All Forum Posts by: Jonathan Greene

There are very few instances when cost seg won't help you on a rental property, but when you deploy the actual cost seg will depend on what you need on your taxes. @Sean Graham is a great resource for this.

Smokers aren't a protected class, but they could argue that whatever the underlying "medical" issue for the card could be part of one. It seems like the tenant is being respectful, following the rules, and is not being a problem so I think that is what you would tell any other tenants who ask, as long as you have seen the card. If you got a report that someone was smoking cigarettes or cigars outside only, per the rules, would you post the same question?

Hey champ (with 5 total posts, all in this forum). You didn't save him from foreclosure, you delayed another problem by using SubTo in this instance.

Join us for our monthly meetup for real estate investors in Northern New Jersey. These are networking events. No pitching is allowed. We are here to build relationships and discuss real estate investing. This event is in Morristown, not Jersey City (BP only has two towns in New Jersey to tag, so it shows up).

Investors of all levels are welcome at these events. You can see videos from our past events here.

Sponsor: Streamlined Properties

Please RSVP: https://bit.ly/rsvpzen

If it's worth that much, taking a HELOC on it should not be an issue at all long-term or short-term as long as the bank will do it. It doesn't sound like it would be a problem to me.

In short, you screwed him and his future it seems.

What is the rate of your HELOC you have going and what would be your rate on the new HELOC?

If you are new to real estate and have two properties under contract, that can be both good and bad. It's good if you knew what you are doing and locked up good deals on assignment (unlikely since you are new). It's bad if you are trying to offload bad deals to a partner because you didn't know the values. You may want to consult with @Remington Lyman and see what he thinks. He may be able to provide some help if they are good deals.

You can get a HELOC if there is equity in the property most likely, which there should be since you own it in cash, but you will just be decreasing your pay out and then may end up short in repair money, depending on how much it is worth. What do you need the money for? Living? What about your jobs?

How many real estate investor meetups have you gone to? Most people answer zero. Do that for six months before you think about buying so you meet other people who are doing what you want to do. The LLC is irrelevant unless you are paying cash or getting a DSCR loan. If you are taking out a conventional mortgage of any kind, you can't buy in the LLC as it does not have two years of tax returns.

You are also asking if an entire state is good to buy multifamily, which means you are too soon in the process to even talk about buying. All states are good to buy multifamily if the numbers work and it fits your buy box.