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Dude..whats wrong with you? Can't you read? You're not making any sense. Re-read what I wrote carefully, word for word, read it twice if you have to and get back to me. Pay close attention to the deregulation rent prices. SMH
Maybe you should re-read my post again cause I am guessing you didn't if t didn't make sense to you. Your statement simply said you charge as much for your units as you would if they were under rent controls, which I am not saying you, personally you, would you've anyone, obviously you would charge what is fair, though you want the thugs out of your neighborhood which would make rents go up, which I am guessing you would raise rents as well...all i said was that you don't speak for all the landlords in nyc and I am sure plenty of them would be happy to charge $3000 a month if they thought they could get it and force out anyone who couldn't pay their demanding rents....how is that confusing for you to understand unless you didn't read my post to begin with.
Maybe you should re-read my post again cause I am guessing you didn't if t didn't make sense to you. Your statement simply said you charge as much for your units as you would if they were under rent controls, which I am not saying you, personally you, would you've anyone, obviously you would charge what is fair, though you want the thugs out of your neighborhood which would make rents go up, which I am guessing you would raise rents as well...all i said was that you don't speak for all the landlords in nyc and I am sure plenty of them would be happy to charge $3000 a month if they thought they could get it and force out anyone who couldn't pay their demanding rents....how is that confusing for you to understand unless you didn't read my post to begin with.
Wow you have zero understanding of how the market works. Do you realize that there are DIFFERENT markets within the 5 boroughs? Do you realize that there are DIFFERENT markets with each borough? Going by your reply, I would say no.
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. In other words, the Bronx market can NOT bear that rent price. Hence why I would NEVER charge it. I don't charge it because I can't collect it.
And to answer your dumb question, my $6000 loss in rental income is due to my rent stabilized apartments, NOT due to my deregulated apartments which you suggested earlier.
The point I was making and which went over your liberal head is...price gouging in apartment rentals DOES NOT exist! The MARKET determines what the rent price will be, NOT the landlord. Urban, please tell me you at least understand that concept?
A 1 bedroom apartment that goes for $1100 in the Bronx can go for $3500 in Manhattan. Its the same IDENTICAL apartment. Only difference is LOCATION. Ever heard the term "location, location, location"? Well, there you go.
Wow you have zero understanding of how the market works. Do you realize that there are DIFFERENT markets within the 5 boroughs? Do you realize that there are DIFFERENT markets with each borough? Going by your reply, I would say no.
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. In other words, the Bronx market can NOT bear that rent price. Hence why I would NEVER charge it. I don't charge it because I can't collect it.
And to answer your dumb question, my $6000 loss in rental income is due to my rent stabilized apartments, NOT due to my deregulated apartments which you suggested earlier.
The point I was making and which went over your liberal head is...price gouging in apartment rentals DOES NOT exist! The MARKET determines what the rent price will be, NOT the landlord. Urban, please tell me you at least understand that concept?
A 1 bedroom apartment that goes for $1100 in the Bronx can go for $3500 in Manhattan. Its the same IDENTICAL apartment. Only difference is LOCATION. Ever heard the term "location, location, location"? Well, there you go.
So you are losing money by having rent stabilized apartments....which is what I was talking about, obviously you are saying you could and would charge more if you didn't have those units correct?
And maybe you don't understand the market, location means everything, you buy in a bad neighborhood, then why are you complaining about the neighborhood? You knew what you were getting into, you don't own a building in Manhattan after all, just the Bronx.
So what's the point with all the complaining, did someone lie to you and tell you "you were getting in on the ground floor of a changing neighborhood" or something. No one buys in the Bronx thinking the neighborhood is gonna magically change overnight.
So you are losing money by having rent stabilized apartments....which is what I was talking about, obviously you are saying you could and would charge more if you didn't have those units correct?
And maybe you don't understand the market, location means everything, you buy in a bad neighborhood, then why are you complaining about the neighborhood? You knew what you were getting into, you don't own a building in Manhattan after all, just the Bronx.
So what's the point with all the complaining, did someone lie to you and tell you "you were getting in on the ground floor of a changing neighborhood" or something. No one buys in the Bronx thinking the neighborhood is gonna magically change overnight.
