Anyone Interested In Buying A Dealership?
Club Member
Joined: Oct 2016
Posts: 4,534
Likes: 5,856
From: Syracuse NY
I was in the landlord game for 21-years. On top of my photography career. I had 4-two families. 3 on my block and I lived in one. The 4th was around the corner. Through all those years, even through the Chinese covid, I never evicted anyone.
I got out in '23 for two reasons. When the gov't basically "seized" my property during the 'Vid and said I couldn't evict tenants, but I had to keep up the maintenance and pay the property taxes. But the tenants got gov't money and didn't have to pay me. That rattled me.
The second was the looming statewide rent control law here in NYS that mimics NYC. At 66 years old, I cashed out, took the capital gains tax hit, and am spending my $$$ on bikes.
But what a dream to own a dealership. Not the Taj Mahal type now. But the old school ones.
Let me go check my Lotto tickets..........
Club Member
Joined: Mar 2009
Posts: 66,106
Likes: 51,387
From: Niles Canyon Ca.
I was in the landlord game for 21-years. On top of my photography career. I had 4-two families. 3 on my block and I lived in one. The 4th was around the corner. Through all those years, even through the Chinese covid, I never evicted anyone.
I got out in '23 for two reasons. When the gov't basically "seized" my property during the 'Vid and said I couldn't evict tenants, but I had to keep up the maintenance and pay the property taxes. But the tenants got gov't money and didn't have to pay me. That rattled me.
The second was the looming statewide rent control law here in NYS that mimics NYC. At 66 years old, I cashed out, took the capital gains tax hit, and am spending my $$$ on bikes.
But what a dream to own a dealership. Not the Taj Mahal type now. But the old school ones.
Let me go check my Lotto tickets..........
I got out in '23 for two reasons. When the gov't basically "seized" my property during the 'Vid and said I couldn't evict tenants, but I had to keep up the maintenance and pay the property taxes. But the tenants got gov't money and didn't have to pay me. That rattled me.
The second was the looming statewide rent control law here in NYS that mimics NYC. At 66 years old, I cashed out, took the capital gains tax hit, and am spending my $$$ on bikes.
But what a dream to own a dealership. Not the Taj Mahal type now. But the old school ones.
Let me go check my Lotto tickets..........
Essentially he can’t filter applications due to income anymore and will be required to accept Section 8 (low income) tenants to move in immediately without security deposits or the state required paperwork being cleared yet and the state fixes the rent prices, we are already below market as a perk to keep decent steady tenants. State only pays a portion of the rent you have to get the rest and security deposits from the tenants and there’s no provisions on the books to make them pay up and you can’t evict without at a 6 month to a year process. Roe owns it and she’s reductant to sell before she retires. I see nothing but grief coming, the complex was a decent place but has been degrading the last 10 years as more of this is pushing in.
Last edited by TwiZted Biker; Dec 31, 2024 at 01:17 PM.
Road Warrior
Joined: Mar 2013
Posts: 1,900
Likes: 1,418
From: Lost
I was in the landlord game for 21-years. On top of my photography career. I had 4-two families. 3 on my block and I lived in one. The 4th was around the corner. Through all those years, even through the Chinese covid, I never evicted anyone.
I got out in '23 for two reasons. When the gov't basically "seized" my property during the 'Vid and said I couldn't evict tenants, but I had to keep up the maintenance and pay the property taxes. But the tenants got gov't money and didn't have to pay me. That rattled me.
The second was the looming statewide rent control law here in NYS that mimics NYC. At 66 years old, I cashed out, took the capital gains tax hit, and am spending my $$$ on bikes.
But what a dream to own a dealership. Not the Taj Mahal type now. But the old school ones.
Let me go check my Lotto tickets..........
I got out in '23 for two reasons. When the gov't basically "seized" my property during the 'Vid and said I couldn't evict tenants, but I had to keep up the maintenance and pay the property taxes. But the tenants got gov't money and didn't have to pay me. That rattled me.
The second was the looming statewide rent control law here in NYS that mimics NYC. At 66 years old, I cashed out, took the capital gains tax hit, and am spending my $$$ on bikes.
But what a dream to own a dealership. Not the Taj Mahal type now. But the old school ones.
Let me go check my Lotto tickets..........
One of the reason I’m only investing in Red states now. I have some capital in blue state and so far it’s been run efficiently by the sponsors. When it’s time to cash out and refi, I plan to move that capital to red state. Not to get political but it’s the way it is....
Last edited by pyuchem; Dec 31, 2024 at 04:29 PM.
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