All Forum Posts by: Joseph Salegna

I think they are looking at Arlington, VA and Long Island City, NY

@Matt B. - no probelm. - I'm sure it's doable but the numbers have to be very precise. 

@Matt B. I have a friend that has a rental home on Long Island that is section 8. Very hard to make money. He gets 800 a month per bedroom for a 3 bedroom house but in reality for him to make money he needs to charge at least 3500-4000 per month in order to make money. There are some other lower income and high crime areas where you may be able to make money but it’s really tough to make the numbers work. Long Island is one of the highest in the country for real estate taxes. I don’t particularly invest on Long Island but I’m sure there are people who do. 

@Ian Rogers. I have 2 SFH and with the mortgage and title in my name. What I did here was add the properties to my umbrella policy. I have about $2m of coverage there.

@Lisa Walton. You can also check out websites such as city-data.com, bestplaces.net and census.gov. 

@Mary Jay and @John Peine. I typically look at websites such as www.city-data.com and www.bestplaces.net. You can also check out www.census.gov

Welcome @Angelica Vargas!!!!

@Toni McDonald - While I am no expert by any means. This is a bit of a tough question to answer. I still consider myself very new to RE investing and there are plenty of people here that know way more than me. Having said that I suggest you go to a local REIA meeting and meet other people in your market and get a sense of what they do so that you can understand things better. Nothing will come easy and most will require work and effort. When i joined about a year ago I visited the newbie section and introduced myself. From there I just focused on learning as much as i can in my spare time. You approach may be different than mine but that's what I chose to do. I suggest speaking with others, reading and learning and find out what interests you most. There is a lot out there.

@Account Closed - How was the property purchased? Is it in the name of the partnership? If so that's probably why you can't do a final k-1 and 1065 return. If the partnership purchased and is the owner of the property, you would probably need to dissolve the partnership and have you and your "partner" own the property in your names individually. Maybe as a tenant in common. If there is debt on the property, I'm not sure how that would transfer title, etc. I also think might be on the high side if there in not much activity in the partnership. You may want to consider finding another CPA or consult an attorney about dissolving the partnership. You may be better off leaving as is. 

For me it’s fear of a number of things. Since I’m new to this completely there’s a lot don’t know. Fear of failure. Losing money. Being taken advantage of.  Finding the right markets etc.