All Forum Posts by: Ivan Shao

Happy New Year to BP Nation!!

My aunt has a 2 families house that worth 1 million;  1st fl (detached w/ 1 car garage) had been converted to 3 small 1 bd room units ( illegal conversation :(  ) .  She would like to pull out some equity to get into flip house.   To my understanding,  in order to get refinancing to pull equity out of the property;  mortgage company need to appraise the property. There are issues

1.  illegal conversation may cause the appraise value; or even not be able to pass appraise phase.

2.  She has a $90k W2 job but low credit ( below 700 )

I would like to help my aunt and partner with her to final income property or flip a house.  Could BP community throw some advice to us for this situation

Thank you !!

Hello Wayne Brooks , got it it make more sense. Any legal way to use business fund to invest real estate to avoid any tax treatment prior investing?

Hello, BP!!

I anticipate to obtain $100k business loan from my own business early 2017.   I would like to use it as down payment for upcoming investment property; and pay out the premium and interest of the business loan as business expense.   

In tax perspective, can i pay off the business loan as my business expense so i can log $100k expense on my book and use it as tax free money to invest?

@Yahav B. agree UC property tax is higher than surrounding area.  I like UC coz it is much more reasonable rent and easy access to the city.   I am looking for an opportunity to find a old multi families then fix & hold.   Try to connect some local contractors to build a team for upcoming project.

@Yahav B. what part of UC you owned a condo?   what motivate you to invest a condo over multifamily in UC?  I am in UC and seeking invest property in Hudson County too.

@Bryan O. hello Bryan! Since we we are at the hot air bnb market and benefit close to Manhattan. So we we visit the property, we would thought convert the basemen into 2 nice studio for air bnb business.  But we before put money to remodel basement , want to get a backup plan before we go too far.  

I would try to check with the city  about legalize to 3 family.

Thanks

I would say about 200+ sqf space.  One of the basement unit will be able to access my finish backyard.  The property would 10 mins away to Manhattan. 

I would like to make it be legal 3 family but not sure how much would be invest to turn the property into legal 3 family property. 

Good morning, BP community! Recently closing a deal in a class B / B+ area . A legal 2 3/1 families. I will will house hack the 1 unit and basement. We plan to remodel the entire basement to convert to 2 nice furnish studio style (without kitchen) for Air bnb. We budget about $20k-30k for remodel. I want to ask for advice for backup plan if our air bnb plan can't meet our expectations. What would be the option to do with these 2 furnish studio ?

@Aaron Lovett Thanks Aaron for the info!!

I am a newbie in RE. As buyer , will we need to pay any commission to my realtor after my first purchase? After reading above replies, my understanding that seller bear full commission ( seller agent and buyer agent)?