All Forum Posts by: Anuj Sharma

Hi Folks,

Hope everyone has nice Christmas and enjoying this holiday season. I just came across this nice article and thought to share it. I did not know how depreciation was calculated and what is QBI and this article taught me. Hope you guys like it.

https://www.thestreet.com/personal-finance/taxes/how-is-rental-income-taxed-14816849 

Thanks,

This is just FYI. Fed increased rate today by .25% and that might affect everybody in following ways

http://www.usatoday.com/story/money/personalfinance/2016/12/14/federal-reserve-interest-rates-mortgages-auto-loans-credit-cards/95399808/

Hope everyone is doing good. I am excited to close another condo in RI area. Added 5th brick to my company S&B Properties, LLC. This closing was exhausting . One lender messed up and told one day before closing that they can't finance us :(. Fortunately another portfolio lender came to our rescue with the help of messed up lender (yeah right :)) and deal got closed today. Felt productive after doing little cleaning and putting property in good shape . It was turnkey property but needed minor cleaning . Added some pictures below.

Thanks to BP for increasing my knowledge about real estate.

Anthony you bet :-). Colleen, thanks for info. BTW no offense I bought couple of properties via santander and they are most horrible bank I came across. They were not allowing me to set up auto payment for mortgage as my properties are investment properties. All my properties are auto pay but for santander I have to write check separately every month. We all do not need to be that smart to say that santander's that approach is quiet retarded :-).

Hi All,

Don't you find funny when you receive letter from some financing company that they can finance up to 300k to you for buying next investment property. You spent 30 minutes with them on phone and everything looks good and you got excited. Final noise came "Well Sir, Sorry you live in Rhode Island and buying houses in Rhode Island... We can't finance you there, We are not licensed to finance in Rhode Island". Bummer. I am not sure whom to blame here, snowy weather, corrupt state or what :-). I don't think its worth moving from here for that reason :-).

Thought should share my friday morning experience with you folks. Looking forward for if someone had this same kind of experience and how can we work around that.

Thanks,

Anuj

I bought my first condo with 10k in my savings, so 15k is not that bad :-). Buy something like small condo, townhouse or duplex may be FHA approved which needs 3.5% down. If I were you, I would buy something in which I can live but also have future investment property potential so that if in future you have to move to bigger property like SFH, you can rent out first investment property

@Brent4 I agree with you.

 @Ron Boling I had biggest issue with HOA . Couple of our offers fell apart because HOA did not let us to sell to investors and veterans, They suck :-). Secondly lot of docs need to be scanned and signed and emailed back to them. God bless technology :-). I used my property manager as my agent which ended up good since he was already familiar with property rules etc but honestly I did not have much choice , his property management had clause that if I was planning to sell condo , I will give him try for atleast 4 months and he did good in selling condo in 3 months (win-win situation) ;). Just be extra careful with selling laws of states. In my case states did not play much hurdle but HOA did. Finally thank god I am done with CA condo and now buying in RI. CA condo was once my primary residence and due to life changing events I have to move in RI so I am not that much concerned if I did not make any money on it. I am glad atleast one of my liability is gone. Good luck with your sell

Anuj

Hi Guys,

Hope everybody be doing good and people in US will be excited for long weekend - Memorial Day. Few things happened in my real estate life so far this year which I am excited about and would like to share with you nice people out there ;). I sold my california condo which I was managing via property manager remotely and yes through the other corner of US (New England) :-). I have now real estate LLC licensed to do business only in Rhode Island and closed on one condo last month and looking forward for buying my first townhouse next month. Little excited and of course nervous too. Selling is a complicated process especially when you are living in Rhode Island - RI and selling in CA, so I would recommend all investors to at least go through that once for investment property. You suddenly will realize that on papers you might be at no loss, but commissions (6% realtors fee) and blah blah type expenses will increase your loss or eat up your profit . I learned some lessons and hope to apply them in my future purchases/sales of Rhode Island properties. You guys take care,

Anuj

Hi Guys,

Someone asked me a question and I thought I should share a very old news. Surprising part is one  of my broker also did not know that and he/she rejected me last year because of his lack of knowledge. Good part was another broker from the same bank was ready to help me - go figure :-). I was rejected by one broker because he told me that I already have four investment properties and FNMA (Fannie Mae and Freddie Mac) does not allow them to finance more than 4 properties. Guess what he was wrong, I called second broker from the same bank and I was approved. The second - Good broker ;) told me that limit of financing has been increased by FNMA from 4 to maximum of 10. I googled and here's the article confirming that

http://themortgagereports.com/7395/the-5-10-proper...

My goal of this small discussion is whenever anyone is trying to finance 5th investment property and got rejected by some broker/lender and he/she gave you excuse about FNMA not allowing, please forward him/her above article . You can move on with some other broker but its good to remove ignorance of that broker.

Thanks and Take Care,

Anuj