All Forum Posts by: Daniel H.

Any tips on providing seller financing if it is something I decide to do? Would like to avoid getting burned. Down payment amount, how much of a pre-payment penalty, etc.

I know the feeling. This property is around the corner from my other building. I want to snatch up all surrounding properties as they become available and improve the neighborhood.

Ok thanks for the breakdown. Is the depreciation calculated from when I purchased the property or the age of the property. Building is 100+ years old but I have owned for less than 2 years.

Is it really necessary for me to have $450,000 of coverage on the building?

I was wondering if that was an option, giving the street to the city. It is a through street, with multiple houses on it so I am not quite sure why it is private in the first place.

In the city where my property is located, there are many three-story apartment buildings with a unit on each floor. These are no longer allowed to be built new in the city. So replacement cost of my two buildings is $450,000 each. I paid $82,500 for each building.

They are currently insured with replacement value but I am thinking of switching to actual value. If one of the buildings burned down I do not plan on rebuildsang. Actual value would cover my loan amount and I could just go purchase a new property, right?

Is there any reason that I am missing why I would want replacement cost?

What if there was partial damage, like a tree falling through part of the roof? How would that be covered with ACV vs. Repair cost with the numbers I mentioned above?

Anyone have any experience purchasing/owning a house on a private street? One edge of one of my properties borders a private street and it is a bit of a pain. People dump trash there and I have been told I am responsible since it it is on my property.

Any other issues? I am looking at a house entirely accessed by a private street and am wondering what other issues could come up. Who plows after snow storms? Repairs to street? The street is in pretty beat up condition right now. There are 5 or 6 other houses on the street.

I live in CT but have rental property in MA. The way I file my taxes is to pay any MA taxes and then take a credit for that on my CT return. I took a loss this year on my property so I owed zero in MA taxes. So my CT tax return is not affected at all by my rental property. Any way to use the loss to offset my CT taxes?

Do you guys request a copy of the permit when youhave a contractor do a job that requires one?

So if you take the deed back after the foreclosure auction, that is also the same as taking full payment for tax purposes?

So it seems that it would be better to take the property back through foreclosure rather than deed in lieu.