I've got to hand it to Bloomberg for finding 3 of the most extreme cases of the, "think of the poor rentseekers" they could find. I know a few landlords. After meeting them I know I could never seriously become one. We were having drinks while one was on the phone working on evicting someone. Apparently, he didn't have a choice, dems the rules.
1. The woman sitting on 27 units and only making $24k, is seriously over leveraged. Sounds like she took on more debt than she could reasonably manage and expect her tenants to be the safe bet even though she isn't.
2. Family owned Mott St apartments. Something is wrong with this story as well. If they owned the properties for a century (1st wave Taosinese immigrants I bet) they should be printing money. Chinatown rents are high for old, low amenities buildings. There is a whole lot more to this story because someone is lying.
3. Something tells me they refinanced one too many times and pumped the equity out of their property. Property bought in the 90s is worth 3x as much today so where is the renters money going exactly?
1. The woman sitting on 27 units and only making $24k, is seriously over leveraged. Sounds like she took on more debt than she could reasonably manage and expect her tenants to be the safe bet even though she isn't.
2. Family owned Mott St apartments. Something is wrong with this story as well. If they owned the properties for a century (1st wave Taosinese immigrants I bet) they should be printing money. Chinatown rents are high for old, low amenities buildings. There is a whole lot more to this story because someone is lying.
3. Something tells me they refinanced one too many times and pumped the equity out of their property. Property bought in the 90s is worth 3x as much today so where is the renters money going exactly?