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Well, the bolded is all that matters. Human right? lol - why don't you take in a few of these disadvantaged folks and let them live in your house for free. After all, that's what you are expecting the rental property owners to do.
I didn't think so.
He lives in the Rockaways in either a housing project or a Mitchell-Lama.
Can you do a special assessment in a rent stabilized building? Or you can't since you're doing MCI?
no assessments .
in fact for the most part the process for hardship increases are pretty much gone too .
they require so much old data on paperwork you would not likely be able to file .
also stabilized tenants in coops are not subject to hard ship increases. we had one apartment fall behind expenses but couldn’t file for a hardship increase.
you can’t even take an apartment for your family …no one with a multi family dwelling is going to hold it in personal name ..our laws say corporations and LLCs don’t have families .so that’s out
Last edited by mathjak107; 12-26-2023 at 07:02 AM..
in fact for the most part the process for hardship increases are pretty much gone too .
they require so much old data on paperwork you would not likely be able to file .
also stabilized tenants in coops are not subject to hard ship increases. we had one apartment fall behind expenses but couldn’t file for a hardship increase
I also looked at IAI. Only 15K max for 3 apartments. My thing is this, at what point do you look at what you have and decide it's no longer sustainable. Nothing is guaranteed in life and business, but don't tell a small landlord that
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
very unlikely as developers and investors love the stabilized playing field because of the riches if you know what you are doing .
if i wasn’t retired i would have sought out another stabilized package of co-op apartments , but i would never ever want to be a traditional landlord just playing the collect the rents and hope for appreciation game even if it meant i didn’t have to renew leases .
so smart investors have learned to turn being handed lemons in to very profitable lemonade.
mind you we are not talking slum lords , but the profitable stabized market place where property worth millions can be bought for cents on the dollar because of lower rent rolls
about 4 years ago the two remaining stabilized apartments we had with original stabilized tenants that didn’t buy in the conversion and that didn’t want to take a 100k buyout were sold to an investor group .
the combined market value of the two apartments was 2.2 million .
we sold both for 360k at break even rent . that is how these kinds of deals trade .
today they have increased another few hundred thousand each for the investor group and since corporations have an infinite lifetime they don’t mind the wait . they got millions in profit baked in day one
so these big developers and politically strong investors would never want stabilization to end. this kind of opportunity to make the kind of money one can here doesn’t exist in most areas.
few really understand the stabilization game and so think of it in terms of the negatives which is why it is kind of a closed good ole boys club as you won’t find these deals in ads .
it is pretty much a private network of buyers .
the brokers that handle these deals do so with private lists of clients .
our broker found a buyer for us in a day running thru the names they call when deals break
Is the city allowed to get in on this action?
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Does anybody have an argument against a homeowner wanting to know if a potential tenant is a convicted sex offender , or a convicted murderer ? Especially if the LL has a wife and children living in the same building. I would want to know.
Does anybody have an argument against a homeowner wanting to know if a potential tenant is a convicted sex offender , or a convicted murderer ? Especially if the LL has a wife and children living in the same building. I would want to know.
You're renting to people, not starting a family
Why would you have your family live amongst people you rent to anyway, you're rolling around in the same slop the pigs are, so to speak
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
the city isn’t in the business of buying privately held real estate for profit
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