All Forum Posts by: Matthew Lenning

... Is it 2%, 1.5%?

@Wayne Brooks

Looks like “4.” Haha

@Braden C.

Seller did say no to paying for the new system and I still feel okay about the deal. thanks for your input!

@Ronald Allen Barney

I have the contingency in place but the property is still a good deal even with this roadblock.

I’m in contract on a lot that has 2 single family homes on it. One is mint and the other is a major fixer. Post inspection i had a septic outfit come inspect both tanks. The one connected to the mint property is failing and needs to be replaced immediately. The tank to the fixer is functioning but needs to be replaced at some point soon.

Estimated repair for mint house in 8-9k and 6k for fixer.

The question : what is the best way to handle this with the seller? Price adjustment, ask seller to do the repair? I’d like to avoid putting anymore cash into this deal.

I’m feeling i may have outgrown my current accounting services.

Looking for solid CPA recommendations. I'm generating income from 1099 contract work (unrelated to RE), STR income, long term rentals.

Hey BP community and RE pros

What is going on in the NYC market? I’m having a hard time getting a sense of how things are moving.

I ask because i own a 1br apt in the east Village that i have used primarily as a rental- it has no subletting limits. I’ve owned it for close to 15 years now and have lived there myself about 6 of those 15 years.

I’m cash flowing at $900 a month right now. i consider myself very lucky to have gotten through COVID while keeping a tenant in place. The current tenant is definitely paying above market and lease renewal is coming up quickly. If i go beyond the 2.5 years and want to sell in a year it will be taxed differently.

Okay the question: should i sell this unit or hold on to it? I still have 200k on the mortgage. A few years ago i was told i could list it for 700k but now (?)

On about every other forum here i would be advised to sell and split the equity over 4 new properties. I totally see the value in that but I’m home for some RE professionals perspective here.

Thank you!

@John Morgan thank you!

@Henry Clark pure gold here. I appreciate it!

@Dan M. I’m considering leveraging the equity on the current home to finance this project but i see the value in what you are suggesting. I will be talking w tax pro to see how this scenario would play out. Thank you!