Elmont, NY 11003 Home Sold For $175,000 In 6 Days
It Took 6 Months To Get To The Closing Table
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110 Hendrickson Ave., Elmont, NY 11003
Rich and I bought this house as an investment property in 2012. It was rented to a woman receiving Section 8 funding and her son. The home was in descent condition when we bought it. After 3 months Section 8 cut the woman's funding and she never paid her share of the rent. Eventually we hired a lawyer to have her evicted. That cost us over $3000.00 and took over 5 months. The judge was upset that we were asking her to leave the house during the Christmas Holidays. Please note that once a landlord starts eviction procedures Section 8 stops paying. So we had over 5 months with no rent being paid. We paid cash for the house but still had the taxes and insurance to pay not to mention the fact that our money was no longer making money for us.
The best part of this story was that New York now has a new law... if you evict a tenant you can not put the tenants belongings on the curb. NO!!! The landlord must hire a Town approved mover and have the tenant's belonging moved to a Town approved storage facility and pay the facility to hold their belonging for two months.
Once we finally got the lady out we had to put approximately $20,000.00 into the house to make it sale-able. New kitchen, new bath and all new carpet because the existing carpet had been used by her cats and dogs to relieve themselves even though the lease clearly stated NO PETS...
Needless to say we were very happy to say by by to this house. However the nightmare was not over the day we went into contract.
A young single woman bought the house and the closing was scheduled for two months. Her lawyer kept asking for extensions. After two extensions we found out that the single lady had applied for two Government Funded Grants for first time single women home buyers. Without these grants she would not qualify for the loan that we were told she was pre-approved for and never were we told about the grants she would be applying for.
Upon learning of this we put the house back on the market. This upset the single lady (I keep writing single because a very nice man was at the closing and obviously moving in with her) and her agent but we had had it. As soon as the house went back on the market we did get another offer on the house but we knew that it would be at least 3 months before we closed, so we decided to wait for the single lady to get her grants.
She got the grants and we closed and we hope that she will be as happy with her new home as we are to be finished with her and her new home.
Rich and I always learn from our mistakes and what we learned from this one is no more rental properties for us. Not in New York!!! We are currently in the process of selling all of our rental properties. When the market was appreciating it was possible to have issues with your tenants but the appreciating market carried you. The property taxes keep going up and because they are investment properties the taxes can not be grieved. How do you like that? Add that to the fact that our market is flat. We can put our money to much better use re-furbishing houses or building new ones and have zero issues with irresponsible tenants who have learned how to work the system and take advantage of the worker bees!
The other thing we learned is that moving forward every contract we have our attorney send out for a house that we own will clearly state, "No Government Funding" !
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