All Forum Posts by: Karla Parraga

Hello all,

I am planning on buying a property in Daytona Beach. At the beginning I was planning on buying the property as investment. Later it occurred to me that I can I can buy it as a vacation home, while I go visit this Summer and enjoy my first property, and in six months start renting it out as an investment property. My question is, is this legal? At tax time, how is this property going to be treated, as a vacation home (as I initially bought it) or as an investment property? 

Thanks guys! Any link with some good info will be appreciated! 

Hello everyone,

I had visited a property couple of days ago in the Bronx, NYC and noticed that the building in the back has windows in every floor that have a clear view of the backyard of the house. Even though I liked the property, it made me feel uncomfortable to have people looking at my backyard. Is it a building violation to have such an open view to private property?

@Raul R. Thank you! That's exactly what I thought, and I came to the realization that having these grants on my first investment do not meet my financial goals due to the restrictions.

@Frank Chin Thank you for sharing this! 

@Jeremy Chaudet that was amazing info!

I feel more comfortable to make a move now!

Hello everyone,

I am currently working in NYC. I saw a couple of properties in Allentown, PA that I really like and the numbers work! I would like to use an FHA loan for a multifamily. The problem is that Allentown is about 2 hrs from NYC. I am willing to do the commute since I have relatives in NYC and I would be able to crash every here and there at their places. The question is, can I be approved for an owner-occupied FHA for a property that is 2 hrs away from work? Also, I am planning on getting my RE license in PA. Any recommendations? Is this doable?

Hello everyone,

I live in one of the most expensive areas of the US, NYC. I am planning on buying a house in the Bronx and as you know: IT IS EXPENSIVE! The good news (maybe) is that NYC has many programs that allocate juicy help with grants and 0% interest loans for downpayment and closing costs. With that said, I can potentially end up putting very little money down from my own pocket for my first home. My concern is that most of these programs lock you up this property since you have to stay in there as your primary residence for 10-15 years, which in other words, this means that I would not be able to use an FHA loan for that time or any other type of loan that might have a "primary residence" requirement in it. If I move my primary residence somewhere else, I would have to return back a percentage of the grant, depending on how long I've lived there. This implies a large downpayment for future investments since I won't be able to use any owner-occupied loans and that's exactly what I am trying to avoid in the beginning of my career as an investor. Is there a loophole around this? Has anybody gone through the process? How did it go? Should I not take this grant at all?

Refer to this links:

http://www1.nyc.gov/site/hpd/owners/homeowner-downpayment-assistance.page

http://www.nyshcr.org/Topics/Home/Buyers/SONYMA/Do...).htm

I have a full-time job and my employer offers traditional 401k. I have read a lot about the advantages of self-directed 401k, especially for REI. I would like to know if I can open a self-directed 401k when I buy my first owner occupied multifamily property, as this would also be my investment property. Also, can I rollover the funds of my old traditional 401k into my new self-directed 401k?

Hello everyone,

I am currently learning about real estate investment and I have a separate office space at home. This office space at home is used to search for deals, contact lenders and for real estate self education. My goal is to buy my first investment property by the end of this year or beginning of the next. Do I need to have a Real State Salesperson License to deduct home office space in my tax returns this year?