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Old 05-14-2017, 08:10 AM
 
6,909 posts, read 9,034,068 times
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Quote:
Originally Posted by mathjak107 View Post
there is noooooo landlord bill of rights . there is not one law except general contract law that protects landlords . while I made good money in real estate in nyc it is not something I would want to continue to do and dealing with tenants suck.

eventually , no matter how good you screen tenants divorce-illness-job loss will make their problems your problem
Couldn't these problems be avoided by focusing only on 1BR apartments and renting out only to professionals who are single or married but childless?
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Old 05-14-2017, 08:19 AM
 
Location: Confines of the 101 Precinct
19,138 posts, read 32,681,385 times
Reputation: 7578
Quote:
Originally Posted by mathjak107 View Post
there is noooooo landlord bill of rights . there is not one law except general contract law that protects landlords . while I made good money in real estate in nyc it is not something I would want to continue to do and dealing with tenants suck.

eventually , no matter how good you screen tenants divorce-illness-job loss will make their problems your problem
It's all good, since its such a heartache for a normal person to be a LL, the city will start being most people's LL anyway
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Old 05-14-2017, 08:31 AM
 
Location: Manhattan
20,143 posts, read 26,425,454 times
Reputation: 9029
Lyrics to your successful real estate investment:


JIMMY JONES
"Good Timin'"


(Ballard and Frederick)


Oh, you need timin'
A tick, a tick, a tick, good timin'
A tock, a tock, a tock, a tock
A timin' is the thing
It's true, good timin' brought me to you
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Old 05-14-2017, 09:13 AM
 
6,909 posts, read 9,034,068 times
Reputation: 2856
Quote:
Originally Posted by Kefir King View Post
Lyrics to your successful real estate investment:


JIMMY JONES
"Good Timin'"


(Ballard and Frederick)


Oh, you need timin'
A tick, a tick, a tick, good timin'
A tock, a tock, a tock, a tock
A timin' is the thing
It's true, good timin' brought me to you
That's only if the investor wants to flip.
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Old 05-14-2017, 09:29 AM
 
161 posts, read 72,161 times
Reputation: 182
If you bought a long time ago when properties were cheap in a neighborhood that is expensive now, you'll definitely profit. But if you're dipping your toes in today, it will be very difficult to profit at least over the short term. Buying and renting is more just a place to park your money while you hope real estate continues to rise.


If you have a ton of money to invest I suppose you could buy houses now while they're relatively cheap in neighborhoods like south Bronx but that comes with a host of issues. Difficult tenants, rent stabilization/control, decrepit properties that haven't been invested in, crime and drug use in your building, etc. To do something like that you would have to own a lot of other assets and have some security, which small scale landlords don't have.
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Old 05-14-2017, 09:32 AM
 
Location: Confines of the 101 Precinct
19,138 posts, read 32,681,385 times
Reputation: 7578
I worked in an L&T firm for 3 years while in college, I would never want to be an LL, I've seen what they go through.
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Old 05-14-2017, 11:20 AM
 
64,597 posts, read 66,129,695 times
Reputation: 43022
Quote:
Originally Posted by Forest_Hills_Daddy View Post
Couldn't these problems be avoided by focusing only on 1BR apartments and renting out only to professionals who are single or married but childless?
no , our worst situation was a couple that got divorced and he left leaving her in the apartment to pay the bills . it was that experience that turned us off to continuing being landlords through retirement . divorce-illness and job loss are the big three that eventually hurt landlords no matter how good they screen
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Old 05-14-2017, 11:36 AM
 
Location: Plandome, NY
7,048 posts, read 7,621,322 times
Reputation: 3889
Quote:
Originally Posted by Airborneguy View Post
Too many renter protections. Residential is not a good investment here. Commercial is a different story...
Yes renters do have too much protection. That is one reason why housing supply for renters is tight as ever.

It worked out for me. When I let word out I'm looking for a new tenant, I get 30-40 people banging down trying to get my rental property. No joke. One renter paid me 12 months of rent upfront. Paperwork in perfect order. It's ugly out there for many years for renters. The fact real estate prices are still appreciating keeps the cherry on top for me.
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Old 05-14-2017, 12:44 PM
 
1,721 posts, read 705,339 times
Reputation: 1033
Being a landlord is too much work. In my opinion it's not worth it unless the mortgage on the property is cheap and that's not possible in NYC anymore. Real estate is too expensive to make it worth it.
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Old 05-14-2017, 01:11 PM
 
64,597 posts, read 66,129,695 times
Reputation: 43022
real estate is a job like any other job . it is not passive like equities and bonds if you are a landlord .

you are also competing against pro's . us little guys never have the same choices and opportunity the pro's have . I learned that partnering up with Bernard Spitzer .

these deals would never have come my way without him .

sure you can buy a property and collect rents and hope appreciation eventually gets you a profit but that is not how pro's do it , and the rewards are far greater
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