A couple years ago I saw a nice old 8 family apt. building in Park Slope with 7 stabilized apts and one rent controlled. The total rent roll was under $6K. The seller wanted something like $1.5M. Since more than 4 apts means it has to be a commercial mortgage and commercial mortgages are based entirely on income it was an absolute non-starter at that multiple. Even the most flexible lender wanted us to put down at least $600K.
Figuring it was a pipe dream, I went back to the seller with a low offer contingent on his (a) carrying the mortgage and (b) accepting a downpayment of less than 20%. Turned out his tax situation made that good for him and we ended up with a much better mortgage, lower rate and lower down than even a residential mortgage would have provided. The only downside is that we agreed to a pretty severe 5-year no-ReFi clause - but since we took the mortgage through an LLC we could theoretically sell the LLC with the building, mortgage and all provided we get covered on our personal guarantys.
Anyway, I felt pretty smart at the time for suggesting it and it has worked out well. The guy seems to be living off our monthly payment and his risky and continued involvement gives him some incentive to call me back and answer my questions about oddball wiring and heating issues that come up.
Short of a suitcase closing with one of the cash-heavy locals, it seems like it was the only way for him to get anything close to his price and us to be able to carry this loser of a rent roll long enough to work the building.
Now I just wish the tenants were as flexible.

Posted by: MaxOthermoxx at January 3, 2008 4:41 PM in response to When the Seller Also Writes the Mortgage

First of all, I am a lawyer and having seen how Brooklyn Housing Court works on several occasions, I wouldn't for anything in the world set foot in there without an experienced shark on my side.

Second, I have used a couple different firms and wasn't very happy with either (both were expensive and not very responsive). So I just finally switched to the firm recommended by RSA (the Rent Stabilization Association), Horing Welikson & Rosen - 516-535-1700 - and though they are just starting on two actions for me, they are already much more professional and responsive than the last couple firms (returned calls within two hours each time I've called).

Ask for MaryAnne, the office manager and she will explain the program to you. They have a flat fee schedule for most housing court related actions and they will go to work on a $450 retainer (that is cheap!). It is only $59 for the required 3 or 5 day notice and the rest of the prices make me feel like the old firms were ripping me off.

Anyway, I don't work for these guys but they are the first firm I've used that makes me feel like I'm not just getting jerked around by a Kafkaesque system designed to ruin my life. I'm not a big landlord, but have about 8 apartments.

Still, my last thought is this: if you don't enforce your rights, you risk losing them.

Posted by: MaxOthermoxx at January 23, 2008 4:37 PM in response to Non-payment of rent

Whoops! I was logged in as Guest. Sorry. Just let me know the digits you're looking for and I'll check. MOxx

Posted by: MaxOthermoxx at March 13, 2008 12:56 PM in response to gold decal numbers

Great question. Might be worth mentioning why you need salvage or used and don't just buy a new one - as I discovered while renovating two bathrooms last summer, they don't make tubs with two aprons anymore. They only seem to make them with no apron or with one long-side apron and a choice of right or left side drain. The reason is that almost all tubs these days are fit into a three wall enclosure with only one side visible. Needless to say, this SUCKS.

Working with a one apron tub ends up costing inches in a bathroom redesign because after you fit a side-apron tub into a corner, you still have to close off the open end and the low head or endcap wall you have to build where the apron should have been is inevitably thicker than the old apron was, thereby lengthening the tub footprint and impinging on sink or toilet space.

And then the little wall you build tends to have much sharper edges than the soft curves of your old tub, which creates a toe-stubbing hazard in your naked-barefoot space.

My bathroom renos were planned on the assumption that everything could be replaced with size-identical items. Had I known that we couldn't just replace the tub, I would have re-configured the bathroom entirely to move the tub along the short wall rather than leaving it in the corner against the long wall. But my contractor had his head up his ass and instead of just telling me he couldn't replace the tub, he spent a week arguing with me that he could re-glaze it good as new. RE-GLAZE? In a brand new bathroom? Screw that!!

In the end my contractor built a low wall at the open end of the tub and edged it with bullnosed marble to try to create a roundy toe-stub-free effect. I don't love it, but it is the best we could come up with.

Sorry I'm no help. But maybe we can save the next folks from ending up in the same crap spot. If anyone wants pics, let me know.
MaxOmoxx

Posted by: MaxOthermoxx at August 14, 2008 4:49 PM in response to Looking for 2-sided Tub

To 4:12pm
Yes I have tenants and I have done this myself.

