All Forum Posts by: Marcel Itzik

Hi Swaga,

Did you find someone? I own 3 properties in Brooklyn and thought to add few as management for extra money. Lets talk it might can work.

Hi Michael,

Did you find some one? I might can help. 

Thanks

Hi Amit,

I planned to build on top of my townhouse in bedstuy  couple of floors. It was few years ago the quote back then was around $300 a sqft.  With today inflation its probably around $400. on top of it all the architects and permits.... I ended up taking the money and bought a 4 family in crown heights. Which have a huge lot. Planing maybe in the future adding up 4 apartments. 

Hi, 

First how do you edit the subject of the thread? I tried for 30 minutes yesterday and couldn't figure it out. I have a typo haha

so its a regular 2 family house, not regulated, not llc or.... just private.

now, even if I get 30 days notice, when do you actually starting to count? does it have to be the day before the 1st of the month? Do they need to send a letter, or just text is enough?

Thanks

Hi I have 10 units and its the first time I have to deal with problematic renters:

here is the details.

its a couple with a child, They did not sign a lease on purpose when I sent it in September but they started to pay the increase as the lease stated.

They contacted me on the night of December 2 and says they are leaving on January first.

Now if they were cool they will give me a longer notice as I don't mind that they are moving. But few problems that I saw all ready

the apartment was redone when they moved in 4 years ago.

- 2 kitchen cabinets are completely destroyed and maybe more

- tons of holes in the walls and child drawing on the wall

- mold in the silicone of the bathroom and the kitchen from neglect.

probably there is more issues but thats what I saw when I showed the apartment.

I found a new tenants but they will start paying on December 10th. 

I would like this two rude adults to pay for the demages and the 10 days in January.

Anyone know what can I do with NYC laws?

I hearing that its all in the favor of the tenants really its the first time I will have to charge someone for issues like that.

@Ryan Seib Thanks for the answer. As for the new investment I was thinking to brake it down like this: lets say we are buying a property for 1 million. My partner puts 25% down plus maybe 100k for fixing if needed. I do everything as before... I get 20%-25% ownership in the building with the option buying the other 30% in the future from him.  For day to day I get 7% for management fee. Sounds fair?

As for the taxes for our properties right now: we own them 50/50 all private mortgage, tenant in common. Can i take a salary if I am also the owner?

Thanks

@Jim Biggs Actually, up until now I also invested 50% The passed 7 yr I've managed everything, because we are a family. He doesn't even know who are the tenants. But going forward and wanting to restructure our investment I am interested in how the future should look like in this partnership. For instance, if we buy a new property and he puts all the cash down, but I find the property, fix it, manage and rent it - what is the percentage that I should own on the property? 

To clarify, we invested 50/50 but we would like to get a new building without selling what we have now.

@Rhonda Wilson thanks for the answer. All of our properties are tenants in common. We claim 50/50 on income and expenses. 

Yes I understand that i will claim on my 1040 the management fee/super fee. I don't mind what is the title I care about getting the money.

@John Underwood haha. Do you know if i can do it and claim it on my taxes as expenses? Thanks

I have 3 properties with my family in Brooklyn.

In one building we have 2 apartments, we live in them. In the other 2 properties we have 6 apartments in total. All three properties were bought on my uncle's name, as he has good income. The deeds for all properties are on both of our names.

I do 100% for all the properties, everything beginning to end meaning: finding the property, fixing it, renting and managing.

Up until now we paid 50/50 for everything investment wise ( I don't think its fair). He paid me few thousands for each deal....

Now after seven years it's starting to be an unequal partnership. We need to restructure our investments. First I would like to start taking percentage as I am the management company. He feels like I should not. I did some research and it seems like I should get 10% as the management company. Because we are family I don't mind it to be 7%.

The first question is...

1. Can I do it and claim it on my taxes?

Let's say I open a company and our buildings pay out to my management company?

2. Any suggestions on how to structure our future investments (we want to continue to buy properties)? My uncle has the cash to invest (I currently have no cash) and we can take loans under his name. I on the other hand find the properties, manage them, and rent them out.

I would appreciate any feedback or advice.