This NY couple bought a $2M retirement dream home in Queens — only to find a squatter inside, who they’re now struggling to evict because he’s a ‘tenant’ under the law

When Susana and Joseph Landa dropped $2 million on their dream residence in Douglastown, Queens, they thought they had been laying down roots to reside out their golden years in peace.

Sadly, that dream residence has already become “a complete nightmare,” in keeping with Joseph.

When the Landas purchased the home in October 2023, they found their spacious retirement pad got here with an undesirable visitor — a squatter by the identify of Brett Flores.

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4 months after signing on the dotted line, the senior duo informed ABC 7’s “On Your Aspect” they nonetheless hadn’t managed to evict Flores — as a result of New York’s squatter rights — or transfer into the property.

“We’re trying to hopefully retire and most of all present for my son Alex, who has Down syndrome,” mentioned Susana, noting that every one she will be able to take into consideration is: “When is that this man going to come back out?”

Right here’s the place issues at the moment stand within the squatter saga — plus some alternative routes to spend money on actual property if this “nightmare” places you off residence shopping for altogether.

‘Unfair’ squatter rights

The Landas have taken Flores, aged 32, to landlord-tenant courtroom to try to get him evicted — however 5 hearings in civil courtroom later and the couple are but to attain that objective.

In accordance with courtroom paperwork obtained by “On Your Aspect,” Flores used to work for the previous proprietor of the Landa’s residence as his caretaker till the person handed away in January 2023. Flores was paid $3,000 every week for that work and he claims the earlier proprietor gave him “license” to remain in the home after his dying.

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Below New York state regulation, squatters are categorized as tenants with rights after residing in a property for 30 days. To reclaim property from a squatter, the homeowners should show their proper to the property and proceed with authorized eviction proceedings — which is what the Landas try to do, however they’re up towards roadblocks and delays.

“In case you have no lease and you are not paying hire, what’s your proper?” Joseph requested, clearly pissed off by the obtuse eviction course of and having paid all the payments (together with 1000’s of {dollars} in utilities) since shopping for the house.

“It makes me really feel fully forgotten on this authorized system, [it’s] unfair and [we’re] not in a position to do something,” he added.

“On Your Aspect” reached out to Flores to get his facet of the story however his lawyer responded with “no remark.” The Landas hope the problem will lastly be resolved of their subsequent courtroom date, scheduled for April, in order that they’ll put this saga to mattress and eventually take pleasure in their retirement.

Learn extra: No landlord? No drawback! Discover hassle-free actual property investments

Stress-free methods to take a position

If the danger of squatters and the opposite trials and tribulations of proudly owning a house or being a landlord don’t enchantment to you, there are different methods to spend money on actual property with out all that problem.

As an example, you’ll be able to spend money on a residential actual property funding belief (REIT). REITs are publicly traded firms that personal income-producing actual property like condo buildings, buying facilities and workplace towers. They acquire hire from tenants and go that hire to shareholders within the type of common dividend funds.

One other simple technique to spend money on actual property is to purchase shares in exchange-traded funds (ETFs) that offer you publicity to a various portfolio of actual property property. Two standard examples are the Vanguard Actual Property ETF (VNQ) and the Property Choose Sector SPDR Fund (XLRE).

You may additionally think about using a web based crowdfunding platform, which permits traders to pool their cash collectively to purchase property (or a share of property) — from rental houses to workplace towers — as a bunch. These on-line platforms make actual property investing extra accessible by simplifying the method and reducing the barrier to entry.

What’s enticing to some traders about all of those choices is that they require little or no energetic administration. As soon as you place cash in, you’ll be able to sit again and watch it develop.

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This text gives data solely and shouldn’t be construed as recommendation. It’s supplied with out guarantee of any type.