All Forum Posts by: Luca Mastrangelo

Quote from @Nate Meeker:

@Ahad Ali - it sounds like Luca would like you to help them file their taxes on their own. In other words, just review and advise. 

Do you do this? Just curious how you provide ad hoc services like that and sustain a practice. I've always been intrigued in providing something like this. Just hard since it's not recurring revenue like an annual client.  

Yea that's right. I need someone who's an expert in this area to look at my summary and them spend an hour with me answering some specific questions. I need someone who's very knowledgeable about capital gains on these properties that were once primary then rentals and not 1031d along with a few specific questions about income earned in other states while living in Maine. 

Hey everyone, I could use some help with my 2022 Taxes (yes 2022). Long story, but we always prepared our own taxes in the past however for 2022 filings we asked a CPA to do them because we had short term capital gains from stock sales, income from multiple states and sold 2 rental properties in another state (one was a duplex that I occupied for a while and the other was formerly a primary residence) but neither meets the 2/5 primary residence exclusion. Neither property was 1031d. We think we have it all sorted out and factored back in depreciation recapture etc but could use some expertise from someone who works with these types of tax returns frequently to make sure we have everything sorted correctly.

our tax situation looks like:

- Jointly filing, married two kids under 6, live in ME

- W2 income. One in state, one remote and coming from a different state, + part time income that is 1099 from another state

- Stock income short term

- 2 property sales that were previously primary residence (complicated depreciation recapture etc..)

If you think you can help and would be willing to spend an hour or so with us for a fee to review everything before we finalize these filings in the next week or so please get in touch.

TIA

Not sure if this breaks forum rules or not but was looking for recommendations on an attorney to review a new build contract and be our closing attorney. Located in the Portland Maine area. 

Quote from @Andrew Postell:

@Luca Mastrangelo this is not a very common loan type to find really.  If the builder is offering someone, that might be the right lender to be using.  I'm assuming this is a primary home but if that's different please let me know.  Real estate agents take is usually 3%, usually paid by the seller, but there are builders that won't pay that at all....so you may have to come out of pocket for that if you choose to use one.  It might be negotiable.  I might suggest with networking locally with some investors to see if they have some other lenders (even facebook groups might be a good place to ask this question).  Don't be surprised if not many lenders offer it though.  And rates should be very similar between lenders.  This isn't a loan type that has large differences in it.  Hope this helps in some way.

 Thanks, thats good info to know.  

Anyone? Am I posting in the right forum?

Hi, considering a new build and wondering if anyone can point me to some good reference material or provide feedback on how to best shop this loan.  I understand the general idea of it (interest only on the construction portion during the build, then a regular loan after that).  The broker recommended by the builder can do both the construction and conventional 30 year loan. 

With interest rates rising, it feels like I'm getting pinched on both ends in that the housing market is still very expensive and doesnt yet reflect interest rates that have recently ticked up and then when I come to convert to a conventional loan in 9 months, I'd likely be getting a worse rate than today.  The lender did say they have an option to lock the conventional rate now but comes at the expense of 0.5% or something like that. 

Any contacts, advice, reading materials etc... would be greatly appreciated!

Separate but related question, what's our realtors take on a new build transaction? Is it still 5%?  

@William Collins sent you a DM

@Michael Noto @William Collins  

1. -property is located in waterford ct (southeast corner of the state along the shoreline)
2. - Ive owned it since 2011
3. - cap gains would be about $100k , depreciation is minimal, most of it has been fully depreciated. 
4. - I have considered doing a reverse 1031 - there is a 6 month window on this?
5. - ive also considered a cash out refi but i feel like a 1031 is a good compromise to avoid cap gains and move onto to other projects closer to my new home

Hi, I recently relocated to southern ME for a new job in the Portland area.  Still not sure where we will end up for our single family home but would like to purchase a MF unit in Biddeford/Saco/Westbrook/Portland/South Portland area.  I've been a landlord of a 2 family for about 10 years and find value in making small improvements myself and being a property manager.  That recipe could change here in Maine, but i'm generally familiar with the ups and downs of a rental and tenants.  My 2 family is in CT which I will likely sell in the spring and 1031 into a new property (ies) here.  I'll have some capital to deploy from the sale of my MF in CT and it could be used for for a single large multi family (8-12) units or multiple 2-4 MFs.  I could also do a cash out refi for my property in CT , both are options but im leaning towards selling. 

I'll need help with the 1031 , commercial financing, insurance, probably and LLC setup, maybe a property manager and would love to hear from people on the ground here making investments in these areas for multi families. From my cursory review of what's available, it def looks like there are some decent options. Nothing earth shattering but decent and I like to work where I live so to speak so investing locally is my cup of tea.

Thanks in advance, feel free to reach out via DM if you think you or a colleague can help with any of the above.  

follow up to close this thread out.   Tried the Ozone machine and didnt take care of it.  Had the carpet pulled up and replaced with LVP.