Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Eric A.

Eric A. has started 14 posts and replied 137 times.

@Fred Bagares I have not moved forward yet. $150 seems like a steep cost just to find out what the fee structure might be. I tried PM’ing Scott Smith directly you get a better understanding of it but no reply yet. 

Post: NY State -Security Deposits

Eric A.Posted
  • Queens, NY
  • Posts 153
  • Votes 64

I agree with Wesley's interpretation (I'm not a lawyer, but I've googled around for answers and recently read NY Code section 7-101).  One clarification I was looking for is, does it matter what type of account it is?  i.e. checking/savings/trust/escrow account?  Also I understand it can't be commingled with personal funds, but can it be at the same bank as my personal funds and therefore "linked" via one online login?

Originally posted by @Katie Valladao:

i want to schedule a call with them for the $150 fee to get the roadmap, but what is the $10,000 price tag mentioned above for?

I too am wondering this.  I had an introductory call with Edward (sounds like he's in the Philippines), and at the end he mentioned the $150 consultation would be the next step.  I only own one property and am just looking for a RE attorney to help me with the proper entity structure (again, as a one time thing) to protect my assets.  Does RLS have a monthly/annual subscription model?  I'm less into that.  Any feedback welcome.

Post: Provision Wealth

Eric A.Posted
  • Queens, NY
  • Posts 153
  • Votes 64

I paid the $9750 about 4 years ago. I didn’t find it worth the cost. I wish this thread was around back then. The 3-4 month course is basically some pre-canned reading material and questionnaires and then you discuss the answers to your questions With your CPA advisor once a month. I did not own any properties at the time and I didn’t feel like I came away with a detailed action plan on how to begin investing. It all seemed very general and high level motivational type stuff. Def not worth 10k. Much less the $15-30k I’m seeing people say they charge these days. Save yourself the money and just find a good CPA who bills by the hour and who also invests in real estate. That money is better spent acquiring properties. 

Post: NYC high LTV lenders?

Eric A.Posted
  • Queens, NY
  • Posts 153
  • Votes 64

@Rachel Covert this was a while back but I did at the time find that TD Bank was offering 10% down pmt loans for owner occupied MFs up to 1.5mm Max loan size. Not sure if they’re still doing them but you should check. 

Post: St Louis Market

Eric A.Posted
  • Queens, NY
  • Posts 153
  • Votes 64

@Peter MacKercher looking into the Clayton neighborhood with some family members. What's your impression of the area? Is it overpriced? What kind of cap rate and vacancy expectations should we have? I know some people locally there but they aren't experienced REI.

Post: How are Co-Ops Treated?

Eric A.Posted
  • Queens, NY
  • Posts 153
  • Votes 64

Thanks @Nicholas Aiola and @Jason Lee looks like it’s quite complicated to calculate but possible.

Post: How are Co-Ops Treated?

Eric A.Posted
  • Queens, NY
  • Posts 153
  • Votes 64

@Nicholas Aiola just want to get more detail on the depreciation point. Can a co-op investor deduct depreciation expense annually the same way as with a house or condo? Any differences in the number of years or the calculation or how that depreciation is treated? Since the co-op investor doesn’t own the property or land beneath, can he depreciate the entire purchase price without subtracting a land value?

To clarify, property taxes are still deductible in the plan but capped at 10k. State and local income taxes are no longer deductible. As for the mortgage interest deduction, any new mortgages are capped at $500k of debt for the deduction. Existing mortgages are grandfathered under the old rules. Also the deduction is only for primary residences now. Second homes and home equity loans are no longer deductible. Also the exemption from tax on proceeds on sale have changed. You must now live in the property for 5 out of the last 8 years to have the capital gain exempted, and you can't do it more than once every five years. Finally AMT is repealed which helps a little.

Post: 10% down loan without PMI

Eric A.Posted
  • Queens, NY
  • Posts 153
  • Votes 64
There are "piggyback" 80-10-10 loans where you out 10% down, the first lien mortgage is for 80% then the same bank will do a second lien home equity loan at the same time at a slightly higher interest rate. Check with TD bank I know they offer this. Also Wells Fargo.