Timing the market definitely does not work in the stock market. I think in real estate, you should buy only when you can survive the down times. Still a useful article.
Streeteasy report on rents: BK is becoming like Manhattan
Low rents will be a thing of the past eventually.
http://streeteasy.com/blog/price-gap-separating-manhattan-brooklyn-and-queens-getting-smaller/
Section 8 Inspection aka The Matrix
I got this inspection report for one of my units from NYCHA that makes no sense. It says that the floor is rotted/buckled/weak in numerous places. My tenant was more surprised than me. Then, the report says: “Not responding when tested”. What is this in reference to? The only thing that is clear is that two outlets don’t seem to be working. I highly doubt that the outlets don’t work but I will investigate. So, I called NYCHA today and talked to a rep. She told me other items that were not listed in the letter I received needed repair. Huh? The inspector needs to take an English writing class!
I am charging a below market rent. I was only allowed to raise the rent 1%. NYCHA is making themselves a very unattractive option to a landlord. Affordable housing is at a crisis level in NYC. Dealing with this sort of nonsense will only make landlords not want to rent to people on Section 8.