All Forum Posts by: Colin M.

Hi There

Currently been looking towards finding 3/4 unit properties around Poughkeepsie NY. Any thoughts on the rental market here? Driving through it seems very run down and rough, yet theres huge schools here and a couple big employers. Wondering are the "decent renters" all wrapped up in the larger Apt Villages and suburbs! The downtown and urban area looks like it hasnt been touched in 50 years, yet could have huge potential for rentals! Interested to hear any local investors thoughts or knowledge?

Regards

NYC investor looking to buy a MF property within reach of NYC and have been leaning towards Philly lately. I know the city has a pretty bad wrap when it comes to living standards/neighborhoods/crime/etc... however it has a top school, big employers, appears to have a lot of new construction happening, decently priced property, albeit in extremely rough looking streets....

Any Philly investors on here with any feedback, i'd love to hear your honest opinions lol...

Hi there -

I see a lot of posts about the following:-

1. high/low tax states
2. landlord/investor friendly states.

1. Where do you guys do your research to see and compare what states are high tax and low tax? And when you mention this, are you referring to PROPERTY taxes, income taxes, sales taxes, or an accumulation of all of the above? Is there a central statistics website that shows this info clearly and that can be trusted? All states pay the same federal rates I'm sure, so its down to state level only?

2. Where do you guys do your research to see and compare what states are landlord or investor friendly or not? Same as above, is there a central website that I'm missing? Or is this one based on opinions only? I see tons of posts about how peoples individual cities are booming and great places to invest, then only to see these cities way down the pecking order in terms of "best places to invest", etc.

If I were to give 1 example - Philly, PA! I see locals who i follow, appear to be crushing it here, but in the big picture, people say areas like this are a no-go! That the only place in the US to invest is Florida, Carolinas, GA, or TX!

Appreciate your feedback on this....

Originally posted by @Ashish Acharya:

Originally posted by @Sarah Waterman:

@Jose Contreras

Well first of all congratulations you're doing better than the majority of Americans!

If you Oh and residential rentals that are approximately $600,000 or higher you make verify for a cost segregation study.

If you qualify don't just get a regular cost SAG study make sure it's an engineering based study, there is a massive disparity in benefits between the two.

I'll be happy to answer any questions you have about this!

Cost seg is not beneficial here when their losses will be limited anyway. They are not RE pro.  

 Hey - what exactly do you guys define as the difference between a RE investor (like many of us) and a RE Pro? what is considered a Pro? It basically has to be your primary income?

Originally posted by @Christopher Smith:

Acquiring properties that generate profits after depreciation is the best solution to your problem. Your suspended loss issue magically goes away, providing you with huge tax free cash flow.

Hey - can you elaborate on this one please? 

Hi - Jumping on this thread also, Im a NYC based first time investor also looking at the NEPA area. Would love to hear your thoughts on good/bad towns and areas, what your looking for, what your getting, costs your seeing, and returns  obviously. Looking forward to hearing from you all ,,,,, and connecting also.

Hi there!

Im looking to purchase a 4-5 plex in Orlando market, FL but these seem quite rare in finding and those that do exist are not properties i like (too much work to reno vrs the purchase price) or in not so great areas.

This would be my first RE purchase in FL.

Wondering would it make sense to buy land and hire a GC to just build from scratch?

Running numbers - to buy a 4plex is looking around $800k, and still needing upgrades, Out of state investor here so most likely doing 25% DP.

Any ideas what land cost, architectural, permits, construction costs combined, would come to?

I imagine its lower than having to pull a mortgage on $600,00 plus, with a brnad new build, surely to appraise for higher when complete?

Hi there!

I live in NYC, our landlord and thus lease charges $2500 per month for our rent. However we only pay $2300 per month. On our lease it shows $2500 with a $200 monthly credit.... Or as they call it - our 'net effective rent'.

I understand for the purpose of when we leave that they can show the next tenant that "we were paying $2500".. But aside from this, why would a landlord do this? Are there tax benefits or something that they are trying to show they are keeping up with market rents! 

I imagine that if they file their taxes showing our income was $2500 on paper, but we only paid them $2300 - they claim it as a loss? Or am i reading it totally wrong?

Currently looking at 3-4 unit buildings in Philly, wondering what the general opinion is on Philly and its rental market? I know there seems to be way more bad areas than good from my visits but if the numbers work.....

Note - Am a huge fan of Tom Wheelwright from RichDad Advisors, so if your CPA thinks like him and knows the ropes like he does, this is the kind of CPA im looking for.

Someone not afraid of the tax laws, as Wheelwright says....