All Forum Posts by: Charles G.

He gives none of those details but does say that he wrote the book with his tax guy.

Currently reading Why the rich are getting richer by Kiyosaki and for the record enjoying it just as much as his other books that I have done.

In Chapter 14 he gives the example of Mary a 40yr old W2 earner of 100K paying 30k a year in taxes. She also owns 10 rental properties that do not cash flow at all but do depreciate for 100k per year in total. As a result she does not have to pay any taxes on her W2 income.

Now I summarized it a little and he notes that he is giving a simplified example. However if this is anywhere near true I have been missing something for sure. I thought that you could only write off up to 25K against your W2 income as long as you earn 100k or less. From there the amount is diminished until you reach 150k in income at which point you lose the ability to write off real estate investment losses against your income taxes.

I went over this example numerous times before posting the question as I wanted to try and get my facts straight. I'm sure many of is have read the book so hopefully someone can set me straight!

@Joe Garvin

Thank you for sharing your experience so far.

Are all of your units in the same complex? I only ask because my experience so far has led me to find a lot of rental restrictions with most condos complexes. Or in this area are short term rentals more common?

@Jamal Irving

Thank you jamal

I went to a few of the open houses for the auction last week and will be at the auction as well. Interesting spread of opportunities. 

Have you attended before?

Very straight forward question. Is anyone doing buy and hold in the Wyandanch area? I ask because I am pretty familiar with the area, live with in 15 minutes, drive through it on my way to work everyday and obviously some of the most affordable real estate in western suffolk is there.  

@Andrew R. Thank you for sharing andrew lots of overall positives here about USREEB. If you wouldn't mind sharing, are all of your investments providing positive cashflow? 

@Michael S.

Hey Mike I also purchased Brandon's book through audibles and do not recall receiving an access code can you help me out.

Thank you 

@Rich Becker I agree that there is not much chance of appreciation. However there is an easier entry price and better chance of some forced appreciation if you pick up a foreclosure or auction home. Personally my interest is in cashflow and when you look out east you can find homes that sell for similar values to out of state and have greater rent to taxes ratios than most sfr's in central suffolk and nassau.

This is strictly my view from running some numbers as I explore options. 

Does any one have any details or even better experience on how/if suffolk county does tax deed auctions? 

I found this site but suffolk seems to give the least amount  of information out of any county

http://publicrecords.onlinesearches.com/New-York-F...

Im still in the early stages of exploring out of state as of now NC and Florida are at the top of my list. However I believe that areas east like belport / medford can cashflow you just need to be very selective as there are some lower taxes on "some" homes. Rents appear to be safely over $1500 on small SFH in these areas and taxes can be found under 5 even 4. I believe the catch anywhere on Long Island is to get a true deal otherwise any long island size mortgage will hinder cashflow even with low taxes.