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Hey DAS, one question, do read my post?
How many times I have to repeat, I am not a LL.
Second, any body making that amount can live in a PJ, that is truth, check it out if you dont believe me.
But again, since is clearly that you are not a LL, and dont understand the business, dont even try to fool me.
I am not a NYC landlord. I understand the business, that is why I am not one in NYC. I also don't have enough money to buy and entire building in NYC. If I did, it would not be one with rent stabilized tenants living there. I could not carry a building like that, hoping to win at the end when I sold.
It is not the tenants fault, they need an apt and they rent what they can afford.
Just curious why you didnt swing over to a co-op conversion back in the 70's?
That seemed to at least give landlords a light at the end of a tunnel... they could sell or re-rent with no regulation on the apartment at all...
thankfully all our apartments were co-ops.... once the origional tenants are out we sell for full value
In the Bronx, that wasn't the trend back then especially in that neighborhood. I would of been the only landlord trying to convert apts into co-ops while the rest of the neighborhood remains and had no intensions in converting. It would of been hard for me to sell a co-op at a good price in that neighborhood.
Another reason is, I don't fully understand the concept and benefits to converting an apt into a co-op as once you sell a co-op, you lose ownership of that apt/co-op and my profit would drop as a result because you no longer collect rent on that apt other than maintance fee which would be way below what I would of gotten had I not sold it.
Since you are in that business, can you please further explain it to me? Am I missing something here?
there are no buildings that arent stabilized and very few dont have long term stabilized tenants.... unless the building is co-op there is no choice if your buying more then a 4 family
there are no buildings that arent stabilized and very few dont have long term stabilized tenants.... unless the building is co-op there is no choice if your buying more then a 4 family
There are some but they are very expensive (at least to me) to buy. So there is a choice if you have the money.
basically lets say you own the building , you convert to non eviction co-op status... what ever apartments the insiders as well as outsiders buy you get current value on with maybe an insider discount as you generally need a certain amount of sales to have it go..... you now own the unsold apartments... the origional tenents that didnt buy remain governed by the same stabilization rules... you can continue to collect rent from them or try to buy out the lease .... once the origional tenent leaves your free of any regulation. you can sell the apartment or continue to rent it at full market value.
we try to buy out the leases for 50,000 bucks and then sell the apartments for between 1 and 2 million....out of the 9 we started with only 2 are holding out and 2 apartments are for sale right now
basically lets say you own the building , you convert to non eviction co-op status... what ever apartments the insiders as well as outsiders buy you get current value on with maybe an insider discount as you generally need a certain amount of sales to have it go..... you now own the unsold apartments... the origional tenents that didnt buy remain governed by the same stabilization rules... you can continue to collect rent from them or try to buy out the lease .... once the origional tenent leaves your free of any regulation. you can sell the apartment or continue to rent it at full market value
Is it more profitable in the long run to have the whole building de-regulated and operate it as such (market rents) or is it more profitable to convert it to co-ops and lose ownership of that apt?
we try to buy out the leases for 50,000 bucks and then sell the apartments for between 1 and 2 million....out of the 9 we started with only 2 are holding out and 2 apartments are for sale right now
No way in hell I could sell a co-op in my neighborhood in the Bronx for 1 or 2 million dollars. Even though my apt are renovated, the market here couldnt bare it.
Is it more profitable in the long run to have the whole building de-regulated and operate it as such (market rents) or is it more profitable to convert it to co-ops and lose ownership of that apt?
no rental is really ever free of regulation. unless its over 2,000 bucks your stuck for life.... a co-op is completely free after orig tenant is gone
no rental is really ever free of regulation. unless its over 2,000 bucks your stuck for life.... a co-op is completely free after orig tenant is gone
Thats what I mean..if ALL my apt's legal rent are 2K or more and I decide to operate as a de-regulated building with market rents, do you think in the LONG run it is more profitable than converting and selling it as a co-op and losing ownership of an apt which you can NO LONGER collect rent on?
Thats the part that I'm not sure on because I don't fully understand the benefits of coverting to co-ops other than absoultely no regulation yet you can acheiev this also by having ALL de-regulated apts in the building. Right?
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