Paul Meyer Buys Houses

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NYC Landlord small talk, real estate photography, inheritance taxes, and life.

new york city real estate photographer/photography

Well today I got back from Philadelphia after my in-laws finally would leave since I was getting a ride with them back to New York City. The sister in-law was actually cooler than I thought and we got a bit drunk together so that was a bit funny too. I had a real estate photography job at noon, but wasn’t able to make it till 4pm due to normal stuff like in-laws driving, traffic, and taking the wrong subway train. When I did get to the landlords pimpin pad off 70th St in Upper West Manhattan she was happy I was still able to show up, even late. I got right at it taking tons of pictures of her two 1 bedroom vacation rentals in her five-story 1890 brownstone. I was kind of nervous due to this being my first big client getting to do some real estate photography. I was almost worried because this is Upper West Manhattan. Her place must have been worth as an asset around and no less than $5-10 million (and that’s probably a small number). The mahogany wood work was amazing.

After getting all the photography done she wanted me to edit everything on spot in her apartment, upload it, and create another profile for another rental website. I helped her do everything and by the time I was done it was around 9pm. She ended up offering my dinner and I took it. My stomach couldn’t stop growling. I was basically tutoring her for almost 2 hours. It was rather chill. I kind of expected a more snobby preppy white woman from the name and sound of her voice, but she was a chinese immigrant who spoke excellent english, semi-retired after being in the banking industry, and received her parents apartment building. She was actually really laid back and really open or maybe I’m more charming then I give myself credit for. She actually told me a lot and it really gave me a good perspective on landlords with very expensive real estate and the costs going with it. She recently has started making her normal long-term rentals into vacation rentals due to the prime location. The more I asked I found out she has done quite well with the switch, but its just much more work for her then she wishes.

I found even though the place is paid off the inheritance tax alone is 50% of the MARKET VALUE of it. YIKES! Talk about big monthly payments so no wonder rent is SO HIGH in that area. The city is really makes owning real estate and making it profitable (with tons of equity) a really difficult task for manhattan landlords especially. That must suck. You pay off a place, you die, it goes to your kids, and then they are stuck with a huge property tax + basically new HUGE mortgage from inheritance taxes for life since her place is in the upscale Manhattan prime prime area. I suppose when you rent a 1 bedroom 500 sqft place for $2700/month (which is low she said due to bad market conditions) you must be banking on the job and in a SUPER nice area, which the upper west side is of course. I figured if the place was fully rented it must bring in around $30,000 cashflow a month or through vacation rentals for nightly rates. She should be well off with income, but instead the taxes alone without any income in a sick and sad position, that comes off really stressful.

Between 10pm to 12am we talked about America’s government policies, healthcare, people getting fat from food, life, and how to make me make better curry dishes. She was quite charming for a baby boomer and I hope she enjoyed my inquisitive aggressive question asking personality, I mean she did buy me dinner and we drank really great white wine.

I retired after 12am because it was getting late and I had to get back to my ghetto in Bedstuy, Brooklyn. I never got to move in to the new place in Prospect heights, but I did walk away with a $250 check ($50 extra then I requested). So it felt good to have a first real pay check even if small in New York City doing something media related. Now I’ll definitely have an excellent real estate photography client references and I hope I pick up more jobs with more work examples.

I’m sure I’ll be working with this landlord again on something if not just hanging out with her offering company for some stress relieving landlord small talk.


stock market correction = uptrending

If you are a stock market follower you’d notice the different wording journalist are using such as “optimistic” that we hit our low just recently last Thursday Aug 16 to be exact. I was watching the market as AAPL was hitting $112’s and NYX was hitting $65’s. I was drawing my support lines because after the big red candle dropped a big white candle stood right next to it top to bottom and went right up with buyers looking for a golden opportunities. Since I’m still a student I really did not know which direction the market would go. On Friday stocks popped higher creating a doji star showing the market made up its mind. So now for the past almost 6 days the market has ran up with white candles breaking the downward trend since July 15th. I’m currently in AAPL JAN 200 CALLS up around 30% in my options +$3000 in 2 business days. I’m not going to sell at some crazy high number, but I am going to follow the major uptrend line until it is broken or bad news comes out, other wise I’m stick to my play. I’m very confident in Apple and until their next earnings call I’m going to trade it up to earnings or until I’m happy with my profit. I’d also love to be in SHLD and RIG Calls, but I’ve been taught to be in only one trade at a time even if there are other opportunities available. I need to stick to the rules and show some discipline or I’m never going to become a great trader.

