All Forum Posts by: Bradford Myatt

Hey Guys,

Stumbled upon this thread and curious as well.  I am intrigued by the fact that the Land Bank essentially creates the rehab budget by giving you a list of fixes that must be agreed upon.  

Hey All,

I just had a quick tax question. I hold one-quarter interest in a LLC that currently just holds one two-family home. I know this is looking ahead, but how are taxes handled as a tax pass through entity? Do I simply calculate a quarter of the losses and claim them? Would love any input.

Much appreciated,

Brad

I've been told there is a CNY meetup, but I haven't yet attended one. Anyone interested in doing a BP CNY meetup?

Hey All, I've approached a potential problem and I was hoping for some feedback from anyone who has been there before. I recently purchased a MFH and inherited a first floor tenant. I purchased the property from an owner who managed the property from afar and didn't have much oversight as to the property. My realtor informed me that the downstairs tenant, whom I inherited, had a history of smoking in the unit. I clearly pointed out in the lease and affirmed to the tenant that smoking is not allowed. A new upstairs tenant moved in and has been complaining that she smells smoke from the downstairs tenant. When I ask the downstairs tenant she denies smoking in the unit, and claims it might be her candles we are smelling. What course of action do I have? I have already verbally and in writing reminded the tenants of the smoking policy. Any ideas?

Hey Mark,

Just stumbled on your post from August. Awesome podcast, BTW. 

I think unless you have lived in Upstate NY you can't fully appreciate it. Sure, it is probably seen as a depressed area with little economic or social allure.  At the same time I think Upstate has a lot to offer. 

Appreciation is never a great play for Upstate investors, but stability is. The great peaks and valleys of the real estate cycle seem to leave Upstate generally unfazed. That premise might give newer investors who may be apprehensive a sense of safety. We also have great college towns that offer a unique niche. My area has seen a slight boost from casino gambling and the future of nanotechnology. 

Hoping this gives possible investors a positive outlook as to the future of Upstate. 

Something seems off. What are the terms of your financing, like how many years at what rate? Are you taking too much out for maintenance, repairs, vacancy, capex? At a purchase price of 75K with low taxes renting at $1,000 you should be cash flowing.

For example, my first SFH was purchased at $75,000 with 20% down. I financed it at 4% over 15 years. It currently rents for $800. Even with sky high New York taxes ($3300) by payment (PITI) is only $676.

Hey All,

Just finished my salesperson course and passed the course exam. I am not in the midst of preparing for the New York state salesperson exam.

I have been preparing through Barron's and taking old exams.  Has anyone prepared for this test and if so, what strategies for preparation would you suggest? 

All the best,

Brad

Hey All,

Just finished my salesperson course and passed the course exam. I am not in the midst of preparing for the New York state salesperson exam.

I have been preparing through Barron's and taking old exams.  Has anyone prepared for this test and if so, what strategies for preparation would you suggest? 

All the best,

Brad

Millionaire Real Estate Investor by Gary Keller. Great overview of the various routes you can explore in this business.

Hey All,

I've been reading the discussions on AirBnB and had a question I don't think has been covered. I have a vacant upper apartment that I have yet to fill. I also see that there is a shortage of available places to stay in my area on AirBnB. I live near a casino where hotels rooms are tough to come by, so a demand for short term housing may exist. 

Has anyone filled one of their units via AirBnB? I like the potential income, but also feel for my downstairs tenant, who is a single woman. Anyone have any insight?