Being a landlord may seem like a lucrative career path since it allows the creation of a passive income stream. If you have a multi-family building or residential complex, you can create multiple income streams. It sounds like a dream come true, doesn’t it?
It really isn’t. Being a landlord accompanies a wide array of responsibilities and property management chores. And if you have a tenant from hell, your life can become quite challenging and complicated, especially in New York City.
New York City’s Department of Housing Preservation & Development (HPD), ever since it was established, has been taking an extraordinarily strict approach towards handling building violations. Under the HPD alternative enforcement program, if your building or residential unit is violative of the city’s building standards and maintenance rules, you will be subjected to city forced repairs.
Having a tenant from hell can become all the scarier if you operate a rental unit in New York City. If your tenant has alerted the HPD alternative enforcement program, it can lead to a lengthy and expensive process of being subjected to violation fees, penalties, the city forced repairs, and even liens against your property should you fail to comply with building code.
Any landlord with an apartment building that has housing code violations will be subjected to the rules and conditions of the HPD alternative housing enforcement program. This can lead to an immensely stressful situation. Not to mention the expenses you will have to bear to conduct the repairs and replace the electrical, heating, plumbing and other integral systems of the building.
If you are dealing with violation penalties, the city forced repairs or liens against your property, you have our condolences. We understand how difficult and challenging such a situation can be. Replacing and modifying integral building systems not only damages the cosmetic and structural integrity of a building but more alarmingly, such an endeavor will cost you tens of thousands of dollars. If you are dealing with such a stressful situation, the ideal course of action is to sell off your building and move towards another real estate investment. As opposed to complying with city forced repair on an apartment building that is riddled with breakages and damages, you should consider selling it off. This strategy will also allow you to bid goodbye to your tenant from hell.
It can be increasingly difficult to sell a building that requires extensive repairs and is violative of the HPD building maintenance codes. Naturally, no potential buyer will be willing to look towards your building as a lucrative investment.
However, we at 718 Real Estate Advisors are willing to take the building off your hands with immediate cash. We specialize in buying properties as-is. We cater to clients who want to undertake an expedited sale, and we do not require any repairs or renovations.
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