The Bronx
8,395 posts, read 19,686,917 times
Reputation: 6223

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Quote:
Originally Posted by hilltopjay View Post
................
Hey if I could charge $3000 for a 1 bedroom apartment in the Bronx, I'd jump on the opportunity. Who wouldn't? But guess what Mr. Out of Towner? I can't because NO ONE in the Bronx can afford a $3000 rent.

.......
Well,since even in my neighborhood,which isn't Riverdale,there are a substantial number of people with incomes well over $100,000 and even over $200,000,I wouldn't say NO ONE in The Bronx can afford $3,000/mo.A lot of people could afford it,they just have other, more important,more sensible things to do with their money.Big difference between choosing not to spend 3,000/mo in rent and not being able to afford to spend 3,00/mo in rent.

I have seen some of your apartment ads and the apartments and the building look great and well maintained.I feel much sympathy for landlords like you who really do maintain their buildings,as opposed to the slumlords who do nothing but let their properties rot and take the government subsidies.In a weird way,your fellow and probably neighboring landlords are as much to blame for your situation as anything.They are the ones who are preventing you from getting higher rents on your un regulated apartments because most of them don't care who they rent to, which brings the neighborhood down.

Last edited by bluedog2; 04-29-2012 at 10:42 AM..

 
Old 04-29-2012, 10:35 AM
 
64,926 posts, read 66,427,728 times
Reputation: 43301
Quote:
Originally Posted by Kefir King View Post
Just cut to the chase and tell us your return to equity in the last 3 years, then maybe we'll cry crocodile tears with you.

Most landlords do VERY well, but even with easy money to be made by rubbing a couple brain cells together, there will always be those few who invest stupidly...and then blame everyone but themselves.
saying most landlords do very well is akin to saying most people do well in the markets. fact is they do not.

left to their own devices most investors are actualy quite bad at it . it doesnt matter what asset class. it holds true for them all.

the reason is balls and staying power. most small landlords dont have nearly enough money behind them when they go off on these crazy real estate ventures they learned about from these books and seminars.

real estate is a very very long term thing. it may even start out in the early years with decent cash flow but eventually you get pinched and squeezed and the income gets reduced to the point you dont want to hold on anymore.

the nyc market place is made of of over 70% small landlords like myself. but almost 80% of all the rentals are owned by big companies and developers. i would say based on that fact most landlords dont do wel and if many could un-do the purchase without great financial loss they would .
 
Old 04-29-2012, 10:41 AM
 
Location: Portland, Oregon
46,054 posts, read 28,333,873 times
Reputation: 7824
Quote:
Originally Posted by mathjak107 View Post
saying most landlords do very well is akin to saying most people do well in the markets. fact is they do not.

left to their own devices most investors are actualy quite bad at. doesnt mtter what asset class.
So we should coddle bad investors? I am sure most republicans would say we shouldn't, and being a liberal, I kind of have to agree with that. I just believe there should be safety nets if you go broke from a bad investment, but I don't think there is any need to make the game easier for people, investing shouldn't be a get rich quick scheme.
 
Old 04-29-2012, 10:44 AM
 
64,926 posts, read 66,427,728 times
Reputation: 43301
where did i ever say we should coddle bad investors. better read what i wrote again.

all i said is most investors are bad investors. they deserve to lose. there is a difference between investing and speculating and many are speculators and dont even realize it until they get into trouble.
 
Old 04-29-2012, 10:50 AM
 
Location: Portland, Oregon
46,054 posts, read 28,333,873 times
Reputation: 7824
Quote:
Originally Posted by mathjak107 View Post
where did i ever say we should coddle bad investors. better read what i wrote again.

all i said is most investors are bad investors. they deserve to lose. there is a difference between investing and speculating and many are speculators and dont even realize it until they get into trouble.
You didn't say coddle, I did.
 
Old 04-29-2012, 10:55 AM
 
64,926 posts, read 66,427,728 times
Reputation: 43301
correct, but no place did i say we have to feel sorry for them. it was only a reply to kefirs statement that most landlords do very well.

they do not , most amatuers would do better in a bond.

i started 25 years ago as a beginner myself. jumped right into the co-op craze, closed 2 weeks before the 1987 stock market crash and watched helplessly as real estate crumbled around me.

i was down 20% when the smoke cleared. rents tumbled too and it took me ten years until rents were equal to my monthly costs. this was in a hot area too, kew gardens across from the lirr train station and 2 blocks from the queens court house.

i thought about bailing out the first decade but thankfully i didnt and i had enough dough to feed the loss for 10 years.

today if i wasnt telling this story so ofton i wouldnt even have remembered it happened. the place is a cash machine 25 years later and is worth almost 3x what we paid .

but most landlords dont have the money or will power to wait years and years for their return when they find out without abnormal appreciation real estate can be very slow going.
 
Old 04-29-2012, 11:17 AM
 
64,926 posts, read 66,427,728 times
Reputation: 43301
the problem with all the views on landlording is most of those commenting about the landlord side have no clue as to how things really are or work. they have never been a landlord a day in their lives .

they latch on to something like the above where landlords can ask for a hardship increase without ever understanding just how it works.

everyone loves to count everyone elses money . anyone who sounds like they have more or earn more is greedy and everyone with less is the victim.

life doesnt work like that at all.

everyone should be entitled to get paid whatever the markets will pay them. thats why we all work. those of you who have jobs with no raises or small raises took those jobs on your own. no one held a gun to your head. you took them because you thought they would pan out differently.

the only difference is you are free to pick up and go try a job somewhere else. a landlord may have to lose huge sums of money to undo his job or not even be able to sell and is locked into his job for

a long long time.

whatever we all do for a living all we are all trying to do is earn as much as markets allow for whatever it we do .

Last edited by mathjak107; 04-29-2012 at 11:27 AM..
 
Old 04-29-2012, 12:03 PM
 
2,503 posts, read 3,531,498 times
Reputation: 1906
Quote:
Originally Posted by bluedog2 View Post
Well,since even in my neighborhood,which isn't Riverdale,there are a substantial number of people with incomes well over $100,000 and even over $200,000,I wouldn't say NO ONE in The Bronx can afford $3,000/mo.A lot of people could afford it,they just have other, more important,more sensible things to do with their money.Big difference between choosing not to spend 3,000/mo in rent and not being able to afford to spend 3,00/mo in rent.

I have seen some of your apartment ads and the apartments and the building look great and well maintained.I feel much sympathy for landlords like you who really do maintain their buildings,as opposed to the slumlords who do nothing but let their properties rot and take the government subsidies.In a weird way,your fellow and probably neighboring landlords are as much to blame for your situation as anything.They are the ones who are preventing you from getting higher rents on your un regulated apartments because most of them don't care who they rent to, which brings the neighborhood down.
Thanks Bluedog. I do try my best to keep the building nice but how do you know its my building you were looking at? I haven't posted anything in a couple of months because I have no vacancies. What made you think it was my building you were looking at? Maybe you were looking at someone else's building?
 
Old 04-29-2012, 12:06 PM
 
64,926 posts, read 66,427,728 times
Reputation: 43301
it had all the money your were making hanging off of it in the photo ha ha ha
 
Old 04-29-2012, 12:10 PM
 
2,503 posts, read 3,531,498 times
Reputation: 1906
Quote:
Originally Posted by mathjak107 View Post
it had all the money your were making hanging off of it in the photo ha ha ha
Hahaha...Cause I make a boat load from Rent Stabilized apartments...lol

I wouldn't be surprised is people actually thought that.
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