I saw this place before and after renovations. $1.5 seems about right. It's huge and everything needed replacing. Plus it's done pretty nicely.

Posted by: Johnny at November 6, 2009 12:41 PM in response to 85 State's Roller Coaster Ride

We brits play "football." but we do it without pads and call it rugby.

Posted by: Johnny at November 6, 2009 10:06 AM in response to Open Thread

As a landlord, I'd make it clear that you're on different pages, that you feel you've done a good job with repairs and that she always has the option to leave just as you have the option not to renew her lease - a polite warning.

And if she doesn't get the message and things stay as unpleasant as they obviously are, give her 30 days notice (more if you'd like to be nicer than situation warrants, karma and all that) and wish her well.

Good luck!

Posted by: Johnny at November 5, 2009 2:36 PM in response to Help with Demanding Tenant?

Love this stuff. Thanks MM!

Posted by: Johnny at November 5, 2009 12:02 PM in response to Walkabout: Italianates, the Ornamental Imperative

Good question. Most of what I spend my money on is aesthetic and not necessarily required. mandatory repair-type costs have generally been tolerable. Flooding in the basement cost a few thou to fix I wasn't banking on but other than that, not too bad.

Taxes are posted, and minimal relative to condo/co-op. Heating bill was the big one for me. Can be sizable in the winter.

If you're thinking multi-family, talk to an accountant. The pre and post-tax cost of ownership is very different - if you've got a good accountant ;-) Good luck!

Posted by: Johnny at November 4, 2009 6:20 PM in response to Cost of Owning a Brownstone

Bought a tree at the nursery by Fareway in Red Hook. Guess a bit on pricey side, but convenient. Knew their stuff.

Posted by: Johnny at November 2, 2009 10:23 AM in response to Where to Buy Small Tree?

A big fat disaster. If it wasn't for the fact that my tax dollars are underwriting this mess I'd laugh. Welfare for billionaires.

Posted by: Johnny at November 2, 2009 10:20 AM in response to Uncertainty, Skepticism Around Arena Bond Offering

Think landlord's approach is probably legal, but still douchey. A tenant that's no bother and pays rent on time deserves to be treated decently.

Posted by: Johnny at October 30, 2009 11:53 AM in response to Shifty Landlord or Poor Planning

Not sure if it's my rose colored glasses or your logic BHO.

My house goes down 50%, I'm still living in a nice house and paying very little for it, no? Look forward to next pretty, but ultimately pointless graphic.

Posted by: Johnny at October 29, 2009 3:16 PM in response to House of the Day: 902 Union Street

I used the high price for the apartment I sold to buy a house that, let's face it, might've also been overpriced based on historical norms. And have a (relatively) low mortgage as a result. I fail to see the ponzi scheme.

Posted by: Johnny at October 29, 2009 2:12 PM in response to House of the Day: 902 Union Street

It's essentially illegally reserving a parking spot. See 10th street bet 3rd and 4th. I'm no fan of cars, but I'm even less of a fan o that type of selfish behavior. Ticket the owners.

Posted by: Johnny at October 27, 2009 10:24 AM in response to 97 St. Marks Avenue Update

Not wishing to be a downer, but sometimes the "beautiful red brick" under the paint aint so beautiful.

But personally, I like a little exposed brick. Kinda cool in right setting. My house has too much so I'm the villain painting/dry walling it over ;-)

Posted by: Johnny at October 26, 2009 2:36 PM in response to Removing Paint from Brick Wall

Wouldn't the quarterly water bills show directionally what's going on? Assuming roughly same number of residents in apt?

Posted by: Johnny at October 23, 2009 3:22 PM in response to Tenant Leaving Water On

Have similar problem with my 3 story. Top floor radiators cool while downstairs toasty.

Crank the heat, check which radiators go on. Air goes to highest point and can block the heat from top radiators. Mine just needed bleeding and worked fine shortly thereafter.

Even when running perfect there's a bit of a lag for heat to make it to top floor, but only a few minutes.

Posted by: Johnny at October 16, 2009 11:33 AM in response to Unbalanced Heating in 2-Family

Sorry, listening to Jim Rogers is slightly worse than listening to Larry Kudlow. Both make Kramer look intelligent.

J-t-B's correct. Unemployment at 10%, business lending incredibly low and Rogers is screaming about inflation? A few good years as a Hedgie and a right wing political agenda does not an expert make. Read Fooled by Randomness. He's the poster child.

Posted by: Johnny at October 15, 2009 10:15 AM in response to Elliman Q3 Report: Better Than Q2

LOVE these writeups MM. Thanks!

Posted by: Johnny at October 13, 2009 11:20 AM in response to Walkabout with Montrose: Historic Bedford, Brooklyn

All good advice. Look at any at all even remotely comparable properties in a broad area around the neighborhood and bid ONLY when you've got a good sense of relative worth.

And also bid after the last scheduled open house ;-) Else you're just doing the seller a favor. Good luck! Stressful process but prices and mortgage rates decent so it'll work out well in long run.

