All Forum Posts by: Account Closed

I will drill her more on this tomorrow...

Greetings,

one of the agents I work with in mid-Hudson valley (Putnam and Dutchess) keeps saying "well, because it's over 4 units there are tax implications..."

On the question "can you elaborate", I got an answer "well you are very knowledgeable I am sure you already know."

Anyone has any idea what is this tax implication is? 

Thanks

+2

This will be interesting event...

@Clary C. have you considered just signing up for a monthly package ($97) and giving it a try. Then revisit if $1k is reasonable for unlimited use.

@Chris Rey I am in Westchester as well (Dobbs Ferry) and completely agree that this area has significant cost barrier to enter. Demand for housing is high anywhere within 90 min commute, which drives down CAP and thus high prices on relatively low NOI.

In general, this area is very competitive. We elected to go outside the county for now.

Lindahl in his book Multi-Family Millions has a script on what questions to ask during calls from a mail campaign. I think its a good starting point.

@Karma Senge

I will third both @Ned Carey and @Giovanni Isaksen . Ray Alcorn's Dealmakers Guide is one of the best that I came across so far. Not easy to find on secondary markets, but it comes up once in while.

Also, a good place to start is Ken McElroy's The ABCs of Real Estate Investing; his other book The Advanced Guide to Real Estate Investing did not impress me at all (plus the book has many mathematical errors), but I started reading it after going through most of Alcorn's material.

Garrett Sutton's The Loopholes of Real Estate gives interesting tactics in REI.

I have Lindahl's books: Multi-Family Millions, Emerging Real Estate Markets; as well as Apartment House Riches course. The books are good and give good info and guidance. The course, I definitely wouldn't spend full price on as a most material covered in books. You do get some extras, but I a not sure it's worth $1400 upfront. If you look on secondary markets, I am sure you can get one for a significant discount.

Jeremy, that is my concern exactly. Lobbying with community, councilman, police and ZBA to get nonconforming exception again will definitely require extensive time. Plus preliminary information leads me to believe that all mentioned looking to reduce density thus extensive conversion of 7.5k sq.f building into 8-10 2 bedroom units.

The court order is on a property that is for sale.

It's a 15 unit which was grandfatherd with special use in a 1-2 family zone. The neighborhood can be probably rated @C+.

In general this would require a lot of leg work to get nonconforming use back again.