All Forum Posts by: Laura R.

Hi, I heard that the eviction moratorium is supposed to end January 15. Does anyone know if there is any current plan to extend it again? How do you think the end of the moratorium will impact the market for multifamily properties? I'm looking at Buffalo NY in particular.

 I imagine it will take awhile to work through the cases. But do you think there may be a lot more inventory coming on the market as people are able to vacate their properties? I would imagine the small time landlords who got burned in this situation may want to sell if prices are still reasonably high which could lead to prices dropping sometime next year. On the other hand the rents will possibly also go down if more vacant units are available. 

Hi all, I'm wondering if anyone has a great lender that they worked with to purchase investment properties near Buffalo? Ideally someone who will prepare sample loan estimates showing all costs and rates upfront and not insist on pulling credit before it is time to submit an offer. 

I've never been a resident of NY so no worries there. Do you have any thoughts on whether it is better to create a New York LLC for a rental property vs. using a Texas LLC registered in NY?

Thanks for the reply. I think some states only tax after 183 days but I guess New York taxes immediately then?

Also does anyone have experience setting up an LLC for a Western New York rental property as an out of state investor? Did you set up an LLC in your home state and then register it as a foreign LLC in New York? Or is it better to start a new LLC in New York?

Hi all, I read an article awhile back, I can't find it anymore but the gist of it was that anyone living part time and working remotely in a second/vacation home in NY state would be liable to pay NY state income taxes on all or part of their income. I know this is the case in many states after a certain number of days. But the article made it sound like it was a lot easier to get caught up in this in NY for some reason. Can anyone comment or link to the exact facts on this topic? 

Also does this only apply for the vacation home scenario? If I were to purchase a second home in Buffalo or near the Finger Lakes and rent it out, would there be any state and local tax implications beyond the property tax? My residence is in TX so I currently don't pay or file any state taxes. Thank you. 

@James Wise , thank you, I have looked at your neighborhood guide and been watching some of your videos. Very helpful! Hoping to come to Cleveland this summer to check it out.

@Ian Ippolito I would love to learn more about the passive investment options you mentioned. I totally agree that the work is upfront in picking the right investment and I need to educate myself on the choices first. I'm just not sure where to start or what resources are out there. 

I'm looking for some guidance or suggestions on how to invest some different chunks of money into some sort of passive-ish real estate investment. The main goal is to get more diversification, both in terms of asset class and geography and get a decent return that isn't crazy risky.

I would like to ultimately invest $100k from a self-directed IRA and $100k from a savings account.

I already have multiple businesses so I don't have much time right now to do much hands-on property management or flips. I do have experience doing 2 full renovations and 1 new build (personal properties) in the past. Also some residential real estate agent experience.  I am not big into driving all over town so if I do take on something local it needs to be close by. I like to travel and have thought about purchasing real estate overseas, but I would rather go somewhere new each year and not get locked down to specific locations. The passive cash flow could help fund that travel. 

Here are the things I have considered: 

- Cash purchase a turnkey-ish SFR rental using the self-directed IRA and plan to buy and hold. Would need to use a PM company due to arms length rules. Looking at Cleveland market.

- Purchase REIT funds, Hard Money Lending fund, or invest in some sort of crowdfunding real estate thing. Could use retirement or savings funds for this.

- Find a local commercial project or apartment building where I can become an investor partner and get some % of the rents each month. Would need to use savings funds for this. Not sure how to go about finding something like this. 

- Purchase a feature home near where I live now in Austin and manage it as an Airbnb rental. This would require $100k down payment from savings account. Need to learn more about the time commitment to manage. 

- Purchase a SFR home in my neighborhood to rent out and manage it myself. Would only require $50k or so down payment from savings, but not really a big fan of this due to lack of geographical diversification. Plus LTRs have crap cashflow rates in our area.

I'm also concerned about where we are in the economic cycle and that we may be in for a downturn soon. Would love to hear if anyone has any other suggestions or thoughts, please? Thank you!

Also do you do your own due diligence to make sure the HOA/deed restrictions don't prevent short term rentals?

@Ethan Cooke What happens in the event of significant damage to the property or if a renter refuses to leave?