All Forum Posts by: Andy Hughes

My partner and I purchased a 90,000 sq ft school building in Elmira, New York. We are putting 58 market rate apartments in the building along with a tap room, cafe, and fitness center. We have completed the majority of the demo for the project. We have received a Restore New York grant for $1,000,000 and will be receiving a bridge loan from Chemung Counties Industrial Development Agency along with a 20 year tax abatement program. We are seeking hard money funding for the first phase of the project. This phase will include 20 apartments, fitness center and cafe. This portion of the project has a budget of $1,800,000 and a time frame of one year to complete. At the conclusion of this phase we will lease up those units and refinance with a traditional lender. We have all needed drawings and designs for permitting and have county and city planning board approval secured.

Myself and a partner have purchased a 90,000 sq ft school in Elmira, New York.  We have a 3 phase project consisting of 58 apartments and 6 commercial spaces.  We are seeking financing of 1.5 million for the first phase which consists of 20 residential units and 4 commercial spaces.  We would be looking for this financing for a period of 18-20 months.  We have been involved in investment real-estate since 2013 and have portfolios consisting of about 75 units.  The majority of these units have gone through extensive renovations.  

I have a short term purchase loan from a friend which I was paying 10% monthly interest. Is he required by law to claim the interest when filing his taxes?

I was just told by a tax professional that I do not need to send my contractors 1099 forms. I have 38 rental units and have flipped 3 houses this year. My 1099’s for contractors totaled over $148,000. I was told since I have a w2 job and am the sole owner of my llc that it is all considered passive income so I don’t need to send them out. This doesn’t make sense to me. Anyone have any knowledge of this? Thanks

I currently have 30 of my own rental units. I have one full time employee as we do mostly "BRRR" strategies with out properties. I am interested in starting a management company and was wondering if anyone in Central or Western New York has done this recently and could give some advice as I start this journey.

Does anyone have a good hard money loan contract they have used and would be willing to share?

Thanks

For those of you in the flipping business.  Can I pay myself for work done on a flip?  I am looking for tax write offs to help reduce capital gains for profits made on a flip purchased in late 2016- and sold in early 2017.  Thanks for any assistance!

Those of you that have used commercial mortgages. How long did it take you to close these after appraisal was done? Was it faster than a conventional residential mortgage?

I purchased a triplex and 4 unit in the same block. One needed cosmetic updating and the other a total remodel. The previous owner ran into trouble so I was able to purchase them as a package for 85k. I paid cash, but need to refi. The triplex is valued at 100-115k and the the 4 unit will be about the same after I finish remodel of about 40k. I also have a separate two unit that I did significant renovations to last year that I would like to refi. I have refinanced a few other properties in my portfolio using conventional portfolio loans (15yr). This is great but they are very tight on debt to income which gets tricky when you have vacancies due to remodels.

Has anyone used Dwell financing successfully? They are an arm of B2R financing and are fairly new. I spoke with a representative yesterday and the products they offered seemed amazing. I have read a few reviews on here that have not been very favorable. I would love to use them but am hesitant due to the bad review.