If you own properties, please help me decide

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Forum -> Working Women

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amother

OP ↓

Thu, Dec 12 2024, 7:45 pm

If you are a landlord, and you have Jewish tenants who do not let raise their rents, would you sell your property and invest in a less hot area?
I know I need a business advisor, but I’m laying out so much money to cover my mortgages that I barely could pay my own bills.
The house in a Jewish neighborhood went up in value about 50 k per year. My tenants have been there for over 5 years without letting me raise the rent. The expenses of the house have gone up and I lay out money every month. One tenant has ignored the beis din, the other has been pushing me off.
I had enough.
I want to sell everything and invest in a non Jewish area, where the market is not as hot.
Would you do it?

amother

Cornsilk ↓

Thu, Dec 12 2024, 7:46 pm

What does that mean- the tenants don’t let you raise the rent?

amother

Peach

Thu, Dec 12 2024, 7:46 pm

What does that mean, the tenants don't let you raise the rent? Since when do tenants get to control that?

amother

Opal

Thu, Dec 12 2024, 7:46 pm

Do you mean OWN properties?

amother

Gardenia

Thu, Dec 12 2024, 7:50 pm

What do you mean?? The landlord decides how much the rent is. If the tenants don’t pay they can be evicted.

amother

↑ Cornsilk

Thu, Dec 12 2024, 7:51 pm

Op, non Jewish tenants give you h*ll in many other ways.
Take the current tenants to court.

amother

Pistachio

Thu, Dec 12 2024, 8:02 pm

amother Gardenia wrote:

What do you mean?? The landlord decides how much the rent is. If the tenants don’t pay they can be evicted.

Not easy to evict a Jewish tenant

amother

↑ OP ↓

Thu, Dec 12 2024, 8:07 pm

Sorry, phone goes faster than me.
They don’t pay the raise. And don’t leave the house.
I have a way to get good non Jewish tenants . And if the rent is not paid, no beis din involved. A have a few houses like this and it works fine. However, the house I have in a Jewish area went up tremendously. Should I give up such investment ?

amother

Teal

Thu, Dec 12 2024, 10:07 pm

Ask beis din for permission to begin eviction proceedings

amother

Hunter

Thu, Dec 12 2024, 10:39 pm

Houses in the jewish neighborhoods go up in price more than regular neighborhoods so you are making money just by holding onto the property. The question is if you can afford it.

imaima

Thu, Dec 12 2024, 11:23 pm

Evict and find other tenants? Or sell? This house isn’t earning you anything

amother

Apricot

Fri, Dec 13 2024, 1:07 am

We own a 2nd apartment and rent to Jewish tenants. We have a lease, prepared by a lawyer, which specifies the rent increase every year. They agreed to this before they moved in.
We live in Israel.
BH our tenants have been paying but if they didn't, we would take it to hotza'ah lapoal which would freeze their bank account. I don't think that exists in the US.

amother

↑ OP ↓

Sat, Dec 14 2024, 6:06 pm

amother Hunter wrote:

Houses in the jewish neighborhoods go up in price more than regular neighborhoods so you are making money just by holding onto the property. The question is if you can afford it.

Yep, this is my question. Should I give up holding onto the house in a jewish area?
I did try to reach to one of those organizations who help with finances. So far, nobody has the right coach for me. That’s why I am asking over here. I’m very short with money and a business coach is very expensive.
If anyone could give me an insight, I would really appreciate it.

amother

↑ OP

Sat, Dec 14 2024, 6:07 pm

imaima wrote:

Evict and find other tenants? Or sell? This house isn’t earning you anything

Short term , no. Long term, yes.

nicole81

Sat, Dec 14 2024, 6:12 pm

amother Teal wrote:

Ask beis din for permission to begin eviction proceedings

If it's NYC this won't stand and it will take many years to evict a tenant. I hope you're not in NYC op.

amother

Cherry

Sat, Dec 14 2024, 6:26 pm

I think you should sell.

amother

Lightgreen

Sat, Dec 14 2024, 9:52 pm

amother OP wrote:

Short term , no. Long term, yes.

I would hold it

amother

Petunia

Sat, Dec 14 2024, 10:08 pm

when was the last time you took them to bais din? try again and if they dont listen, bais din will give you permission to go to court. They may get scared of that. I doubt if it makes sense to sell.

amother

Sage

Sun, Dec 15 2024, 5:22 am

If you sell it, will the buyer have to evict the tenants? How will you get them out?
I know so many people who have had this problem, it makes you wonder if it’s worth it to rent out an apartment.

amother

Cerulean

Sun, Dec 15 2024, 5:30 am

The rental doesn't have to bring you money. It's the sale that brings the money.

If you lose 10k a year you're still growing your investment by 40k!

Its a crazy amount of RIO.

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