All Forum Posts by: Arthur Schwartz

From your PITI, how much is the monthly or annual pay down on principal?

you can probably get it insured through citizens. ( if you close the claim, the likelihood of reopening is zero)

Either selling or a 1031 exchange, the equity as a 20% downpayment would allow you to buy up to $600K new property. Or, you can use the equity as a 5% downpayment to purchase a duplex, triplex, or quad, as long a you live in one unit for a year, under the recently announced rules of FHA Fannie, and Freddie

Good morning!  I'm interested in a six unit apartment building in North Carolina.  Any suggestions on which lenders finance these?  Thank you!

Thanks!  I've got the picture!  Very grateful to you!!!

Thank you!  I decided to hire a CPA!  But I do want to know myself.  So, If I understand correctly, if I have a property where rental income is say $10K, but expenses are $12k, that $2K is carried forward indefinitely until.... what? and when? It can only be offset against positive income from another rental property or properties?   What if I sell that property for a capital gain of say $50K? Can the $2k reduce the otherwise reportable capital gain from $50K to $48K? Can the $2k ever offset taxable w2 income?  The numbers are hypothetical, the goal is I want very much to understand the concept.  (Yes plenty of my acquisitions are "wrecks" as you call it, and require significant expense to be made great...).  Thank you very much!

Hi there!  I am interested in how rental losses work if income is over $150K and if not a real estate professional.  First, I suppose that these losses can be carried forward but how are they eventually taken?  Only in the year of sale of that property? What if a different property is sold; can the loss carryforward from property A somehow offset a capital gain on property B?  Second, is the accumulated loss offset against W2 income or offset against capital gains?   Third, say one property is cash flow negative, another cash flow positive?  Are all properties looked at as a group?  (If these questions are basic, please forgive me.)  If there's is a simple illustration with hypothetical numbers, it would be appreciated.  Thank you!  (Rental loss = repairs or renovations exceeding rental income)

Thank you!  I like this post and the discussions!  I would probably have asked for a title search and or a surveyor's map.  It's not such a big cost.  Thanks!

If I understand the numbers, there is not much equity.  If it were to sell for $360K, the net would be only about $40K.  What is the range of likely rents?  If you rent it, you would have the current costs plus the $60K to pay off to contractors.  If you paid that $60K off over 2 years it would cost an extra $2500 per month.  It does not seem like an attractive investment from an equity or cash flow perspective; unless there is something unstated.  

If an empty old building purchased needs repairs, what is the likelihood that you'll receive multiple offers from multiple contractors?