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Old 05-13-2017, 08:15 PM
 
6,926 posts, read 9,072,434 times
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Robert Koyasaki's business formula was supposed to be simple - acquire rental property with loans, pay down the mortgage, and live off the cash flows when the mortgage was gone. Why then are landlords witholding repairs and maintenance from their tenants? Is it frequently the case that landlords become tight on capital?

LES Landlord Accused Of Tenant Harassment Arrested On Mortgage Fraud Charges
by Nathan Tempey
The Gothamist
(website) LES Landlord Accused Of Tenant Harassment Arrested On Mortgage Fraud Charges: Gothamist
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Old 05-13-2017, 08:25 PM
 
392 posts, read 374,180 times
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because 75% of tenants are freeloaders.
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Old 05-13-2017, 08:29 PM
 
38 posts, read 15,900 times
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1) Rent control is a ***** and a half.

2) There's another subtle issue here.

Let's take a $2000/month apartment. $2,000/month at 4% == ~$400,000 on a 30-year mortgage.

Does anyone in NYC today think that they could buy their $2,000/month apartment for $400,000 if the apartment complex converted to condos?

And it's even worse than that because those $2,000 need to cover (minimal) maintenance, the occasional gut renovation, those months when you're not renting the place, property taxes...

So yes, most landlords lose money. (Or at least, are highly incentivized to spend less money than they presently do).
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Old 05-13-2017, 08:38 PM
 
Location: Confines of the 101 Precinct
19,363 posts, read 32,864,509 times
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How many LLs out there converting their building to gas heat????
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Old 05-13-2017, 08:39 PM
 
10,024 posts, read 8,498,649 times
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The price of real estate in any good parts of NYC is vastly higher than what would allow the to be rented on a cash flow positive basis. People buying NYC real estate are doing so for future appreciation and/or redevelopment potential.

Also with rent regulation unlike anywhere else in the country it pays to drive out long term tenants, so the apartment can be removed from regulation, and rented at market value.
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Old 05-13-2017, 09:34 PM
 
Location: Staten Island, NY
7,947 posts, read 6,513,645 times
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Too many renter protections. Residential is not a good investment here. Commercial is a different story...
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Old 05-13-2017, 10:30 PM
 
18,366 posts, read 11,780,558 times
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Quote:
Originally Posted by SeventhFloor View Post
How many LLs out there converting their building to gas heat????


More than you guess; particular since NYC has been on a tear since Bloomberg to get buildings to stop burning oil in the name of "cleaner" and "greener" city. NYC even provides incentives to owners willing to switch.


Going Green in New York: One Co-op's Story - The New York Times


There is a reason why Con Ed is tearing up Manhattan and other city streets to install high pressure gas mains.


What does worry NYS and even NYS along with utility companies is new building going totally electric far as possible (PTAC for heating/cooling, electric cooking, etc...). Too much of that and sooner or later the city's already tight power generation grid will need more capacity.
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Old 05-13-2017, 11:35 PM
 
Location: Confines of the 101 Precinct
19,363 posts, read 32,864,509 times
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Quote:
Originally Posted by BugsyPal View Post
More than you guess; particular since NYC has been on a tear since Bloomberg to get buildings to stop burning oil in the name of "cleaner" and "greener" city. NYC even provides incentives to owners willing to switch.


Going Green in New York: One Co-op's Story - The New York Times


There is a reason why Con Ed is tearing up Manhattan and other city streets to install high pressure gas mains.


What does worry NYS and even NYS along with utility companies is new building going totally electric far as possible (PTAC for heating/cooling, electric cooking, etc...). Too much of that and sooner or later the city's already tight power generation grid will need more capacity.
Passive housing and hempcrete will beat all of that but they dont want to see anybody win. Too busy putting their kids in private school and buying their fake-breasted wife whatever she wants...
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Old 05-14-2017, 03:44 AM
 
64,945 posts, read 66,454,984 times
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Quote:
Originally Posted by Airborneguy View Post
Too many renter protections. Residential is not a good investment here. Commercial is a different story...
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
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Old 05-14-2017, 07:19 AM
 
10,010 posts, read 7,752,231 times
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Its a tough business model when the tenant doesn't have to pay rent but can live there anyway for a good period of time only to never pay so you sue only to settle for a much lesser amount than owed to garnish money that doesn't exist.
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