Author Topic: Real Estate investment  (Read 23333 times)

Offline whacked1

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Re: Real Estate investment
« Reply #195 on: June 18, 2019, 08:22:27 PM »
Not sure if the security deposit and job loss (no eviction) provisions apply to everyone
+1 Plenty of items applying to all rentals. Security, retaliatory holdovers, previous rental history, excessive increases and notices etc

Offline Zalc

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Online grodnoking

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Re: Real Estate investment
« Reply #197 on: June 18, 2019, 09:31:25 PM »
NY property tax aint what it used to be. And water rates have skyrocketed where your monthly bill is basically what your quarterly bill used to be. I pay $6k in RE Taxes on a 2 family and $3600 in Water and Sewer. Throw in the annual sanitation summons and youre darn close to NJ RE Taxes.
In Lakewood a 500k house will put you down 10k in property tax.
I'm not who you think I am.

Online skyguy918

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Re: Real Estate investment
« Reply #198 on: June 18, 2019, 09:55:20 PM »
NY property tax aint what it used to be. And water rates have skyrocketed where your monthly bill is basically what your quarterly bill used to be. I pay $6k in RE Taxes on a 2 family and $3600 in Water and Sewer. Throw in the annual sanitation summons and youre darn close to NJ RE Taxes.
3600 for water and sewer? Are you running a farm or something?

Offline ExGingi

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Re: Real Estate investment
« Reply #199 on: June 18, 2019, 10:00:55 PM »
3600 for water and sewer? Are you running a farm or something?
I pay more. Teenage girls and lots of guests BH.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ExGingi

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Re: Real Estate investment
« Reply #200 on: June 18, 2019, 10:01:50 PM »
In Lakewood a 500k house will put you down 10k in property tax.
I hear Monsey is just as bad, if not worse.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Online grodnoking

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Re: Real Estate investment
« Reply #201 on: June 18, 2019, 10:06:16 PM »
I hear Monsey is just as bad, if not worse.
Yeah. Out of NYC it could get up to 2.4%.
I'm not who you think I am.

Offline ExGingi

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Re: Real Estate investment
« Reply #202 on: June 18, 2019, 10:12:17 PM »
Yeah. Out of NYC it could get up to 2.4%.
What is a retiree on Social Security supposed to do about this? Will the increase in their property value drive them out of their home as it becomes unaffordable to pay the tax?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Online grodnoking

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Re: Real Estate investment
« Reply #203 on: June 18, 2019, 10:14:11 PM »
What is a retiree on Social Security supposed to do about this? Will the increase in their property value drive them out of their home as it becomes unaffordable to pay the tax?
Yes.
I'm not who you think I am.

Offline Joe4007

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Re: Real Estate investment
« Reply #204 on: June 19, 2019, 09:45:09 AM »
In some areas around KJ/Monroe you pay close to 20k on a 5-600k house.

Offline zh cohen

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Re: Real Estate investment
« Reply #205 on: June 19, 2019, 10:36:58 AM »
In Lakewood a 500k house will put you down 10k in property tax.

Where I live you can pay close to that ($7,500-8,000) for a 200k house.

Offline mercaz1

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Re: Real Estate investment
« Reply #206 on: June 19, 2019, 11:40:55 AM »
Long Island aint no picnic either

Offline hvaces42

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Re: Real Estate investment
« Reply #207 on: June 19, 2019, 12:46:38 PM »
3600 for water and sewer? Are you running a farm or something?
6 people in my household, 7 tenants.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline ExGingi

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Re: Real Estate investment
« Reply #208 on: June 19, 2019, 01:02:25 PM »
6 people in my household, 7 tenants.

Despite what people are trying to promote as equality, not all people are equal when it comes to water and sewer consumption.

I pay more. Teenage girls and lots of guests BH.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline YesThatsMe

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Re: Real Estate investment
« Reply #209 on: June 27, 2019, 11:29:32 PM »
Repost:

Whoever is complaining that the new rent laws hurts him is either a liar or sucks at underwriting his deals.

Any existing owner being hurt by this is just using it as an excuse for bad buys in the last few years. RGB rents have only gone up by fractional amounts the last 5 years, less than 2% a year, so one cannot complain about the caps on rent increases. IAIs are almost impossible to do except on turnover. MCIs get capped now, sure, but if it’s the difference between a 4% annual increase and a 2% is what is blowing up a deal, then the operator didn’t have enough cushion to start with.

And as for unit turnover and deregulation… do you know how hard this is to do now? From 2012-2017 something like 5,000 units a year were deregulated in NYC. That’s a fair number, I guess, but one cannot make the case that we’re going to see a wave of defaults simply because those 5,000 units no longer get deregulated.

What we’re going to see is that people who bought in 2015-2018 on the back of cheap debt and the assumption they could buy-out or evict tenants, getting their positions wiped out and blaming the new rent regs for their bad decision making. As far as tenant protection goes, the writing was on the wall a long time ago. It’s not easy, at all, to buy out tenants these days. There were approximately 966,000 rent stabilized apartments in NYC in 2017 (exc. rent controlled units); there were 3,517 that deregulated. That is .36% – even if you assume that many owners couldn’t or wouldn’t want to deregulate, you are still looking at minimal turnover. People made fortunes doing this in Brooklyn in the early 2000’s because with cheap buyouts and shady eviction practices they were getting 10-20% turnover. That just does not happen any more. Anyone who has underwrote to try and achieve that in the last half decade, deserves what they’re getting.

If ///// is such an operator then he should leave the industry, not NYC. A lot of the LP money in the community is raised on the basis of shoddy and unrealistic assumptions. Perhaps these laws will just put an end to that. And obviously, 99% of the “crocodile” tears are from those who like cheap talk but don’t even own a broom closet in a RGB building (or any building).