The rent price of my rent stabilized apartment have nothing to do where its located. You need to brush up on your real estate education. Just to show you how silly RS is, you have apartments in expensive manhattan rent for LESS than apartment in the Bronx. The "market" has no bearing on Rent Stabilized rents. And there lies the problem.
The rent price of my rent stabilized apartment have nothing to do where its located. You need to brush up on your real estate education. Just to show you how silly RS is, you have apartments in expensive manhattan rent for LESS than apartment in the Bronx. The "market" has no bearing on Rent Stabilized rents. And there lies the problem.
That should concern you...unless you are saying you own one of buildings in Manhattan....do you? Again, what you are saying is that if you didn't have debt controlled units, then you could charge more, yet you have admitted to buying the building knowing it had rent controlled units? Do you want people to feel sorry for you or something? The big bad city taking advantage of you??
Answer this question. Why is it that I only charge $1100 for a deregulated 1 bedroom apartment in the Bronx? If the apartment is deregulated, why aren't I charging say $2000 for it?
Answer this question. Why is it that I only charge $1100 for a deregulated 1 bedroom apartment in the Bronx? If the apartment is deregulated, why aren't I charging say $2000 for it?
Please answer that.
Because it's the Bronx, how much do you charge for a regulated one bedroom?
That should concern you...unless you are saying you own one of buildings in Manhattan....do you? Again, what you are saying is that if you didn't have debt controlled units, then you could charge more, yet you have admitted to buying the building knowing it had rent controlled units? Do you want people to feel sorry for you or something? The big bad city taking advantage of you??
buying something based on rent roll and expenses may be a good deal at the time. but down the road when expenses rise faster then you can raise rents thats not the expected outcome,
so typically the game changes. it did for us.
decades ago when we first started in real estate the cash flow was good on our apartments. now its pretty much break even today.
now its no longer about generating income from the rentals as there is none to speak of. since ours are stabilized co-op apartments now its a waiting game until our tenants accept a buy out , move or die so we can sell the apartment, pull another rental off the market and walk away with a profit if we can. afterall the only reason to deal with tenants,headaches and bills is for profit.
thats why we all work, last time i looked it up earning an expected profit on your investments wasnt a dirty word.
typically the only investors who buy rent stabilized apartment buildings that arent co-op or condo are those that can steal them for a song with enough cushion to cover the unknown , usually the
pros.
then there are the amatuers who have no clue they may be buying into a hornets nest. and dont know any better.
we knew quite a few of the 2nd type. they saw to many get rich quick shows and seminars about buying real estate and let the money roll in.
since they wanted to jump in the only deals they could afford are rentals with stabilized tenants and cash flow numbers that were already to narrow with not enough cushion..
many hoped they would make lots of money on these and got a rude awakening that hope isnt a strategy.......
Last edited by mathjak107; 04-29-2012 at 04:21 AM..
@KK...I have several deregulated apartments in my building which is located in the Bronx. Those units were deregulated because the legal rent went over the then $2000 threshold. Now that those apartments are deregulated, I can charge whatever I want for rent right? I mean, thats what people like you and the rest of the pro-rent stabilization scumbags say. Right? So why is it that NONE of my deregulated apartments are paying more than $1,700 a month (depending on apt size)? What happened? I thought the perk of having a deregulated aka "free market" apartment is so I can charge whatever I wanted to?
According to you pro-rent stabilization low-lives, deregulating an apartment gave me a free license to price gouge and charge whatever I wanted. What happened? Why is it that the most my deregulated apartments go for is $1,700 a month and thats because its a 3 bedroom apartment. My deregulated 1 bedroom apartments go for $1,100. Why aren't I price gouging and charging $3,000+ for an apartment? Heck, I want to make more money so charging $3,000 a month makes sense, right? Please explain that to me. Supposably deregulation of a rent stabilized apartment is so bad, yet I'm charging the same amount in rent that I'm charging in my rent stabilized apartments. What gives? I thought deregulation was evil? What happened? I await your reply.
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.
Last edited by Kefir King; 04-29-2012 at 07:13 AM..
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.
Why don't you answer the question I asked you? Come on KK, I challenge you to answer that question. Don't avoid it.
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