All Forum Posts by: Margaret Buoncora

Can I pull money out of a property that is in a self directed IRA? The property is free and clear and I need funds for a rehab project. I am over 59 1/2 so should I take the property out the IRA or borrow against it or how can I free up the equity? Thank you.

@Lassy Gnini Thank you for your advice. It is a friend and I was thinking 2% of the purchase price on $150,000 so $3000 for the fee. What do you think?

Can someone advise what to compensate someone for advising us of a seller who wants to sell two properties off market? They are very good deals and we plan to submit an offer. If accepted, how should we compensate the origin of the lead?

Thank you for your input. 

Can someone please advise if I am required to give my tenants who are renting rooms 24 hour notice to enter into the common areas of the house? I am aware I have to give notice when entering into their individual rooms. 

@Anna Sagatelova I’m a NY investor also looking for out of state opportunities due to high taxes in my market. Looks like Columbus is the place to be. I just messaged you.

I’m experiencing the same difficulties in Poughkeepsie NY and because it’s a college town the homeowners are shouldering most of the taxes. Is was working when there was an abundance of students who pay premium rent but with the recent student apartment complexes cropping up I have  to switch to renting to families and I cannot cash flow as well. Trying to figure out my next move. Sell and find a market with lower taxes? 

I apologize for not clarifying. Good as compared to other areas regarding net cash flow for multi units. I currently have property in the Poughkeepsie area and the taxes are eating a large chunk of my cash flow. I’ve researched the downtown Albany area and it seems it has a lot going for it in terms of employment, development, etc. but I have a nagging thought maybe I should look out of state altogether in a state with lower taxes and if so where?

I'm thinking of purchasing a multifamily in Albany. Any thoughts? Concerned about taxes! Or the Harrisburg PA or Jacksonville FL areas. Could use some solid guidance please.

Was also thinking of Rochester for student rentals. If anyone has any thoughts would be most appreciated.