All Forum Posts by: Corey Demuth

erm, no one?

I don't know why it's so hard to find decent lawyers and accountants, but it is.

Can anyone recommend a decent CPA to me? Or suggest a method to help me find one - and please don't say to look on a review site, which all seem to be scams, or to ask people I know who they use - because most of the people I know either do their own taxes or go to a place like H&R Block.

And, as a final note, I am curious - how much does it typically cost to have a CPA do your taxes (either annually or quarterly if you are in the situation of having to file quarterly?)

Thanks!

I think it depends on your area - but given the choice, wouldn't you rather pay the sewer and garbage yourself, and just build that into the rent you charge? That way you know it's being paid. The only one I'd be unsure about is water, because depending on how much they use, that could vary - and when people have "unlimited" utilities they tend to overuse. I had neighbors that used to turn up the heat and open their windows "because they wanted to be warm but also have fresh air, and anyways it's free" ....

Ah, okay - sorry it wasn't clear to me from your original post that it was so many units / I thought we were dealing with a straight residential loan.

I have to ask about this:

"15 year mortgage at 4.8%: $1500"

Huh? First, why not a 30-yr? And who the hell is trying to jam you with 4.8% on a 15-year loan??? You should be able to get into the low 3s for a 15-year.

I know NY is tough but a lot of people on here say that upstate around Syracuse / Rochester is an exception and reasonably landlord-friendly. I am trying to find out if Westchester or other nearby areas (White Plains, Scarsdale, etc) are also exceptions.

The subject of the thread pretty much sums it up - anyone on here have experience with owning rental properties in the Westchester, NY area (or surrounding areas?) Is it landlord-friendly or very tenant-friendly (like NYC?)

Bob,

It sounds like you tried telling them you are going to renovate and flip but they don't want to hear that. It is honestly none of their business what the next owner will do with the property. If I were in your situation I would probably try being more vague, and giving them the hint that it's really not appropriate to interrogate you about it. You might say that you want to acquire some property as a long term investment, and you have a family member who will probably rent it from you initially.

What a silly question. What am I going to do with YOUR house? Absolutely nothing. After I buy it, and it becomes MY house, I'll do whatever the hell I want with it.

I just want to throw my two cents in here as someone who has dealt with a landlord pursuing this type of strategy. Basically, the guy owned some buildings but did the typical routine that you see suggested here on BP - he tried to lead everyone to believe that he was just an employee of a business as opposed to the actual landlord.

The problem is, nobody that worked with him could keep the secret - brokers, workers, etc all made statements that he was in fact the owner, not just a property manager. So it became this ridiculous exercise where every time a tenant dealt with him, they had to play along, and if they asked him something he would say "Oh I'll have to check with the owners about that." But in reality it was not effective because everyone knew he was really just making the decisions, and if he ever ended up in court I doubt he would be protected in any special way since any tenant could simply state "the broker told me that Joe Smith is the OWNER not just the manager."

So if you are going to go this route, you probably want to make sure your team isn't spilling the beans every 5 minutes.