All Forum Posts by: Justin Palamara

Hi fellow BPers....I’m in the process of buying a house thru a foreclosure auction in NJ. The house was built in 1903, 1200 sq ft and actually in really good condition. The issue I have is that the lot deserves a 2000 sq ft home. Rather than tear down​, I was wondering if anyone had an idea how to find a buyer who could pay a small fee and then pay a house moving company to take it away....any ideas?? Any online market place??

Hi - I am scaling up my flip and rental business. Anyone have a strong recommendation for a good CPA / Tax Strategist that I can discuss options with? In general (like all of us!!) I want to reduce my tax burden and understand strategies to scale my biz i.e using LLC, S Corp, etc etc...

Thanks!

Justin

Hi folks- I just read a great article on the benefits of a tax strategist and as my business grows I definitely see the value. 

Anyone have a good recommendation for a tax strategist in/around Monmouth county NJ?

Thanks!

Justin

hi Jefferson...curious...did you work with a contractor youd recommend?

thanks for all the feedback. I acutallu sold the place thru a 1031 and bought 2 new properties. Thrilled with the move!

Hi all. Got a fuzzy question i cant seem to get clarity on. I own an investment property that i have a primary mortgage on. I also recently got a heloc on the property but havent drawn down on it. I am considering a 1031 but already found the next property I want to buy. If I draw down on my heloc for the downpayment of the new property will the proceeds from the sale of my current place be allowed to payback the first mortgage and the heloc?

Thank you

Thanks all. Good dialogue. My goal is to have a steady stream of cash flow over the next 15+ years and then continue to have a steady stream of income into retirement (either through rent or selling 1 or more properties). @Christian Bors I like the idea of snowballing the cash-flow giving me the option of using that cash-flow elsewhere or accelerating the pay down of the existing mortgages (although i am getting quoted 3.875 on a 30 yr fixed now) thus money is still cheap. @Joe Villeneuve...you also make a good point about diversifying risk (don't keep all the eggs in one basket).

On the risk side:

- Property depreciation

- Vacancies

- General maint / upkeep required to keep the properties rentable

Obviously no risk, no reward. Feeling with rates on the rise and property values continuing to appreciate in the near term, if i don't jump now the window will close before end of year....so....what would you guys do?

Here is the story. I own 2 investment properties in NJ. One is generally new (i used a heloc on my primary for the downpayment.), and the another i bought in 2011 for 335k have a 15 year fixed at 3.375, and the property is valued now at 465k. 

Im itching to buy a 3rd. My only real option (that at least i've come up with) is to do a cash out refi on the 2011 property, converting my 15 year @ 3.375 into a 30yr  @ 4.5, and taking out approx 115k to finance the 3rd property. 

Would you do it or just hold off?

Pro:

- Obtain a 3rd property

- Possible appreciation

Con:

- Losing a 15yr fixed @3.375 for a 30yr @4.5. My payments will stay about the same.

- Depreciation due to rates: Rates are eventually going to go up, what will that due to home values?

Welcome thoughts and views.