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All Forum Posts by: Alexander Spira

Alexander Spira has started 9 posts and replied 30 times.

Post: Taxes on Rental Income

Alexander Spira
Pro Member
Posted
  • Real Estate Investor
  • Inwood, NY
  • Posts 31
  • Votes 2

Thanks for the input Nichole I am leaning towards that direction for the reasons you mentioned above. I spoke to my accountant and he suggested the same thing to keep things neat. My accountant says that the Baltimore taxes will count as a credit against my NY taxes and I will only pay the difference as we have higher taxes. 

My plan is to rent and refinance. Then I will go hunting for the next.

Kyle, right now the loan on the property is from a hard money lender. I am speaking with a bank to refinance the money out. He told me that putting the property under a LLC can cause the loan to be called but if it is just me on the LLC and the bill is being paid it should not be a problem.

Thanks for the advice everybody.

Post: Taxes on Rental Income

Alexander Spira
Pro Member
Posted
  • Real Estate Investor
  • Inwood, NY
  • Posts 31
  • Votes 2

Hi Everybody. Great news I closed on my first single family house. We hope to get the renovations started up next week. 

The question is I live in NY and the property is in Baltimore, for tax purposes is it better to open up the LLC for the rehab costs and future rental income in Baltimore or NY. We all have to pay taxes but we don't need to pay them twice or more then we have to. Any advice as to where I should open up the LLC.

Thanks to all in advance.

Post: Vacancy Rates on NeighborhoodScout

Alexander Spira
Pro Member
Posted
  • Real Estate Investor
  • Inwood, NY
  • Posts 31
  • Votes 2

Thank you very much for responding to my post Marcia. I follow all of your points about Neighborhoodscout so I will take their information with caution. Now that I am thinking about vacancy rates this particular neighborhood I am looking in to never has parking. I always have to circle a few times to find a spot. Plus there are no abandoned or vacant houses. I think these are good indicators for high demand.  Any opinion ? I see you were on the podcast #83 I will be listening to it in the near future.  Thanks again.

Post: Vacancy Rates on NeighborhoodScout

Alexander Spira
Pro Member
Posted
  • Real Estate Investor
  • Inwood, NY
  • Posts 31
  • Votes 2

I recently came upon this site called Neighborhood Scout. www.neighborhoodscout.com. It has tons of information about the CT and NJ areas where I am looking to buy. One of the most helpful features is that it breaks down a area by the neighborhood. For example New Haven CT is a large area that spans miles and Neighborhoodscout breaks it down in to 20 smaller areas giving a much easier understanding of where to look and how to gauge correct comps because a few blocks can make a big a price difference. Does anybody have a opinion about Neighborhoodscouts accuracy ? 

They also tell you the average vacancy rate of that area. I see they say West Haven has a vacancy rate of 9.2%. Does anybody have any experience with this area, is that accurate ? Also in general how do people gauge a vacancy rate ? Thanks in advance to everyone.  

Post: Ugly House waiting for the right flip!

Alexander Spira
Pro Member
Posted
  • Real Estate Investor
  • Inwood, NY
  • Posts 31
  • Votes 2

Hi there,

Is this property still available ?

Post: NEW WHOLESALE OPPORTUNITY!! White Plains, NY

Alexander Spira
Pro Member
Posted
  • Real Estate Investor
  • Inwood, NY
  • Posts 31
  • Votes 2

Hi Frank,

Pleasure to meet you. I just saw the YouTube video, it could need some work is a understatement. When is the best time for us to talk the deal over  I am very interested ? Also is this a all cash deal looking to close super fast or is there time to get  conventional financing ?  

Post: How do I show POF with three people putting up the cash

Alexander Spira
Pro Member
Posted
  • Real Estate Investor
  • Inwood, NY
  • Posts 31
  • Votes 2

Hi Bigger Pockets Community,

I put a bid on a house and the realtor is asking me for POF (proof of funds). Problem is it's three people putting our money together to get this deal. I really do not want to bother my partners for bank letters as I have seen others recommend for POF. How do I go about showing POF when many people are involved in the down payment?

Thanks to all in advance.

Post: Is a unauthorized apartment a deal breaker

Alexander Spira
Pro Member
Posted
  • Real Estate Investor
  • Inwood, NY
  • Posts 31
  • Votes 2

Well that is a whole sticky subject as to what is a illegal unit. Many highly populated areas have illegal basement apartments that the government over looks. If the owner takes care of the renter it should not be a problem.

In my case as a out of state investor the question is does this property have the Certificate of Occupancy for 4 units.  If it does not have the Certificate of Occupancy then you can run in to problems getting a loan from a bank plus future potential legal issues. If I hide facts from the bank I could get caught with fraud and get in a lot of trouble. 

In the end I told the bank the whole truth and they double checked what the property is zoned for and it is all clear and legal. So I am still work on this 4 unit property.

Post: Is a unauthorized apartment a deal breaker

Alexander Spira
Pro Member
Posted
  • Real Estate Investor
  • Inwood, NY
  • Posts 31
  • Votes 2

Hi Jaysen, 

After your response I thought about all of the points you made. 

The bottom line is your right. Refinancing out of such a deal would be like pulling off a mission impossible without taking away one of the rentals. I definitely don't want to go down the road of fraud by putting the rental back after refinancing with a bank. I want to make real estate investing my main business in the future and this deal would keep my money tied up preventing me from getting into the next deal

Thank you very much for the great advice it really helped me make my decision. 

Post: Is a unauthorized apartment a deal breaker

Alexander Spira
Pro Member
Posted
  • Real Estate Investor
  • Inwood, NY
  • Posts 31
  • Votes 2

I have a deal for  a 4 unit multi family house in the New Haven CT area. 

The house has been totally redone in the last 5 years so this property should not have any big surprises.

Price break down for each unit is $850 + $1000 + $775 + $800 = $3425.00 

The property fits the 1 percent rule hands down. 

The catch is the seller wants to do a all cash deal no time for banks etc.

The down side is one apartment is not legal/unofficial and investors are afraid that we will not be able to pull the money out via refinancing or worse get in trouble with the law. 

Can anyone tell me if they had a experience refinancing on a house with a illegal rental and can the owners get in trouble for renting out such a unit.

Also if any one wants in on this deal in New Haven CT please contact me.

Thank you in advance.