All Forum Posts by: Ken Dayal

I have a client looking for a home equity line on their New Jersey primary residence.

House is paid off, market value 500k

They used to have a business but retired 2 years ago and last few years returns have not shown much income.

Can someone help them with a Heloc ?

@Sandro Hagenbuch Here are the rules on gifts by non-US person to US persons-

https://www.irs.gov/businesses/gifts-from-foreign-...

Basically, there are no tax implications of gifts by foreign person to US persons.  Only gifts above $100,000 annually need an information return filing on form 3520. Its is an information return only, no taxes will be due. But penalties for non filing are sizable.

If the gift is by a US person, the exclusion limits of 14k per person / 28k joint apply. Amounts above the exclusion would be applied against the donors lifetime exclusion. 

There are no gift tax requirements for states.

Looking for a 1031 Qualified Intermediary in Northern New Jersey - Hudson or Bergen County

Any suggestions?

Hi Ami, as an agent and investor who works in Jersey City, I would say there is still room for appreciation.  Jersey City is getting many new developments plus there is a lot of interest from investors and home-buyers. 

But depending on your strategy, you could sell now to free up cash for more lucrative investments. Or hold for cash flow and appreciation. 

If you need help in selling or renting your unit, feel free to PM me. I am with Keller Williams and my team can help you.

It might help to know how you have structured your companies for tax. 

Investors at your level benefit from having a C-Corp rather than passthrough S-corps or LLCs.

Ridgefield NJ - 3 Bedroom - 2 Bath - Single Family - HUGE Fix & Flip Profit potential

Asking 270,000

Rehab 50,000

ARV 440,000

See link below for deal analysis and comparable sales.

503 Martling Pl, Ridgefield NJ

Investors don't miss the opportunity to fix and flip this Ridgefield house! Great fix and flip for the spring market which will be HOT! Tons of first time homebuyers are looking for homes like this as they enter the market.

Located in Bergen County. Proximity to NYC, seeing an influx of young families for their great schools. NYC buses around the corner. Groceries, restaurants conveniently located. Very nice neighborhood with sales of improved homes seeing bidding wars. 3 bedrooms and 2 baths, full unfinished basement, 2-carport, central air.

http://www.housesonhudson.com/wp-content/uploads/2...

https://drive.google.com/open?id=0BzO0mYzZtBbJQW5M...

Proximity to Jersey City, North Bergen, West New York, Teaneck, Bayonne, Fort Lee, Union City.

Investors don't miss the opportunity to fix and flip this Ridgefield house! Great fix and flip for the spring market which will be HOT! Tons of first time homebuyers are looking for homes like this as they enter the market.

Located in Bergen County. Proximity to NYC, seeing an influx of young families for their great schools. NYC buses around the corner. Groceries, restaurants conveniently located. Very nice neighborhood with sales of improved homes seeing bidding wars. 3 bedrooms and 2 baths, full unfinished basement, 2-carport, central air.

Please call or text (908)208-8606 or email is [email protected]

@Raj G. PM me, I have an attorney reference who has done 3 successful appeals for us.

Sorry to hear about predicament. For the seller and his attorney to not cite grounds for termination is definitely odd and very unprofessional. Legally sellers can not enter into 2 contracts. You can sue them for breach and specific performance. Attorney's here on BP and your own could shed some light on how often that happens in NJ.

Were extensions agreed to or just an understanding that due to HOA dues, your loan contingency would be extended? It would help to have had a written agreement on your loan contingency extension.

Sadly, this type of unethical behavior happens, and more-so in a competitive market. Sometimes seller's have other buyers offering terms that are more suitable, or sometimes they're simply jerks. It has happened to me, and I've walked away from those deals. All the best and let us know how it works out.

Legally snow removal, maintenance, making sure entryway, stairs, sidewalk are salted and ice-free is landlord's responsibility. 

I have a good relationship with my tenants. They happily shovel it, apply salt and requests anywhere between $25-$50 rent reduction, for each snow removal. Which I am happy to give.

I also happen to know a handyman in the area who is a backup in case tenants or myself are away.