All Forum Posts by: Joseph Pugliese

@Andrew McManus I own 2 rentals and live in nyc , I didn't know you could get a HELOC on rental .

If anyone knows a bank in the New York City area please let me know .

Thank you in advance for you assistance and comments .

Joseph

Thank you , I do agree completely, I guess I just wanted to hear it outside my box of friends  . 

I currently have an apartment that I didn’t receive rent for about 8 months ( eviction process)

When I asked my account (CPA) he informed me that we would not pickup the income on the property. So we are not paying any taxes on that income , that is fine and understandable .

My question i have is the following , is there a better way to write off the loss of income?

I would like to thank any advice in advance, as well for your time .

Respectfully

Joseph Pugliese

No , not at all , are you looking for an apartment for personal use or to purchase a property with apartments as investment? 

@Jeff Copeland Jeff as a associate broker and a investor as well, I completely agree with you advice. Everything is possible, but I can tell you the market in Staten Island and Brooklyn are still selling ( thought it’s been slowing) and there are lot of cash deals happening. As too seller Financing, it’s not so easy explaining that to the buyers in my market of Staten Island and Brooklyn. The reasons you stated are 💯 percent correct. Just my thoughts...

I am in contract to purchase an small investment property in Staten Island NY, I want to hear some thoughts on setting up the LLC before or afterwards ...

I like to say thank you in advance, for your time and response ....

I work as licensed realtor and live on Staten Island, something is not correct. It shouldn't be that high from what I have experience.

I work on Staten Island as a realtor, so I don't want to play Monday morning I told you so ... I can say this , I advice against buying property with out a certificate of occupancy, I had investor do it , but they understand the risks and can wait it most times . You as a homeowner, I would not feel comfortable enough advising it . As to the Department of buildings, they work at their own pace and don't seem to care too much otherwise . NYC each borough has their own Department of buildings , each function a little differently from my experience. I am thinking 💭 you had to purchase all cash 💰, because of the C of O issue . Anyways if I can be of assistance let me know .

I am a realtor and investor, for myself. I have had a difficult time fine properties that make sense on Staten Island, which is part of NYC, We had in the last 3 yrs 10-13 percent increases in properties, inventory is low, buyers from Brooklyn and queens are coming every day in search of more affordable properties. When I receive an reo or present an offer on one - we see most times above asking by about 7-10 - with about 20-30 You just need lot of cash to put down to make it work and see some workable returns.

In my area, for sure  its a seller market , but I am seeing seller just push it to the limit with asking prices , wanting full ask and no negotiations on pricing . 

whats your opinion..