All Forum Posts by: Henry Li

Quote from @Kyle Curtin:

Quote from @Henry Li:

Any Worcester mass rental expert here? I’m looking to invest my first multi family in the WPI nearby area mainly student renters.

I need a good property manager / rental agent. Any recommnadation ? And I would also like to pick someone’s brain about rental market there as well.

Hi Henry! That is very exciting! I highly recommend connecting offline with @Brian J Allen , he is extremely knowledgeable in the Worcester multifamily market. I do admire your interest in the student housing niche, I am interested in it myself for my property in north Leominster being very close to FSU. I would love to connect and chat student rentals and share the resources of what I have learned so far. I am still working on the implementation of it but have had conversations with some folks that do it in Mass in addition to a bunch of research. I haven’t come across many very local investors in our markets out here yet that do it very actively. Send me a message! :) 

 Thank you for your insight Kyle. I have been doing boston surrounding areas but price has gone up a lot. Looking at other opportunities , I'll actually take a peak at North Leominster as well. 

Quote from @Brian J Allen:

@Henry Li the WPI rental market is fantastic, but as @Chris Seveney says it is very small.  Rents are running around $700/BR for good stuff.  I have clients who will only buy there.  Last year i did 4 multis in that area and all were super happy with their purchases,  I have one under contract right now as well.  There are lots of good property managers in Worcester for that area.  Reach out off line if you want recommendations.  The best property managers are local people who do it for select clients.  

 Thank you Brian for the insight. I'm still poking around. not familiar with the area is the biggest fear. Will reach out if needed. thank you man 

Any Worcester mass rental expert here? I’m looking to invest my first multi family in the WPI nearby area mainly student renters.

I need a good property manager / rental agent. Any recommnadation ? And I would also like to pick someone’s brain about rental market there as well.

Hi, I have been doing real estate for some years in Massachusetts. I'm thinking about also being a mortgage officer. any advice? and I would like to ask how people started? Do bank hire loan officers without experience? I likely can bring business to where I go, and I do know quite a lot of lending guildlines from my real estate sale experiences. Any experience or advice would be helpful = ) 

thank you

Hi Louis, it is weird that there is almost no one on BP invested in Home Union. I invested in their fix and flip fund a couple years ago. The sales person was pushing me for investing more money but I only did the minimal. The sales person kept telling me that there would be 8% min return but "very likely" more. You know what, at the end, I barely got my principal back. That's how I lost my faith. Not sure about purchasing through them and how property management goes.  

Let's say my parents bought the house 200k many years ago, the house is worth 300k today. If they sell the house now, it would be tax free because they live there for years and the gain doesn't exceed the limit.

The question is, if they gift the house to me today while the house is worth 300k. And a couple years later, let's say the house worth 320k, how much capital gain tax do I have to pay?   

thank you = ) 

Hi, 

  Since the tax reform, the primary home mortgage interest we pay is no longer a deduction. In this case I'm thinking maybe I should refinance an investment property to cash out the exact amount to pay off my primary residence. This would first consolidate the loans into one, and secondly the entire loan would have tax benefit. But I also heard of cashing out to pay for anything non investment related will disqualify the mortgage interest to be a deduction. Not sure how realistic this is though.. when you put in a deduction for an investment property when you do tax return, will IRS really check for what you did to the money you cashed out? looking for advices
 

thumb up for you buddy. I'm 35, and I have just reached my 5k goal. I have a combination of investments but rental the most. very happy for you, and thank you for the motivation story. I think i need to work harder = ) 

Thank you all for the replies! I understand it better now. Another question would be, let's say I quit my W2 job. Will my SE income then become only 15.3% disregarding how much I make? what about my wife's income? since we file joined return, will my SE income pays also my wife's W2 ordinary tax plus the SE tax? is devorce the only way out if so ? LOL.. (joking)

@Adam Rasmussen Hi Adam, thanks a lot for your reply. However, we are at 24% bracket because we filed joined. My W2 income is about 100k. but with my wife's we are definitely over 130k. Does it mean we are still paying 27%? or the 50k commission income would be based solely on my income only? If so, i'll be paying 24% for the 100k W2 income, and 30k commission at 40%, and the 20k commission income over 130k cap at 27%?