Re: I BOUGHT A PROPERTY IN REAP - Landlord Forum thread 348502

Re: I BOUGHT A PROPERTY IN REAP by Katiekate (New York) on September 22, 2016 @21:57

This means The Rent Escrow Account Program (REAP)

The only way out is to fix the properties and bring them up to code. Prove they are back up to code standards....then apply for some or all of that escrowed money. Do not expect to get it all.

Until the property passes all the inspections and it certified, there is no way to get the property out of the program...and no way to collect rent in the meantime.

I'm wondering why you bought such a place? I sure hope you didn't pay much...it could get really costly

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