Doesn't that lovely little model only work if you have at least $150,000 cash to cover the down payment and all the other costs?

Posted by: lemur11215 at May 14, 2009 10:54 AM in response to Refinancing: How Sweet It Is

Actually, you should consider whether you want to live across from a construction site for an indefinite amount of time. I moved into my place as the foundation was being laid in the lot across the street. That turned out to mean two years of construction noise, large truck traffic, dirt and garbage, and many many calls to 311 because of late night and weekend work.

Posted by: lemur11215 at January 30, 2009 10:09 AM in response to Buying Across from Empty Lot

I never said the landlord was greedy. However, the tenants ARE entitled to spend their income on whatever they choose after they've paid the rent they're currently asked to pay.

The OP said that knowing her tenants have gone on vacation and purchased a TV while she is cutting back is causing her anxiety and ruining her relationship with those tenants. My point is that this is not the tenants' fault. If she hasn't even tried to raise the rent, why shouldn't they buy whatever they want? How is that taking advantage of the landlord?

Should she raise the rent? Well obviously. Especially if the apartment is under market, she is forced to cut back on her own spending, and it is creating anxiety for her.

If she asked and they claimed they couldn't afford more, that might be a different story. But her own fear of asking for more money does not make her tenants greedy, nor does it mean they are taking advantage of her.

Posted by: lemur11215 at January 8, 2009 1:21 PM in response to Raising the Rent

That your tenants buy a nice TV or take a vacation is also irrelevant. It is possible that they chose to live in that apartment so that they could afford to buy nice things. It is also likely that they have received salary increases in the time that they have been your tenants. If they have chosen to spend their additional income on themselves rather than volunteer to pay higher rent to you, you can't hold that against them.

As long as they pay you the rent you ask, their income now and what they do with the rest of their money is none of your business. The fact that this is a source of anxiety to you sounds more like jealousy that your own income hasn't increased. Again, not something you can blame on your tenants.

Posted by: lemur11215 at January 8, 2009 12:03 PM in response to Raising the Rent

I agree the rents are high, but this location is not isolated. There are two grocery stores, a couple of good bars, a bakery, a coffee shop, an organic market, and a fantastic wine store just up the street on Fifth Ave.

Plus, this building is right over the subway. Prospect to 34th Street is 30 minutes if you transfer to the express at Pacific.

I'm sure a lot of people in Brooklyn would pay high rent for these kinds of amenities when you consider the doorman and valet parking. Personally, I like my little "shack", but I can see that this building might appeal to someone, even at these prices.

Posted by: lemur11215 at November 25, 2008 1:27 PM in response to Fresh Rentals at 639 Fourth Avenue