Currently I’ve been looking at a trailor park to buy for $190,000. I’ve talked to many experts in this field and the price looks very good for what I’m getting which would be an 18 lot, 2.37 acre, with 18 park owned homes rented for $350-450 each, with all utilities established. It is around 20 minutes away from University of eastern Tennessee (Johnson City, TN). I’d really like to do the deal, but I want to get an outside property manager if I buy it. This is the advice I’ve gotten basically to get rid of any favoritism within the park. It would make some serious cashflow to my real estate portfolio. Between the 2 trailor parks I will eventually be receiving around a $50k net income a year more than my U.S. Coast Guard income so it would finally give me the choice of retirement at age 29. I still want to be a great trader, but it would give me choice even if I did not trade stock options.

I’m almost done with my 3 classes at HPU and will start another 5 online in the next two semesters. I want to double major by 2009 then do some pastry or music school or both when I get out. 2007 has been a very volatile year for my portfolio and my goal is to come out higher than last years or at least breaking even. Many of my penny stocks are worthless so I will have to sell them soon or I will be paying some serious taxes from gains I do not have anymore. Trends are looking good and the technicals are showing major buying right now so look out!

HOKU, AAPL, SWN, NYX – Latest news on the trailor park

After HOKU earnings the stock plummeted to $8 and I totally expected it to fall. Everyone knew they weren’t going to show a profit and it is still very much a speculation stock because it hasn’t been able to start production yet. I’m with Jim Crammer about people rebuying it at a lower price and it moves up again throughout the year on its speculation of being the #1 for alternative energy. Our world is moving in that direction so I could only expect growth. As for AAPL it’s iPhone has been a success, but the market is turning over and its stock is finally starting to become submissive to all the selling. I’d buy AAPL later, but I see it moving much further down into the possible $110’s before it moves into the $200’s. If AAPL is able to continue momentum then I’d buy Calls on it if it moves past $150. Then it will be fighting the selling, but investors are true believers in it. It’s PEG score also has moved down to around 1.66 from over 2.00. So its value has gone up as well with its super profitable earnings. SWN’s charts have been showing a flip to oil/gas companies. Its major trend on the Daily and Weekly are going down with all smaller charts. Just yesterday it bumped up because it was slammed down into the Bollinger bands. I expect it to keep moving further down in the lower $30’s. I’m playing SEP 07 35 Puts on it currently up around 10%. I plan to sell out once it hits around $35 if I’m correct. NYX is always a confusing stock. You’d think this stock would be doing what ICE is doing, but it isn’t. I’m in Calls and I think I’m going to lose my entire $7,000 investment if by Sept. it doesn’t move higher than $87. At its current price of around $74 I’m left dumbfounded and believing in the stock that makes me seem living life a bit bicariously. NYX has had almost 4 major falls with small peaks. This stock has to pop high if on Aug 2nd earnings are awesome and profits are up. It should pop past $90 because there hasn’t been much news on it. So if it surprises investors and analysis it could finally get back in the game and be a more volatile stock like it use to be. If you are currently playing Puts on it you are probably a lot more correct and wise thinking then myself.

As for the good old trailor park I bought. I’ve been working with my property manager. I’ve been trying to get the cable tv hooked back up because it was disconnected before I could transfer it into my name. Two of the tenants are refusing to pay their rent because they are not receiving cable tv. Can you believe this? I’ve never heard of such a moron of a tenant in my life! I told him to turn off their electricity and gas that day until they paid their rent or enforce them to be evicted that week. I’m not going to tollerate this type of behavior. Business is business and you pay your rent regardless if you get cable tv or not. I pay for their housing and all utilities. Cable tv is a luxury. I only see future problems with very low income low education tenants like this in the future. I’m trying to move all the tenants in and rent the trailors properly with full leases, applications, and deposits so I don’t get shitted on. If I’m going to make this profitable I need to take the steps to make it profitable and not deal with unacceptable tenants.