All Forum Posts by: Jefferson Gan

It is not a bad idea but it is better to partner with someone who already have experience in that asset class. This will lower the risk of doing mistakes that could have been avoided if you have someone who has more experience and can give advice along the way.

Following on this... How do you get supplies (disinfectant wipes, lysol spray) if all big box stores is already out of supply? Do you buy it somewhere or have connections to buy it from?

Thanks for all the feedback. We made LOI on the property Let's see!

To the experts who have already done some multifamily and have underwritten a lot of stuff, what's your opinion on apartment complex that is in front of hospital? Is it good or bad, or maybe what's pros and cons that you have experienced analyzing such deals?

@George Yu Kudos to you! That's a nice success story. So the one you did is in small city in Georgia, if you don't mind asking, how much was the cost to build a 36 unit apartment complex in your area? Looking forward for your blog on how you decided to do this deal and how it all started, that will inspire new investors in the multifamily. Thanks for sharing!

Hi @Nicholas Aiola, i have a buyer of our house and he has pension plan. He plans to cash out his pension plan and use it as downpayment to the house. What's the most optimal way of doing it? Some were advising him to transfer the pension to his IRA so it will be tax free. Then from Traditional IRA he will withdraw but the thing is it will hit him 10% early withdrawal and the tax implication. Is there other options, life insurance or structure it differently, loan from IRA?

Thank you as always @Nicholas Aiola

@Nicholas Aiola question on tax write offs, if a seller sells the house and it will be rented back to them. Will they be able to write off the rents, utilities to their business as business expense? If yes, upto what extent they can write off. Seller is self-employed and doing contracts with clients in NYC and they are temporarily 2 to 3 years in the area. They live in NJ.

Thank you Nic. This is good to know 

@Nicholas Aiola If I need to amend our tax return and only changing from ITIN to SSS#, do I still need to fill up all rest of numbers or I can just highlight the SSS# was the only change? Then I need to submit Form 1040X? Anything else that needs to be submitted together with 1040x? Thanks in advance.