All Forum Posts by: Satha Palani

I am somewhat new to the state having moved here for VA late last. Own a few rental properties in VA, technically work in NYC but live in NJ; the kind of combination that makes tax time real fun.

Can anyone recommend a tax preparation person who has some familiarity with investment properties?

thanks,

satha

can't agree more with @Glenn McCrorey and @ @Joe Splitrock. Having long terms tenants is to land-lording what compound interest is to investing in general . Powerful concept that is often overlooked.  

@Reginald Dearmon

I house hacked a duplex myself recently. Echo John's advice about managing tenants. If you haven't already, get a few quotes on homeowners insurance. Most carriers charge a premium for duplexes / multifamilies. The quotes I got varies quite a bit; so shop around.  

Does holding an investment property in an LLC really offer that much more protection vs. holding in one's own name and buying liability insurance? i would think a determined tort lawyer would find (has already found) away around limited liability in these cases. If the issue is about protecting other assets from a claim, would it not be better / safer to carry a ton of insurance?

Wondering if the LLC provides more than just liability protection.

@Jonathan C. I lived close to the area (close to Virginia Union) for 2 years until i moved to Northern Jersey for work recently. Battery park which is east of Chamberlayne going up to Barton ave on both sides of Brookland park Blvd have seen rapid gentrification in the 2 years i have been there. Tons of SFH that were built in the 20's and 30's have been rehabbed and sold with selling prices almost doubling in that period.

here is a prime example

https://www.redfin.com/VA/Richmond/2601-Barton-Ave...

A good way to figure out where the gentrification line ends is to look at where the re-hab contractors are going. 

The vast majority of the people living in the Northside until recently are inner city poor. Where there is poverty there is crime. Some spots are worst than others. Stick close to the rehabbers and you should be fine.

Thank you @Mike Frost . It looks like you re from my neck of the wood :) 

@Ibrahim Hughes Thank you for your insight.

The property is an REO in the ironbound district of Newark. I was hoping to renovate the upstairs unit to live in and rent the downstairs unit out.

Unfortunately, the house got bid up way past my ceiling price. House in the ironbound go fast and get bid up like crazy. I may have to look further afield.

thank you all

@Steve S

Aslo look at 23223; within the city. The prices in church hill proper are through the roof,  but you may be able to find a deal around the edges. 

@Doug Poff 

Initally i too was exited by the bargains to be had in Petersburg,but the city did not offer what i was looking for. City administration is in a bad way, declining tax base and shrinking jobs... not a good overall picture.

Richmond and the surounding counties have much more to offer IMHO. Neighborhoods that are being revitalized with lots of younger folks choosing to stay closer to the city vs. move to the suburbs. The way i see it, housing stock close to the city being limited, rents will only raise over time as will property values in general.

i doubt there is anything left in 23221 sub 100K.  Try the area around maymont park (23220) a lot of ranchers on nice size lots.  I have seen a few come for sale in the 100K range. This area is way overdue to be redeveloped. Great proximity to the city, close to parks and VCU is close by as well.

Also look at 23222, east of Chamberlyne south of Labarnum. how far east depends on what you are comfortable dealing with. Gentrification is moving east from Chamberlyne; closer you are to chamberlyne the more gentrified the neighborhoods.

thanks @Account Closed; when you say, what you mean is to take down all the old plaster walls and replace them with drywall correct? One of the things the agent pointed out was the the house had had its wringing replaced recently. would gut renovation effect this? would i have to rewire?

thanks,

satha