All Forum Posts by: Darshan Patel

Hey BP, so me and a partner are looking at buying a multiunit property in NY. We ran into a few issues, we got approved for an FHA, the only thing is I will not be on that loan because I would love the FHA for the next house I decide to buy, with that being said we are kind of doing everything as a gentleman's handshake. We do not mind doing it that way but was wondering if there is a safety for me in a contract we could write up so we are both safe? I will not be on the title either. Thank you!

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For anyone that is landlord: Do you ever do minor electrical work on on your properties if you are not licensed? Maybe change an outlet or fixture?

Or do you hire licensed electricians for that type of work? Thank you!

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Originally posted by @Ashish Acharya:

Originally posted by @Darshan Patel:

Hello Biggerpockets! I am currently looking into purchasing a 6 unit multifamily in upstate, NY and I just wanted to see how the taxation works if anyone could help me out and let me know what the percentages are? Thank you in advance.

Your taxation depends on if you will have taxable income or loss. We don't know that info.

If you have taxable income, then your taxation depends on your marginal rate. we don't know that info.

From the numbers I ran, I will have a taxable income. The total income of this property is 60-70K per year if that helps. Thank you!

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Originally posted by @Rich Ramjatan:

@Darshan Patel

Which area are you looking at?

Albany, NY

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Hey Jake! I am from Albany, NY! But I would first check with the Schenectady's Zoning Board and see if they will allow it, if not maybe try to get it rezoned if possible at all. Would love to link up

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Hey Jake! I am from Albany, NY! But I would first check with the Schenectady's Zoning Board and see if they will allow it, if not maybe try to get it rezoned if possible at all. Would love to link up

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Originally posted by @Nicolas Lam:

Hi Darshan,

Have you asked for the below?

the Seller for their tax returns to verify that the cash flow claimed is accurate
current year's tax bill via the local assessor's office
security deposits & ensure that you get the correct security cash deposits at closing
physical inspection of every unit

Are you going to do the property management or will you outsource?

Best,

Thank you for all tips I will take this into consideration, I will not be outsourcing the management.

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Originally posted by @David Espinosa:

Look into who pays what utilities. If you pay utilities you have to factor that in for sure makes a big difference. Also I would suggest using an estoppel, it will help in the future if say for instance the tenant claims the last owner required a double deposit because of his bad credit. You can get one for free from this site just go to the files section. Also factor for lawn or snow removal since its a triplex I doubt you will be able to put that on tenants. Hope this helps.

David Espinosa

Thank you for the help! The tenants do pay the utilities, and there is not much grass, but there is a driveway and I would have to worry about that instead of the tenants doing so.

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Originally posted by @Robert Biggerstaff:

Figure out where your numbers need to be at and don’t deviate from them

Thank you for the help!

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All Forum Posts by: Darshan Patel

Darshan Patel has started 13 posts and replied 26 times.

Post: Partnership Multifamily Contract

Post: Electrical Help With Rentals

Post: NYS / Federal Income Tax

Post: NYS / Federal Income Tax

Post: NYS / Federal Income Tax

Post: Adding 2 unit addition to 2 unit house

Post: Adding 2 unit addition to 2 unit house

Post: First Property - HELP

Post: First Property - HELP

Post: First Property - HELP