It was scary at first because i did not want to make any mistakes and start the process all over again.

I have been a tenant and a landlord in ny.

I have experienced both sides of the fence.

Either way I could write volumes on the subject.

Creative thinking goes a long way to resolve either way efficiently.

Posted by: Ysabelle at January 23, 2008 5:10 PM in response to Non-payment of rent

Wow, a Lawyer recommending another lawyer! That's novel. I think Putnam Stoner and Ysabelle are leading you the best. Don't bother with the atty if you're so inclined to do it yourself. If you don't have the time or energy to be bothered and can afford it, by all means get an atty!

but mind you that each time that lawyer has to be called in to court, you're going to get charged. And it aint gonna be cheap. The paperwork in and of itself is relatively simple to fill out.

If you don't mind me asking, what is the reason you're taking your tenants to court? Is it a holdover or non-payment? They are two different things. If it's a simple non-payment it's a no brainer. Holdover cases are MUCH MORE DIFFICULT to work out. Think it through, but don't make a hasty decision.

Posted by: guest at January 23, 2008 5:16 PM in response to Non-payment of rent

Please keep all your receipts for payment to the housing court.

You might be able to use it as a tax deduction.

Posted by: Ysabelle at January 23, 2008 5:17 PM in response to Non-payment of rent

I took a tenant to court and hired an attorney. I know people get a little “sensitive” about attorneys and of course having to shell out the funds is not something to look forward to, but knowing what I have learned over the years working with attorneys, for me it was the better approached. As been said, the laws are pro tenant, however, many attorneys practice in the same courts everyday; they know the law, the judges, their clerks [and what they look for]. My attorney made most of the appearances. I kept a log of everything that was going on at my house with the tenant (really bad), and would call, email, fax information to the attorney– I think I only missed work one time. I heard so many horror stories about how long it would take to get the tenant out – but we did it, even though there had been a lease. Although I know it took mostly praying, I could/would have never been able to get the papers drawn and into the court as fast as they did. Once, the tenant stayed one day over their agreed upon time, the warrant to the marshal, which had already been drawn,(to evict) was in motion. All said, either way it’s not a pleasant situation – but the faster I was able to get through it the quicker I could get back to “life.” I hope the same for you!!!! Bedstyliving!

Posted by: guest at January 25, 2008 2:27 PM in response to Non-payment of rent

I went to housing court once when I was an owner rookie. I inherited a difficult tenant who overstayed her lease when I bought the house and hired an attorney. The attorney was a real case himself, it cost me 1200 dollars, but he managed to help me successfully to evict a tenant. Fortunately, I have great tenants now. God forbid I should have to go through that again, but I would file the papers myself with the help of the housing court. If you decide you want to go the lawyer route, Marc Aronson (not the attorney I hired) is a competant tenant/landlord lawyer.

Posted by: donatella at January 27, 2008 2:38 AM in response to Non-payment of rent

A long time ago (six months to a year, or maybe more) there was an article in the New York Times about a man in Brooklyn who still practices the lost art of painting gold lettering on glass. Maybe you could do a search in their archives? Alas I do not remember any details...

Posted by: bianca at March 13, 2008 6:12 PM in response to gold decal numbers

Try "Sign Select" on 9th btwn 2&3 Ave.

Eli did ours in gold and black script which I applied myself ( I am good with such things) or any art student might help you

If I ever feel like it, I might just do the black and then paint in the gold on the glass, but the vinyl still looks pretty good.

Posted by: guest at March 13, 2008 7:35 PM in response to gold decal numbers

Try looking for a sign painter who works in gold leaf.

Posted by: guest at March 15, 2008 9:33 AM in response to gold decal numbers

Try looking for a sign painter who works in gold leaf.

Posted by: guest at March 15, 2008 9:34 AM in response to gold decal numbers

Hi,

I recently purchased a 2 family house on foreclosure. The owner, and a bunch of other people live it in. Can someone answer the following questions:

1) Do I serve a 10 or 30 day notice to quit?
2) About how long does the whole process take? (i.e. from the time I serve the notice to them leaving?)
3) Can the former owner/tenants get an adjournment? how many times?
4) After the judgment, how much time does the former owner/tenants have to leave?

Thanks,
jk

Posted by: guest at July 28, 2008 12:12 PM in response to Non-payment of rent