Posted by: Johnny at October 12, 2009 4:49 PM in response to Offer Advice for 1st Timer

Just curious, you guys see a noticeable difference in heat bills as a result? Does it also slow heat absorption in summer or is that just wishful thinking on my part??

Posted by: Johnny at October 12, 2009 12:40 PM in response to Blown In Insulation

Thanks guys,
CHIPS only collects during week but donation bins at Lowes worked nicely.

Posted by: Johnny at October 10, 2009 10:35 AM in response to Clothing donations?

Right - it's like watching a burglar rob your house. No big deal. Yawn. Whatever.

Our apathy just lines Ratner's pockets with our tax dollars.

Posted by: Johnny at October 8, 2009 11:47 AM in response to Omissions and Lies in Atlantic Yards Study

Income higher, sure. And that's a personal call.

But theoretically, with d-d config, don't you always have an internal stair problem and thus a lot less actual space? Plus if tenants below, have outdoor space problem mentioned. If tenants above, then - duh - the tenants are above and who wants that.

Posted by: Johnny at October 5, 2009 1:07 PM in response to Double Duplex vs 3-over-1

Believe that's correct - contingency in contract, not offer. NEVER take RE agent's lawyer recommendation.

Good luck. Stressful process but prices and rates are low. Good will come from all of the heartache!

Posted by: Johnny at October 5, 2009 11:56 AM in response to CoOp Offer Subject to Financing?

Tiptoe's right. I'm a landlord and no way would I expect my tenants to have an open house at my convenience. Not sure of legal situation, but it's a tad impolite to expect the unsupervised access of your space via open house. A little notice when posisble also reasonable. Good luck!

Posted by: Johnny at October 2, 2009 10:58 AM in response to Right of Entry

I've always used a broker and have had good luck. But after reading tinarina's comments, may not do so next time.

Typically used one of the decent-sized realtors in my nabe. More foot traffic. They do a decent job of checking and then I do a meeting if they sound good on paper.

Posted by: Johnny at October 1, 2009 6:25 PM in response to Advice on Finding Tenant

A lot of banks will see the large dollar transfer in your account and want a letter stating that it is in fact a gift and not a loan. No biggie, it's just that if it were a loan they'd factor those payments into their affordability calculations.

Posted by: Johnny at October 1, 2009 4:06 PM in response to Downpayment as a Gift

Phew, thanks DIBS ;-)

Posted by: Johnny at October 1, 2009 9:55 AM in response to Exposed Brick Blues

What if my brownstone's got a modern industrial kinda feel? Is that OK OP? Now I'm worried you won't like my design choices.

Posted by: Johnny at October 1, 2009 9:17 AM in response to Exposed Brick Blues

I trained for the marathon by running over that bridge a few thousand times. Love that place.

Aside from the high speed stupidity of a pretty significant number of cyclists, why should a small number of cyclists get the same amount of space as 5-10 times more pedestrians? Yep, I have counted.

Close a road lane to cars. Give pedestrians and cycles both more space and let the cars wait. And in meantime, maybe the cyclists could slow the $%#$ down.

Posted by: Johnny at September 29, 2009 1:31 PM in response to Bikes and Bodies on the Brooklyn Bridge

It's not 30 days. It's 30 days from month end.

Give notice Sept 30, it's Oct 31. Give notice Oct 2, it's November 30.

Posted by: Johnny at September 29, 2009 1:16 PM in response to 30-Day Notice Req'd?

This galls me. 12:30 on a Sunday is ridiculous. I like this place, but not going any more.

Posted by: Johnny at September 28, 2009 12:03 PM in response to Noise Recourse?

Not sure I understand logic in some of these answers. if inflation is running at 5% and, say, I'm getting 3% on my cash, then how am I better off with cash? My purchasing power erodes more every day.

Even if the hard asset I'm purchasing stays flat, that part's the same regardless of where I put my money, no?

Posted by: Johnny at September 16, 2009 2:46 PM in response to Pay Back Mortage or Not?

I see your point Havelc but respectfully disagree. It's my money that's building this. I get an opinion.

Posted by: Johnny at September 15, 2009 9:48 AM in response to Atlantic Yards Arena: Subject to Change

Beg, borrow, steal. If that doesn't work, ask about a HELOC to bring the amount down to 417. Works in some situations. Like mine ;-)

Good luck on your purchase!

Posted by: Johnny at September 14, 2009 6:28 PM in response to Conforming or Jumbo?

I've used Allstate. Have no experience on issue, but the price for my slope b-stone was considerably lower than others firms listed in my case. No doubt will pay for that at some point. Hopefully not soon ;-)

Posted by: Johnny at September 14, 2009 11:56 AM in response to Good/Bad Insurance Cos?

It's not acceptable. Procreation doesn't give someone the right to make your space uninhabitable. I was up at 6 am for two years because of two hyperactive kids above me. Occasionally indoor soccer games. And the neighbor's baby would wake them up by throwing toys it's toys out of the crib onto their hardwood floor several time a night. Unfortunately their hardwood floor was my ceiling.

