All Forum Posts by: David Shulski

Hi Andrew. I'm from Suffolk County, although I'm a little new at this myself. I did pull the trigger and purchase my first house which I'm in the process of fixing up right now. It was a short sale out in Center Moriches. I noticed that there aren't many posts on here from people who live on Long Island. I've been to a few of the local REIA meetings, but it seemed to be full of people who haven't really done anything yet. Perhaps it's because NY is so expensive. Kind of tough to get your feet wet here.

Thanks for all your comments.  It's nice to know I'm not alone with this.  The biggest thing I think I've learned from this first job is that I have to keep my hours and get more quotes.  i was so quick to jump on each job.  I'm not realizing how many hours I'm spending verse how much it would cost to have someone else do it for me.  I have a background in construction, but I'm just nervous to go over budget.  I guess I need to spend more time keeping track of these things.  

Live on Long Island NY.  Because of the high real estate taxes on Long Island it doesn't make sense to rent properties unless you are holding section 8 homes where you are guaranteed payment each month.  I really don't want to do that.  So I have invested everything I have into a foreclosed house.  I'm 3 months in, but I'm spending all of my time fixing it up while trying to maintain my 9-5 as an accountant.  It is exhausting.  I'm staying on budget and I'm hoping to pull anywhere from 50-90k from this investment.  But it is taking a toll on me.  Is this how it starts.  It's a learning experience, I know.  I'm single right now so I do have the time.  I don't know how I'd be able to keep up if I was in a relationship or married.  Hopefully I can learn what is worth doing myself and what is worth paying for.  Is this normal.  Does everyone have these growing pains at first?

Just a heads up. A single member LLC is considered a disregarded entity and is listed on a schedule C. If you have a partner, you are going to have to file a form 1065 (partnership return). The Company will not pay federal tax, but any profits will flow through a K-1 to your personal return.

You have to have an EIN in order to file a Federal Tax Return.  It is really easy to do, you just have to go to the IRS website and follow the instructions.  Do not have anyone do it for you, or charge you money to do so.  It is very simple to do.

Maybe I should take a little time to look at neighboring homes up for sale.  Although not many homes in the neighborhood are updated, which I guess is a good thing.

Pulled the trigger and purchased my first house to fix up and sell.  I've done construction in the past, so I'm putting in a lot of sweat equity because I'm not that familiar with costs, and I'm just nervous.  I don't really hear people talk to much about finishing touches on here.  So i guess I'm looking for some advice on is how to do that.  What colors are most popular, should you put molding on the ceiling, should I wire the living room for surround sound, etc...  What really stands out to buyers.  Any advice from people who have done this would be much appreciated.

Details, if you're interested

Bought the house cash (personal funds) for $175k and at closing, the bank put up the first 11 months of real estate tax (short sale).  Not totally sure why, but I know I'll never get that lucky again.  It's a 3/1 that I'm converting to a 3/2.  Comps tend to go between 280-320 in the area.  Thanks for reading.