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And include real estate stock funds in your portfolio if you really want to be in that sector.
Not the same thing .
Reits are still stocks at heart and are effected by all the things stocks are .
While they may be a play in the real estate , unlike brick and mortar you own you are subject to beating earnings and revenue expectations, poor mgmt , poor use of money , markets ,etc .
I had owned a private reit not subject to beating earnings and even they ended up on a different course then real estate .
They specialized in motels and hotels ..when business fell off they borrowed money to prop up the dividends as well as used the money that was supposed to buy more real estate to help pay the dividend which served as smoke and mirrors to how they were doing .
Years later the private reit went public and sold for less then the buy in price to the private reit ….today it is still below that price years later despite the rise in real estate
if so, id shut it off for a few days and go away on a mini vacation, do things to make thier lives miserable.
Im thinking the elec has to be included sinc eit is a basement.
there are things you can do to make them miserable, put your thinking cap on.'
if so, id shut it off for a few days and go away on a mini vacation, do things to make thier lives miserable.
Im thinking the elec has to be included sinc eit is a basement.
there are things you can do to make them miserable, put your thinking cap on.'
I see no solutions that will be effective, cheap, and legal. Pick your poison.
- You can try to strongarm them out and hope they leave quietly and don't have the smarts to battle you legally.
- You can bring it to the city and pay big fines or you can entice them with cash for keys. If the latter, get something in writing that they are voluntarily leaving.
You shouldn't have rented an illegal basement but I doubt this would have changed much. Even if it had been legal, these deadbeats were never going to pay and you would have been handcuffed by the eviction moratorium.
This should have been dealt with 18 months ago when first rent payment was one day late.
I see no solutions that will be effective, cheap, and legal. Pick your poison.
- You can try to strongarm them out and hope they leave quietly and don't have the smarts to battle you legally.
- You can bring it to the city and pay big fines or you can entice them with cash for keys. If the latter, get something in writing that they are voluntarily leaving.
You shouldn't have rented an illegal basement but I doubt this would have changed much. Even if it had been legal, these deadbeats were never going to pay and you would have been handcuffed by the eviction moratorium.
This should have been dealt with 18 months ago when first rent payment was one day late.
No judge is going to evict a tenant in NYC for paying rent a few days late. The OP would've had to have sent a "Demand for Rent" notice to get the ball rolling and then they could start the petition for eviction if they didn't receive the monies by the date noted.
No judge is going to evict a tenant in NYC for paying rent a few days late. The OP would've had to have sent a "Demand for Rent" notice to get the ball rolling and then they could start the petition for eviction if they didn't receive the monies by the date noted.
It was an illegal "apartment". I doubt there was a lease contract. At the beginning, it would have been easier to claim they were squatters or guests not tenants.
Taking action 18 months ago would have messaged the "tenants" that they weren't going to get away with it. Once they had gotten away with not paying rent for 6 months then they had zero concerns about consequences going forward. Taking action 18 months ago might also have massively reduced the "lost rent" and the potential fines that are coming his way.
It was an illegal "apartment". I doubt there was a lease contract. At the beginning, it would have been easier to claim they were squatters or guests not tenants.
Taking action 18 months ago would have messaged the "tenants" that they weren't going to get away with it. Once they had gotten away with not paying rent for 6 months then they had zero concerns about consequences going forward. Taking action 18 months ago might also have massively reduced the "lost rent" and the potential fines that are coming his way.
Even so, in NYC, a person just has to live in a place for 30 days for that be considered their residence, lease or no lease. Only difference is they wouldn't have as much time to vacate since they don't have a lease, but the OP would still have to follow the regular procedures to get them out.
I wouldnt be a landlord here in New York State and especially nyc anymore ..the deck is stacked against you worse then ever .
That is what happens when a city is 2/3s renters
and some people wonder why finding a rental can be so difficult.
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