One, being polite certainly a good start. Two, ask them nicely to keep it down when it's occurring - especially early in the morning. Three, ask them to pop down while the kids are running so they can hear how bad it is. Four, any condo rules on carpeting? 80% requirement usually in the regs somewhere.

Good luck!

Posted by: Johnny at September 8, 2009 11:21 AM in response to Running Child Upstairs

Anti-AY has never equalled anti-development. That's just the label the pro-corporate welfare types have given us to justify their bizarre claims of jobs and affordable housing.

On affordable housing, Ratner's land grab and PR was paid for by $50 million in affordable housing dollars. Number of affordable housing units built - zero. Number actually slated for development - zero. They're all in the "optional" last stage of development.

On jobs, at what cost? $2 billion in tax payer money goes to Ratner for his stadium. Sure there'll be jobs as it's built. But the cost to the city far exceeds the benefit of any jobs. And the cost to the city doesn't include future tax breaks that we'll have to give Ratner (or next owner) to delay the inevitable relocation of the team out of Brooklyn.

Posted by: Johnny at September 8, 2009 10:40 AM in response to Times Endorsements Spark Debate

Completely agree. Safety sure is same as in other units. But noise/vibration/weird buzzing noises would be something to be checked thoroughly. Probably OK, but worth double-triple checking.

Posted by: Johnny at September 2, 2009 11:13 AM in response to Garden Apt. Safety Hazards?

"Small" stuff aside, your inspection has uncovered a pretty decent sized issue with the facade. Of the solvable kind, but not one you should have reasonably expected. I think you're within your rights to ask for some kind of adjustment.

Or walk. It's $750 down the tubes but part of the process. Good luck!

Posted by: Johnny at September 2, 2009 8:59 AM in response to Post inspection...advice needed!

They'll waive any fee if you complain. Just did Wells refi. Timeline kinda typical.

Posted by: Johnny at September 1, 2009 12:36 PM in response to How Long to Refinance?

Ironballs is right. This aint TV. Judge will side with OP in heartbeat. Ask prior tenant for a short letter, signed and with his/her contact info. With their emails as backup.

I'm a landlord, but wtf. This is sleazy.

Posted by: Johnny at September 1, 2009 9:40 AM in response to Park Slope Bedbug Disaster

When buying, I'd suggest consider the legwork part of evaluating the relative worth of deals and do lots of it and do it yourself.

Granted asking prices are indicative of selling prices but only by doing the legwork will you know what to bid/agree to. What's been out there a long time, what new developments have crappy finishes and lots of square feet versus the opposite.

It's a lot of work, but considering the amounts of money involved, having someone else do your homework might be more costly ;-)

Good luck!

Posted by: Johnny at August 31, 2009 9:06 AM in response to Brokers Useful when Buying?

Assuming it's $6k . . .

There's skimcoating and there's skimcoating. Paid my contractor about $4k to do my old apartment. Neighbor paid $2k. But mine lasted 5 years. Hers was cracking in the first.

Trick is to dig all the cracks out thoroughly, seal 'em and then refill and then skim. Can be a tough gig.

Posted by: Johnny at August 28, 2009 1:09 PM in response to Skim Coating

Make sure it's clear to your friend that this is your business and you need the money on the first and charge a fee to all tenants that don't have rent in X days after. Potential for problems, and potential for it to be a good arrangement for both parties.

Posted by: Johnny at August 28, 2009 11:08 AM in response to Renting to a Friend

Good luck! Have been doing it for 3 years and has been a rewarding experience, fiscally and otherwise.

A few bumps. But far more upside than down for me. I've always used realtors to find me tenants. I go with a large non-Corcoran-type place with good local presence.

Suggest keep good relationship, and a little distance with tenants. Be prepared for nitpicks. Manage expectations. Comes with territory. Remember the taxman is your friend now. A good accountant will put money in your pocket. Not overpricing is good idea, but I'd suggest fair market price for new tenants, and very, very gentle increases if things are working out.

Might be a little stressful at times, but the compound effect of affording more house over the long term is staggering.

Posted by: Johnny at August 21, 2009 4:25 PM in response to Advice for New Landlords

If the rate is expiring because the bank is ragging its feet, then make some noise. Citi hit me with same deal because I didn't return a form same day after they sat on it for 2 months. Yelling worked ;-)

If it's contract back and forth or other non-mortgage negotiations that's taking the time then you're in a bit of a bind. But gives you flexibility to pay or float.

A hassle but one you'll forget about quickly when the deal's done. Good luck!

Posted by: Johnny at August 20, 2009 11:44 AM in response to Extend Rate Lock—Why More $?

With you G10.

Posted by: Johnny at August 19, 2009 2:38 PM in response to StreetLevel: New Mexican Restaurant for the South Slope

me first ;-)

jwilkens [at] nyc dot rr dot com

Thanks!!!

Posted by: Johnny at August 19, 2009 12:43 PM in response to Bathroom Reno?

And some of us are experienced landlords that just think tenants have rights.

Posted by: Johnny at August 17, 2009 11:29 AM in response to Tenant's Deposit