Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Kay Ferdous

Kay Ferdous has started 27 posts and replied 65 times.

Post: Help me get the smell out..

Kay FerdousPosted
  • East Rockaway, NY
  • Posts 67
  • Votes 1

thank you for the Info. Going to try KillZ this weekend. Hopefully it will work out. 

Post: Help me get the smell out..

Kay FerdousPosted
  • East Rockaway, NY
  • Posts 67
  • Votes 1

So I'm flipping a house in Long Island, NY. House had been abandoned for couple of years.
When we first went in.. House had this horrible smell. So threw everything out and gutted the whole house to the stud.  we had realized that racoons got behind the wall and made a nest. There was feces all over the place and racoon urination on the insulation.

Smell is lot less but its still lingering little bit.  it feel like its coming from some  of the studs.. (maybe).

Any idea, whats the best way to get rid of this smell for good ?

Hi guys,,,
I've been flipping houses for couple of years now and would like start transition to syndication of multifamily units.
My question is how would you structure a deal such as this. For example down payment on this property is $712500
I would like to put in about 200k and would raise $500000
My investors would be more than happy if I can show a rate of return anywhere from 8% to 12% annually.
And I would like to charge 1% at closing for putting the deal together.
as you can see that Deal little over 26% ROI..
How would you break this deal so that investors get about 8% to 12% possibly 15% and my partner and I get the rest? Thanks.
Sales Price$2,850,000
Loan Amount$2,137,500
Down Payment$712,500
Interest Rate5.75%
Loan to Value0.75
Term Mo.360
UseAnnual Figures
Gross Income
 
Gross Income$580,000
Vacancy Factor
Avg. 7%$40,600
Total$40,600
Effective gross Income$539,400
Expenses Annual Figures
R/E Taxes$0
Insurance Premium$0
Maintenance$0
Water/Sewer$0
Common Electric$0
Snow Removal$0
Management$0
Gas$0
Trash$0
Total Expenses$200,000
Net Operating Income (NOI)$339,400
Principle and Interest Pmt$149,686.44
2nd Mtg Pmt (if applicable)$0
NOI/PI$149,686.44
Debt Service Coverage Ratio2.27
Monthly mortgage payment$12,474
Net income after mortgage$189,714
Return on investment (ROI)26.6%
Cap rate11.9%

Post: Tax exemption question...

Kay FerdousPosted
  • East Rockaway, NY
  • Posts 67
  • Votes 1

Looks like biggest advantage is if you own a car it counts as depreciation as well. .just like a rental :)

Link below was helpful ..

https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh

Post: Tax exemption question...

Kay FerdousPosted
  • East Rockaway, NY
  • Posts 67
  • Votes 1

I'm just starting out flipping houses in long island. First house I flipped was under my name and now goal is to get everything formalized and really stream line my business.

Just formed a new LLC and I'm looking to either purchase a new car or lease a new car. This car would be used for my 9 to 5 job and to run around looking at houses and purposes of my business

Question is what is best strategy.. should I buy or lease..  what are my exemptions in either case ? thank you.

Post: Question for flippers..Frozen house

Kay FerdousPosted
  • East Rockaway, NY
  • Posts 67
  • Votes 1

Hello,

thank you in advance for reading.

I'm in a process of purchasing a foreclosed house in Long Island, NY . We have an accepted offer but the contracts have not been signed as of yet.  Few days after we initially saw the house, we had sent in our contractor to view the house and he noticed that house was not winterized. long story short.. house is now completely frozen and the bank is only now sending in a plumber to winterize the house. Usually these houses are "AS IS" condition but I feel as though in this particular situation bank is somewhat negligent for not winterize the house in timely fashion..

So my question is.. is it possible to winterize the house when it totally frozen? Are they going to defrost the house first then winterize it? there's probably cracked pipes all over the place. It's a small house with no basement.  What would you guys do in my situation... Bank will probably come back to me and say " there were no visible damage buy it as is"

Post: contractor in bayonne NJ

Kay FerdousPosted
  • East Rockaway, NY
  • Posts 67
  • Votes 1

Bumping this thread up - still looking for contractors in bayonne, jersey city area

Thanks Michael Badin Jacob Freund I have sent you a pm .. pls share info

Hi 

Am looking for references for vacant property insurance, we have a building that we are fixing up to sell and we need to buy insurance while we do the renovation .  The property is in bayonne , NJ

Post: Property Management company - northern NJ

Kay FerdousPosted
  • East Rockaway, NY
  • Posts 67
  • Votes 1

We are looking for a small property management company with reasonable fees and that can work with tenants ( mostly millennials ) who ask for apps and online payments and requests. Any recommendations