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It really doesn't matter. If the tenant is out of work who cares whose money bought it
The owner should …
He can simply walk away when it is the banks money if he is tired of the losses .
If we didn’t sell the last two remaining apartments and they flipped negative we were going to walk away and turn it over to the coop board to take over .
A bad situation when it isn’t your money ISNT such a terrible thing…
That is why investment property should be other people’s money ….you get all the benefit and appreciation when things are good and you have a safety net when things are bad
A bad situation when it isn’t your money ISNT such a terrible thing…
That is why investment property should be other people’s money ….you get all the benefit and appreciation when things are good and you have a safety net when things are bad
Hell, people walk out on their own house
Plenty stories I've heard of people not paying mortgage for 2 years and taking that money and leaving a few years back, tell me I'm lying
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
I'll tell you what a bad situation is - renting out a mortgaged property
If these LLs really had balls they would just stop paying the property taxes but guess what they can't do that because they live in the building too
Moral of the story is don't s--t where you eat
Two family homes where you live are a crap shoot ..you not only have 100% of the rental income tied up in one tenant but you are in a situation where you can’t walk away .
Savvy investors don’t buy anything but multi family , they don’t live there and it is never held in your name .like ours were , it is held in an LLC which isolates you from liability personally .
Living in a rental property yourself is an amateur mistake unless you got very deep pockets. It is really no different than your own home
Two family homes where you live are a crap shoot ..you not only have 100% of the rental income tied up in one tenant but you are in a situation where you can’t walk away .
Savvy investors don’t buy anything but multi family , they don’t live there and it is never held in your name .like ours it is held in an LLC which isolates you from liability personally .
Yeah but on the news who do you see crying
On C-D who do you see crying
Same LLs with 2-3 family
As for the LLC, well I'll just say that some have that business acumen and others do not
Most do not actually
So the govt is supposed to bail them out for their ignorance?
2 family house IMO is the easiest residential investment property to manage (if you know what you're doing, and most don't)
Don't need HPD registration for starters.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
I agree , they did a poor move by occupying it themselves ….it’s all on them unless it’s mortgaged in which case it is no different than having your own home foreclosed on
Of course the best thing that can happen if it is a coop rental with original tenants is they don’t pay the rent .
I prayed my two tenants didn’t pay the rent ..,with stabilization it gives you an out so you can get them out and sell those apartments at market.
But rent wise they were always good .to good in fact
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