All Forum Posts by: John Zhang

I purchased a 1 BR in Astoria in a newly built condo in September 2021. The cost of condo is $600k and the initial listed property tax was $410 per month. I just received my annual Notice of Property Value (NOPV) which indicates my new property tax will be $687 for 2022 - 2023. I knew that the initial listed property tax would increase but did not expect a 67% increase.

I have the option to challenge their assessed value of my property. Does anyone here have any experience in this process or have referrals to people who may be able to help?

I appreciate any replies / inputs

Thank you!

Yes I'll be putting 20% down. I don't think I can get out of the deal. I signed the purchase agreement and already put 10% in their escrow account.

Can buyers get out of these deals and get their money back? My attorney said we dont really have the leverage to get out and request for my money back

If I have a cash flow negative rental, how do I claim the loss in my taxes?

I am currently in the midst of purchasing my first condo in Queens, NY. This is a new construction, and I signed purchase agreement back in April 2021. Due to paperwork delays with DOB, we hope to close in 1 - 2 months.  I've since had major life changes and I may not live in it anymore. The monthly cost of the condo is approx $2700. I may be able to rent it out for $2500.

Any advise / suggestions is much appreciated. Thanks in advance!

NYC RE market usually picks up starting April
I believe many sellers have been holding their properties and waiting for the 2021 season
What are your thoughts on the potential influx of inventory that will be coming on the market?
Do you think it would lower the prices a bit?
What're your thoughts on the rising mortgage interest rate that has been creeping up the past month?