Spirited_Touch6898

Spirited_Touch6898 t1_jczq289 wrote

The real story, that old rental needs a shit ton of renovations if it cost $700. So after 80k in renovations, you can raise rent $50 to 750$/month of rent. You can invest same 80k in a savings account at 5%, and get half of that income with no risk of a deadbeat tenant, or risk of servicing the apartment, I'm guessing the hitting costs alone cost $100/month. You could also get more $$ investing into the dozens of REITs trading in the stock market. If I was a landlord, I would only rent out those apartments as a favor to somebody I know. Remember how the tenants during covid were braggin on Reddit they were screwing over the landlords, well its payback time. One scumbag, who prolly makes over 100k working an office job, stopped paying his rent "in solidarity" with all the other neighbors who stopped paying rent cause they were laid off.

1

Spirited_Touch6898 t1_j6beilk wrote

I have no idea what's wrong with this city, anyone walking in that area, can see that parking lot is an eyesore. It has no character, and in my view little to no historical value, just a paved over piece of land. If they made it into a much needed park, that would be a much better idea over any building.

3

Spirited_Touch6898 t1_j64bp9r wrote

>Office buildings simply aren't built to allow plumbing access to each office, for example, so communal bathrooms will be needed. Can you also imagine the mess that a communal kitchen would create? Upkeep and cleaning costs would go up. Many landlords may likely have clauses in their mortgages that their prop

What are you talking about, I know of at least a dozen buildings that underwent conversions. They usually convert them in to large luxury condos, and quite successfully. They have less than ideal floorplans, but overall its very good.

Here is a recent example:

https://onewallstreet.com/the-availability/

1

Spirited_Touch6898 t1_j64a5y7 wrote

It's a great idea, they should've done that long time ago. Specifically where it makes sense, it maybe even a better idea to allow for a mix of office, and residential within one building, obviously with separate entrances. Apartments like that usually have bad floor plans, with windows in only one side of the apartment. Mostly works well for 2000 sqf apartments, where you want a walk-in closet the size of a bedroom, and efficient use of space is less important.

2

Spirited_Touch6898 t1_j5r8457 wrote

I had it once downgraded by two points, ie from 32 over to 20+ over, by a lawyer, that was over 10 years ago.
Most of the time it’s either guilty or dismissed in NYC.

People on reddit don’t deserve your apology over a speeding ticket, few of them drive, and most are carelessly run red lights on their bikes/scooters or ride against traffic, jaywalk into moving traffic.

1