All Forum Posts by: Jerome Maisch

Thanks a lot, Anthoney! I'll have look. Have a great day. Jerome

Hi BiggerPockets!

I'm about to buy a house in the Catskills, NY and need to find a good 15-y renovation loan. I haven't found many large banks offering that type of loan. TD Bank offers 30-y loans only and Homestead (local lender) doesn't offer very attractive rates for a 15-y loan (3.25% interest rate / 3.47% APR). Has anyone applied for this type of loan recently? Thanks in advance for your guidance.

Best,

Jerome

Hi BP community! My wife and I are in contract for a 4bd house built in ~2010 in NY for which we learned that the septic is 1bd capacity. The sellers bought it as a foreclosure but were aware that the septic had to be changed for other reasons (metal tank as previously used for trailers) so they are agreeing to do a 30K escrow/ credit. As we're out of compliance what are the consequences if we buy that house, could we have a denial of occupancy right?

Thank you all, this is very helpful! 

Hi All! My wife and I are buying a primary residence in NY state (single-family in Dutchess County) and want to rent it as a short-term rental (Aribnb/ vrbo/ etc.) while traveling (more than 90 days/year). Would you advise for an LLC even though we'll be living there for more than half the year?

Typically, an LLC would protect us from a liability perspective but risks to hinder our tax deductions. We've also thought about approaching the liability issue with an umbrella insurance or short-term rental insurance. Also, would an LLC be actually considered as misuse of corporate assets?

Eventually, we are thinking about buying rental properties under an LLC set-up with a parent structure that is TBD.

This is at the crossroad of legal, tax accounting and insurance and it has been hard to find an answer. So any help's welcome!