mcteague's Profile

  • AF
  • 2000
  • 2005
  • Brooklyn
  • Bedford Stuyvesant
  • House
  • Male

Author's Posts

August 6, 2009

Risks Buying New Condos

Wondering if people can elucidate their thoughts/experiences with purchasing new construction condos. We are considering a purchase that we are very excited about and can afford. Our lawyer is warning us though that there are many pitfalls associated with the purchase: the building can begin closings with as little as 15% in contract (currently there are 30% with accepted offer or contract), and if we were to close and the remaining units not sell, we risk low owner occupancy in the building if it goes rental, and low appraisals if they reduce the prices. In both instances, resale and/or refinance due to low owner occupancy or low appraisal could be problematic when it comes to financing the unit in the future. Not sure how to evaluate this risk....we are excited to be in a position to buy something we love, but do not want to be rash and get "caught" in a tough position in 5 years.

Any suggestions for evaluating this risk? Experiences good or bad?

Thanks in advance!

June 6, 2009

Topsoil

Great top soil already in three large bins ready to be picked up in our front yard. Free--just come by and plop bins in your car.

Email hhmt@live.com for address.

October 29, 2008

Tenant Wants to Install Own W/D

My long-time tenant has asked me to consider allowing her to buy an electric washer/dryer combo unit, ventless, that she could run off her kitchen sink. Since there is no upside to this situation as a landlord and only peril in my daymares imagining water damage aplenty, my first instinct is a polite "no". Unreasonable? If I did decide to accomodate, any suggestions how much I should tack on to the rent to compensate for the certainty of higher electric and water bills? Here's the unit she wants: http://www.pcrichard.com/catalog/product_popup.jsp?productId=31971&PIPELINE_SESSION_ID=48b259afc0a8777a01784f37d9e87643

Suggestions? Thanks!

July 9, 2008

C of O Change Necessary for Condo Conversion

If a building has a C of O as a legal 3-Family and the property will be converted into 4 condo units, does the C of O need to be changed to a 4-family as well? Or does the conversion process deal with occupancy in a different way? Thanks in advance.

Author's Comments

Wow. You people need to relax and quit hating on brokers and agents for doing their freaking job. The choice is simple, OP: if you think these buyers are worth it and do not want to risk losing them you should hire their broker to assist the transaction. More than likely the broker will be of some help to you and to them. If it is not worth it to you, insist on not using their broker or negotiate their fee down. They may walk out of loyalty to someone they've been working with for awhile or because they dont know you from Adam want someone they believe is on their side.

Posted by: mcteague at September 1, 2009 12:14 AM in response to FSBO - Dealing with Buyer Broker

Curious...does it come down in pieces? Is it salvageable after removal? We have been considering adding one to our rear wall. Havent put much thought into it cuz not sure what's involved but maybe we'd be interested in taking it off OP's hands if and when you decide...

Posted by: mcteague at July 15, 2009 9:33 PM in response to Fire Escape Removal

Make sure your broker will cobroke with non-rebny brokers. They sometimes don't and that omits a whole population of buyers who like to work with smaller brokers that may not be part of the "club".

Posted by: mcteague at November 25, 2008 2:44 PM in response to Advice for a Freaked Out Apartment Seller

Thanks for the responses so far. She's been a reliable tenant for several years and we respect her asking. We want her to continue to be happy in our building, which is why we are considering it.

Posted by: mcteague at October 30, 2008 11:28 AM in response to Tenant Wants to Install Own W/D

Responses to Author's Forum Comments

There's a good chance that your tenant is suggesting this machine to minimize the effect/impact on you. In other words, your tenant might prefer a full-sized machine, but think there's a greater likelihood of you agreeing to this one. Since you describe her as a long-time, reliable tenant that you'd like to keep happy, maybe there's a few more questions to weigh in your thinking. Do you have a washer and dryer installed in your own unit? How convenient do you find it? Is there an existing vent you can tie into if you installed a full-size stack in your tenant's apartment? Is there room for that in her apartment? Would you be willing to do it if the return on investment made sense to you? Other than worries about floods, what else keeps you from agreeing to this request? Our building has 4 units with a stacked washer and dryer in each, and never a flood in the course of 30 years. You already know that living with tenants means that you will, at least occasionally, actually hear them and/or their machines (radios, TVs, friends, visitors, pets, etc.)

Posted by: vinca at October 30, 2008 12:33 PM in response to Tenant Wants to Install Own W/D


They use very little water... the waste water of these units (and front loaders in general) are not that big of a concern.

DIBS, the $1500 unit the OP linked a picture of is a 115 volt machine.

But seriously, as long as the tenant installs it right and pays their own electricity, it really shouldn't be an issue for the landlord (OP).

BUT, I really hope the tenants know what they're getting into... lower your expectations. These machines are a different "lifestyle" than having your own regular machine. Takes getting used to if you want to even bother.

