 |
|
 |
 |
|
|
Forum
-> Inquiries & Offers
-> New York related Inquiries
sequoia
|
 Fri, May 31 2019, 11:04 am
So why would anyone buy this, unless they intend to murder the tenants? 
| |
|
| Back to top |
 0
 3
|
SixOfWands
|
Fri, May 31 2019, 11:09 am
| sequoia wrote: | | So why would anyone buy this, unless they intend to murder the tenants? |
Well, let's say you know that the tenant is in his mid-70s. And you're sufficiently familiar with the NY rent stabilization laws that you're pretty sure he can't get someone else on the lease. So you're taking the loss for a few years -- let's say 5 years, at $10,000 a year -- for a big payday when the tenant leaves.
| |
|
| Back to top |
0
2
|
sequoia
|
Fri, May 31 2019, 11:14 am
| SixOfWands wrote: | | Well, let's say you know that the tenant is in his mid-70s. And you're sufficiently familiar with the NY rent stabilization laws that you're pretty sure he can't get someone else on the lease. So you're taking the loss for a few years -- let's say 5 years, at $10,000 a year -- for a big payday when the tenant leaves. |
Why on earth would you assume that, in this day and age?
Plenty of people in their 80s and 90s live independently.
My landlady is in her 90s, lives alone, does her own shopping and goes to the gym every day.
My grandpa is over a century BH, and he’s in his apartment.
It’s ridiculous to assume that someone in their 70s is going to move into assisted living in the next few years. It’s certainly unwise to bet money on it.
| |
|
| Back to top |
0
3
|
JoyInTheMorning
|
Fri, May 31 2019, 12:02 pm
| sequoia wrote: | Why on earth would you assume that, in this day and age?
Plenty of people in their 80s and 90s live independently.
My landlady is in her 90s, lives alone, does her own shopping and goes to the gym every day.
My grandpa is over a century BH, and he’s in his apartment.
It’s ridiculous to assume that someone in their 70s is going to move into assisted living in the next few years. It’s certainly unwise to bet money on it. |
Exactly. In my mother's building, the nasty (and as it happens very frum) landlord could not control his impatience to get his hands on two choice apartments which were inhabited by elderly women. One died in her 80s. The other died at over 100. Assuming that the landlord thought that 70+ was quite enough time on this earth, that lady centenarian made the poor landlord wait for 30 years.
| |
|
| Back to top |
0
3
|
SixOfWands
|
Fri, May 31 2019, 12:06 pm
| sequoia wrote: | Why on earth would you assume that, in this day and age?
Plenty of people in their 80s and 90s live independently.
My landlady is in her 90s, lives alone, does her own shopping and goes to the gym every day.
My grandpa is over a century BH, and he’s in his apartment.
It’s ridiculous to assume that someone in their 70s is going to move into assisted living in the next few years. It’s certainly unwise to bet money on it. |
That's why its a gamble, and why no one has bought it.
Its also why someone might consider buying it even with a rent stabilized tenant.
| |
|
| Back to top |
0
2
|
Amarante
|
Fri, May 31 2019, 12:32 pm
Even if you ay cash, there is a loss of income derived from the money which would be conservatively about $15,000 per year
Property taxes need to be paid and any normal maintenance in the apartment like repairs need to be paid for.
This could be offset by the significant tax losses assuming you could use such losses but it’s still a significant economic economic albatross which is why the unit has been in the market for a long time with no buyers.
| |
|
| Back to top |
0
1
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
|  |
 |
|
 |
|
|
