hoffster's Profile
Author's Posts
January 27, 2008
Air Quality Specialists?
I renovated an apartment in a 90 year old, 3 family wood frame house that I recently purchased. The reno came out beautifully, but I have found that my asthma, which is environmentally set off, has been pretty bad and chronic since I've moved in. In the past I have gone years without an asthma attack and now they are daily. The house has been professionally cleaned since reno. When my girlfriend, who has no asthma or allergies, sleeps over, she has been getting a stuffy and runny nose. This all seems isolated to my bedroom. I have hypo allergenic pillows, sheets, no rugs etc. and have been vacuuming.
I'm wondering if there is some kind of air quality specialist etc. who could analyze what's going on in my apartment. I've googled a bit but haven't found anything. Any help or recommendations would be appreciated.
November 10, 2007
Leaky radiator connection
I'm a third generation apartment dweller who finally has a house in Brooklyn. I'm trying to teach myself to do simple fixes. (Well, at least what I think are simple.) So here's the latest. The radiator is one room is leaking from where is connects to the pipe providing steam. I've put plumber's tape, but then it still leaks out of the back of the connection. (on the side of the bolt nearer the radiator.) Is there any advice on how to connect this so it won't leak. The radiator itself is not leaking. Thanks.
November 5, 2007
Uses for Stable/Garage
I am looking at buying a house that has a freestanding structure in the back yard (formerly stable) now being used as a garage. It is a separate lot zoned on property shark as R6B. It is in the backyard accessible by a driveway shared by the adjacent house. (Easement on the driveway) Does anyone know the legal uses of such a structure? Can you convert it into a living space? Can you use it (legally) as a work space? Any experiences/knowledge with this subject would be appreciated.
(Brooklyn)
Author's Comments
3 bedrooms are great for post college, room mate situations. (Just screen everyone very carefully, credit checks and guarantors...) If I were you, I'd save the money on renovations for that unit and just stick three "kids" in there. They can each pay $700 and there you have your $2100. Do minimal renovations, assuming everything works.
You're going to spend 15-30k on renovations, plus have NO income for 2-6 months, permits, finding the right people to do the work etc. For what? an extra $150 a month in rent? Not worth it in NYC. Plus, whoever said rents are trending downward is probably wrong. The mortgage crisis makes rent go UP because people who would be buying now have to rent. Supply and demand...
Posted by: hoffster at January 17, 2008 1:09 PM in response to to buy or not?
As Rick said, tilt radiator towards pipe. Also, keep radiator either completely OPEN or completely CLOSED. From what my plumber tells me, when it's half open the water also gets trapped etc. Open them up to get the water out of the radiators.
Posted by: hoffster at January 27, 2008 1:38 PM in response to Banging pipes
Well, the name might not be great, but the owner is an authentic European. I believe he's austrian or slovakian.
Posted by: hoffster at February 8, 2008 11:31 PM in response to Earnest New Bar or Bad Movie Joke in South Slope?
Responses to Author's Forum Comments
hoffster,
While possibly not applicable to the NYC market (yet) the following article suggests that, nationally, rents are starting to reflect the change in the property purchasing market.
http://money.cnn.com/2008/01/16/real_estate/rents_flat/index.htm
Posted by: johnife at January 17, 2008 1:26 PM in response to to buy or not?
Johnife, but you're ignoring the mortgage interest paid. If 50% of the house is rented, then 50% of the mortgage interest is going towards that investment. Assuming mortgaging $650K of the cost at just 6% (optimistic, I know), the mortgage interest on the unit is definitely going to run $1600 or more. Also, half of the expenses will also offset the income.
It's rare that a new owner is going to actually have any net income on the property that will be taxable, unless they put a lot of money down, or got a wonderful deal.
Posted by: Heatherie at January 17, 2008 2:13 PM in response to to buy or not?
I agree with 12:30. If you cannot afford the mortgage without the rent, do not buy the house. You should be able to pay the mortgage without the rental income. Renters stop paying rent, they don't pay on time, and they move out. Could you afford to pay the mortgage plus all of your other expenses for a few months if a tenant stops paying the rent? It could take months to evict a non-paying tenant. Don't forget to add in your expenses for real estate taxes, insurance, water and sewer, plus heat! That's a lot of money to lay out each month for an 850K house.
Posted by: guest at January 17, 2008 6:34 PM in response to to buy or not?
On the other hand, everybody has to get his foot on the first rung and if you have some cushion - your family can help you in an emergency - go for it.
Posted by: guest at January 17, 2008 7:01 PM in response to to buy or not?
Thanks for all the comments.... glad to hear most you of think that this type of apartment could be rented for that price, and for those of you that think you shouldn't buy w/o being able to pay all expenses ... i tend to agree but also know that you have to make the plunge into real estate some time.....hopefully we will make the right move - with my luck we will close and then the market will go down - but i think in the long run we will be ok.....oh boy looks like i'm still up in the air - thanks again for all the comments!
Posted by: katiem633 at January 17, 2008 7:17 PM in response to to buy or not?
johnife, that article you linked to says that rents in New York went up 12.8% in 2007 which is the highest rent increase in the country. it says that new york competes in a global market and by world standards New York is still pretty cheap.
That rents have gone down in other areas of the country is really very little indication that rents will be going down in New York.
Posted by: guest at January 18, 2008 12:01 PM in response to to buy or not?
This isn't about buying real estate or an investment. Your question is about whether you should start a business. Being a landlord is being a business owner. You make a capital investment and run a business. Not being able to pay all expenses without the rent is really about how long you can run your business without customers. You need to be able to continue at a loss for some period. Asking about reasonable rents in the are IS the appropriate research about the market. The issue, I think, is whether you are really up to all the other aspects of running a business. Can you do the math, figure out the regulations, taxes, etc.
Posted by: guest at January 18, 2008 12:27 PM in response to to buy or not?
Hi there . I work with Fairmont Capital , LLC . I provide Commercial & Residential Mortgages . Please feel free to call me at your convenience .
Elvis J. Jelovcic
646.335.7938 Cell
Ejelovcic@fairmontcap.com
Posted by: ej1024 at January 18, 2008 1:28 PM in response to to buy or not?
Uh, I can do math.
Posted by: guest at January 18, 2008 3:04 PM in response to to buy or not?
Windsor Terrace 2 bedrooms start at $1800 and they're usually about 700-800 square feet. A 1200 square foot 3 bedroom apartment on Seeley Street (nice reno, w/d, d/w, outdoor space) near the park went for about $2800 in December. Last summer some tiny two bedrooms (650 or less sq ft) on Reeve & Sherman rented for 2K apiece (ridiculous!).
If you time it so that the apartment is available by June/July, you'll be able to charge more than you'd be able to in the winter. You could try for $3000. WT by the Fort Hamilton stop has easy on-street parking, so certainly rent out the garage.
Also, 850K with Garage sounds like an amazing deal in WT. Go for it!
Posted by: guest at January 20, 2008 5:12 PM in response to to buy or not?
Thanks for the input. The stable lot is being sold as a package with the house and house lot. The two lots are contiguous, with the stable being on a small lot directly behind the house lot. I wonder if I ever did I tear down (that's not my motivation.) if I could combine the FAR of both lots.
Posted by: hoffster at November 5, 2007 3:24 PM in response to Uses for Stable/Garage