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All Forum Posts by: Michael Anspach

Michael Anspach has started 8 posts and replied 59 times.

Post: 1031exchange or buy out ex-husband

Michael AnspachPosted
  • Real Estate Investor
  • Smithtown, NY
  • Posts 65
  • Votes 26

@Dave Foster and other 1031 pros, since it is currently a TIC can Jen's ex-husband sell his portion to @Jen Hoangwithout effecting her portion?  He can then 1031 and she can own entire property and everyone wins?

Post: Multi-Family commercial syndicate investing with a personal LLC?

Michael AnspachPosted
  • Real Estate Investor
  • Smithtown, NY
  • Posts 65
  • Votes 26

Hi Dustin. Not an accountant here but LLC protects legally, it really doesn't help with expenses. For the most part any proper expenses can be deducted on personal taxes as "business" expenses. Your accountant should easily be able to clarify this for you.

Btw, 2017 and older meals/entertainment costs were only 50% deductible.   2018 and forward they are 0% deductible.

Post: HELOC recommendations Suffolk County, NY

Michael AnspachPosted
  • Real Estate Investor
  • Smithtown, NY
  • Posts 65
  • Votes 26

Hi Matt B.   

Just want to make sure you are aware that my understanding is the new tax codes no longer allow a writeoff of HELOC interest. You should look into this with your accountant/tax advisor. (Disclaimer I am neither.)

Post: HELOC recommendations Suffolk County, NY

Michael AnspachPosted
  • Real Estate Investor
  • Smithtown, NY
  • Posts 65
  • Votes 26

I have used bethpage federal credit union before.  Great rates and easy to work with.  Although i only used them once. 

Post: Latest New Construction Spec Development Deal in Charlotte, NC

Michael AnspachPosted
  • Real Estate Investor
  • Smithtown, NY
  • Posts 65
  • Votes 26

Very nice.  Congratulations!

Post: Options to Sub-meter Water in a Multi-family building

Michael AnspachPosted
  • Real Estate Investor
  • Smithtown, NY
  • Posts 65
  • Votes 26

I second Darren's comment to do inspection and minor repairs.  Replace all toilet flapper, faucet washers, etc.  Maybe even low flow shower heads and aerators.  It's crazy how much water a little drip will waste.  We saved over $10k a year on our water bill at one property by doing shower heads and flapper replacements. 

Post: House Sold Without Paying Off My Lien

Michael AnspachPosted
  • Real Estate Investor
  • Smithtown, NY
  • Posts 65
  • Votes 26

This is very interesting.  Hoping all works out quick and easy foe you Jackie!

Post: Financing 9 separate condos/townhouses in Charlotte

Michael AnspachPosted
  • Real Estate Investor
  • Smithtown, NY
  • Posts 65
  • Votes 26

Michael, are they all in same complex?  Is there an COA?  Will you be in control of it?  

Side note, please make sure you thoroughly review financials of COS as 9 times any special assessment could be a huge hit to the wallet.

Post: CRE Attorney Recommendation NC (Charlotte)

Michael AnspachPosted
  • Real Estate Investor
  • Smithtown, NY
  • Posts 65
  • Votes 26

Try the following. Comes highly recommended. I also can Give you a person in NY who deals with NC properties.  Best of luck!

Benjamin A. Dunn, II

Attorney, ORMOND DUNN

301 Stoneridge Drive

Columbia, South Carolina 29210

United States of America

Post: Best markets to buy multifamily in 2016: A round-table discussion

Michael AnspachPosted
  • Real Estate Investor
  • Smithtown, NY
  • Posts 65
  • Votes 26

@BrianBurke are you finding these deals with large hard money actually closing the first time or is it taking several hard money deposits before a deal trades?  Also, since you are a more experienced than most, would you be kind enough to share your thoughts on how this market cycle and period of "overpaying" plays out over the next few years?  It is interesting what some (most) deals are trading for these days.  Thanks in advance!