Posted by: tybur6 at October 30, 2008 12:34 PM in response to Tenant Wants to Install Own W/D

How big is your building? Would it be reasonable to give your tenant access to a basement laundry room? That seems like it would be a lot less headache in the long run. Or ... listen to Vinca.

Posted by: serpentor at October 30, 2008 1:04 PM in response to Tenant Wants to Install Own W/D

I bought and installed an LG brand unit like this in my tenant's apt about a year ago. From my research the LG units seem to be the best quality machines. I got the larger capacity unit given that my tenants have two children - so lots of laundry. I would definitely recommend the bigger unit as they are more efficient overall. So far I have found two downsides to this arrangement. 1. Although the machine is comparatively quiet it does have an audible hum and vibration sound that can be heard in my bedroom which is located immediatly below where the unit is installed. It was enough to keep me awake a night (although my husband did not mind it) and so I had to ask my tenants not to run it between 11pm-2am. The machine has a timer so can be set to go on at 2am and then be done by the following morning. 2. I have had to have a plumber out 3 times in the last year to clean out a clog from my tenant's plumbing system. The dryer vents into the plumbing pipes and lint collects causing the pipes to clog. A plumber suggested that we have a catch installed between the dryer and the drain pipe to eliminate the clogs. The catch would have to be cleaned out regularly. We will probably do this in the near future. Overall, my tenants are happy with the machine - they certainly prefer it to going to the laundromat. They pay their own electricity so I am not sure how much this bill went up. Our water bill has not noticeably gone up. I say do it.

However, I would most certainly recommend that you have a professional plumber install the machine to ensure there are no leaks, and to ensure that your plumbing pipes are large enough to cope with the lint that will result from drying. Our pipes are too small which is why we have had the clogging problem.

Posted by: Turtlejam19 at October 30, 2008 3:34 PM in response to Tenant Wants to Install Own W/D

Oh, one more thing. That little box in the lower lefthand corner on the machine. That is the dryer's installed lint catcher. It has to be cleaned out regularly (every 3 months at least). Given the placement on the machine it is a huge pain. I did it the first time and then told my tenants that they had to do it from then on. I even put in their last rental agreement a clause stating that they are responsible for cleaning out this lint catcher to ensure proper operation of the machine.

Posted by: Turtlejam19 at October 30, 2008 3:38 PM in response to Tenant Wants to Install Own W/D

I snuck one of these in my rent stabilized apt a few years back-I didn't tell my landlord. It was a complete pain in the ass. The "temporary" drain that you hang on the sink would fall off and spew water all over the apartment. The clothes were always wrinkly. I kept the machine maybe a month at most then I resold it. As the above poster mentioned at 65cents a pound, you really can't beat the wash and fold. Who wants to wash/dry a few things at a time every single day? Might be energy efficient but it is a totally inefficient expenditure of personal time. If I was not around when the drain came off I would have destroyed the hardwood floors.

Posted by: bqe1970 at October 30, 2008 10:35 PM in response to Tenant Wants to Install Own W/D

PitbullNYC, your comment appears to lack any sensitivity to others who are not you, I'm sorry to say. Many of us, single mothers, and others who aren't as easily mobile as some, truly would/ do appreciate having a washing machine at home. Some of us also don't live terribly close to laundromats, and appreciate doing laundry ourselves, so we can be sure it's done well. Have you observed some of those laundromat workers who're doing multiple loads from multiple clients all at one time? I'm very pleased that the OP has asked such a considerate question of our group.

Posted by: chnyc at October 31, 2008 2:35 PM in response to Tenant Wants to Install Own W/D

Oh, and slick makes a point as well, about an increase in rent. However, there's actually a law which provides for a small monthly increase (say, about $16., I'd have to check on this to be sure) for extra water usage in a Rent-Stabilized apartment. Again, I'd have to check on this, to be sure of the exact amount, and the Rent-Stabilized part. If you'd like me to do so, just let me know.

Posted by: chnyc at October 31, 2008 2:54 PM in response to Tenant Wants to Install Own W/D

I love my full-size LG combo unit so much that I'm considering giving it a name. They work great. And it takes 110V. (We have a 220 plug so I actually run it off an extension cord. Don't think the full-size unit can run off the sink though.

Posted by: Heather at October 31, 2008 3:09 PM in response to Tenant Wants to Install Own W/D

I am totally surprised by the generally negative response of the homeowners on this site. These machines are well designed for a brownstone lifestyle. We've had one for seven years with two kids and tho it has limitations, IT BEATS THE CRAP OUT OF WALKING TO THE LAUNDROMAT. Additionally it's uses FAR LESS WATER and FAR LESS DETERGENT than top loaders --it's clearly more environmentally friendly. And it takes up less than half the space of full sized washer dryer units. Since most homeowners are paying between $650-$900 per sq foot these days, having a combo washer dryer unit saves at least 4 sq ft or $3,600 of precious floor space. On the other hand we can all drive our SUV's to our McMansions and clean our laundry in large capacity side by side washer dryers.

Posted by: lifeofreilly at October 31, 2008 4:26 PM in response to Tenant Wants to Install Own W/D