Eviction & Utilities (Buffalo)

All,
I have a tenant in Buffalo that I am in the process of evicting for non-payment. I pay the water and electric. Can I legally have the power & water shut-off during the eviction process?

Thanks,
Eric
mad

Comments(7)

  • sanjosee9th May, 2005

    The courts do not look kindly upon those kind of tactics. Unfortunately you have to grit your teeth & wait for the eviction process to conclude.

  • chilln2music10th May, 2005

    ok, analogy time

    wholesaling is to finding a highly discounted property (usually ugly houses) and flipping it for quick cash by assigning or double closing for profit :::::::::::: lease options is to............

  • SantaClarita6th May, 2005

    Good evening,

    I have also used the proforma-nator to look at properties. You should learn the reason why it recommends the deals it likes. It looks at cash flow, NOI, and CAP rate. You can use rough estimates to begin with.

    For example NOI multiplied by 10=offering price. Multiply by 8 or 9 and you have found a great deal. Remember not to use proforma numbers, you should use actual NOI. Double digit CAP rates should be your goal.

    To address your specific situation in California, the proforma-nator does not factor in appreciation, for good reason. Investors here in Ca are speculating solely on appreciation. That is why CAP rates are 4%-5% at best. There are no good deals for cash flow in Ca right now (relatively speaking). Many investors are buying negative cash flow speculating on continued appreciation, even in areas like Bakersfield, Apple Valley, Palmdale and Lancaster. There may be some exceptions, but I would rather spend my time searching elsewhere.

    Appreciation should be the icing on the cake. It should be only a small part of your investment decision, IMHO. The proforma-nator can be a helpful tool, but only if you understand what it is doing. Also realize that the listings for many properties are exaggerated. Do you due diligence and confirm every last detail before making an offer (and only offer well below asking price to start).

    If you are looking for cash flow then the property should be cash flow positive after all expenses (some estimate 30% of gross income for expenses, actual not proforma) and DSCR (debt service).

    Though there are many pre-construction deals, for flipping or L/O. Condos in many hot markets can be profitable as well. These may be dependent on appreciation and this is a risk.

    Of course, everything has some type of risk. Interesting how most RE investors take risks in order to be have a more secure future with less risk!

    Take care,

    Andy Gibbs

  • mojojojo_18th May, 2005

    what unit size do you have to look at before you get away from negative cash flow in cali?

    have either of you look into doing section 8 housing?
    I always heard those are a great investments.

  • SantaClarita10th May, 2005

    Positive cash flow properties in California?

    I am sure that it is possible, but you will pay for it! I believe some people are lease optioning, but all of the multis that I have browsed are negative cash flow. There are many investors lining up to purchase these. If you are looking for cash flow it just does not make sense to pay top prices and cross your fingers.

    There may be SS, preforeclosures, etc. that can cash flow. Good luck!

    I choose to look elsewhere.
    [addsig]

  • jeff1200210th May, 2005

    The $29, or $39 or whatever package is on TV is worth the money, nothing spectacular, but it gives you a basis from which to work. The mentoring that they are going to hit you up for is not something I was interested in though.

  • frank_pat10th May, 2005

    thanks Jeff,

    was it resourceful at all for you?

    any positive leads or were his resources dated?

    Frank

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