All Forum Posts by: Colin M.

Looking for the BP community to recommend a CPA whom i could have a sit down or phone call with to, get to the basics of LLC set up, Real Estate investing out-of-state, tax advantages/incentives etc.

Note - Im based in NYC, looking to purchase both in and out of state, have an LLC setup but looking for a "rockstar" partner in a CPA.

All DM's and references welcome.

Given the whole new Working-From-Home culture that Covid has given us, are any investors starting to explore the options of using FHA loans to purchase properties that they "may or may-not" live in, or live in for a year or so and move out later.... Out of State?

Scenario - living in a high priced city, looking to invest out of state, an individual has been told that they will be working from home for the foreseeable future, with this, the individual is looking to relocate to a cheaper market but maintain their expensive city income.... What are Banks doing/looking for now that a person can technically work-from-home but their job be in another state.

For example, the individual recently (say a year or two ago) looked out-of-state at a property but the bank told them that they were not eligible for a FHA loan to purchase it as they lived in another state, with their job being the "proof" that they did so. Now, if one works from home but their job is in another city, how does this situation play out?

Hi there, 

I currently hold a 401k through my employer which i contribute to weekly. Im looking to do a couple things here:-

1. I already max out this 401K every year but want to put away MORE pre-tax dollars, can i set up a personal Self Directed IRA, in addition to this 401K, so i can minimize my weekly tax bit.
2. i want to buy RE through my 401k, which is not allowed, so this is a second reason for wanting to setup a Self Directed IRA personally.

With the above notes, if you do this, has your employer given you any resistance in setting up pre-tax dollars to be sent to your IRA? My 401K Financial Adviser told me that i wasnt allowed to have both, but some friends say they have both. Im assuming FA just doesnt want me shopping elsewhere! Or am I missing something bigger?

Appreciate any feedback.

Im based in NYC, looking to make my next property investment.

Wondering what you (BP Community) would choose - a MF building in the Rust Belt (Cleveland, Columbus, Cinn) or further south (Orlando, Atlanta, Charlotte) .... Or other for what reasons?

Long term buy and hold, 4 unit property primarily.

I am a NYC investor, looking at purchasing out-of-state. I currently have an LLC set up through legalzoom but encountering some banking qualification issues.

Looking for a NYC based CPA who can lend some advise on RE company formations, OOS strategies, tax options, etc.

Currently a W2 employee contributing to 401K which has been destroyed since the start of the year and has me re-evaluating my investments.


Interested to see what most investors on here do with their income? Invest into 401K's or similar or pump all into RE????

Given 401k has up front tax advantages, it does not account for depreciations/expenses/etc....

Currently looking at out-of-state RE purchases and what financing options are available to me. Im looking to purchase a 3-4 unit property with a low down payment (3-10%).

So far, my mortgage lender is telling me the best option i can do is Conventional loan but is 25% down. I asked about FHA loan, which does cover 3-4 unit properties but i need to also live there.

Any other option you guys would recommend i look into for this?
I checked out 203K loans also but they too require me to be owner/occupier....

If you have done this before, how strict are the underwriters in seeing that you will be a owner/occupier?

@Joe Cassandra - Interested to hear you views on Atlanta as a whole for a NYC person. Looking to get out of NYC and Atlanta is popping up on the radar more and more. Im in Construction Interiors renovations and also looking to buy some MF units. Any recommendations on good investment areas/neighborhoods & areas to stay away from?

Thank you all for your feedback, this is the reason i posted in the beginning as i figured something was innaccurate. Yes it is the property in Kissimmee @Tyler Gibson and the taxes are what was shown on the Post so assuming it much be the land tax and not property itself.

I would ask you all here, if you were running the numbers on this deal, what would your calculation look like? Do you used the 4-square method i used from BP? Or other?

Curious to see how people here figure their deals so i know all bases to cover.

Regards.

Property is in Orlando so most properties there are relatively new, any older are SFR and in less sought after areas. Also - I am an out-of-state buyer (NYC) so do not want to deal with having to renovate on this one, looking for a near turnkey property to fill quickly.

What do you mean by way under 1% ? COC? What calculations would you do if looking to purchase yourself?