All Forum Posts by: Ken Naim

@Colin M. At a high level you can look at income taxes, property taxes and sales taxes by state. There are 9 states that do not have income taxes including florida and texas but the property taxes are higher than many income tax states but not always.

Landlord friendly is harder as not only does it vary by state, it can vary by county, city, and even judge. Overall very socialist states are tenant friendly while more capitalist states are generally landlord friendly.

Fl, Tx, OK- mostly landlord friendly.

NYC (NYS less so), NJ, CA, OR, WA - generally tenant friendly.

Neither of these points, is enough on its own to determine where to invest. The question is the total return worth the hassle? Can I make a better return, easier else where?

The key is learn your market and overcome the challenges. Every market has opportunities and challenges.

I personally avoid NYC after dealing with their headaches for years.

@Robert Olivar I focus on the south east part of the state. Dont have any specialist in the Tampa area. There is potential all over, just have to find the right property.

@Dimitri Paspalaris it's all a function of roi, cashflow, appreciation, risk, comfort, regulatory environment etc. Personally I like the balance in Florida but it is an individual decision. Some might like the higher prices in Seattle as less units to manage for the same roi, investment. Some might prefer a cheaper place than Florida for even more units to spread the risk.

@Robert Olivar what part of Florida? I use a few depending on where

@Steven Mercado headaches are worth money. For The loss of 1 to 2 months rent and a $1,000 it is well worth it if you're gonna save $10,0000 to $20,000 on the house and they'll likely move out on their own

@Steven Mercado depends if they have a lease or not and if they are willing to leave. Evictions are generally cheap in Fl under $800 and quick 21 to 60 days. Check with an attorney as it relates to covid in your particular county.

@Anthony Mikolich you get a deduction for the mortgage interest that you are paying, not the principal so taxes will likely go up very slightly because of the mortgage being paid off.

If you've the house as a rental for 27.5 years (mot including the primary residence years), the depreciation of the house will be complete and taxes likely will go up. This could coincide withe mortgage payoff say on a 30 year mortgage (2.5 year primary residence, 27.5 year rental) but are unrelated.

Should you refinance and purchase another is a personal decision. Do you want another property with all the benefits (cash flow,appreciation, depreciation) and all the headaches (tenants, repairs etc.)? Are you trying to achieve a personal goal where another property will help you get closer to?

@Nathan G. NYC will change as it has many times before. Which direction it'll go is hard to say. A lot will depend on how people vote. If they vote for administrations similar to the current one, we can expect things to get worse as they have gotten worse for a while. If they vote in a different direction it may get better.

With the new tax increase on the wealthier, some will move out to sunnier pastures which will reduce demand. Question is, will that demand get filled with out of staters with nostalgic images of THE CITY.

@Alex Powell talk to the title company. But in my understanding they are the cause of the delay and can't give you clesn title. Most residential fabar contracts have a clause thst states if they can't deliver clean title, the only remedy available is a return of the earnest money. Also contracts are automatically extended for 30 days, so if the probate gets resolved before the additional 30 days then you can still close.

@Anna Neal will send you a dm to connect