All Forum Posts by: Nick Danaluk

It's a scam.

If NY has a homestead act and you do not homestead the property as a primary residence, then your property taxes will go up much faster than normal. IF you planned on staying for 2+ years it's common sense to make it a primary under those conditions.

Sometimes it works when the listing agent is competent and is looking to deal. In my experience they know the market value and will sometimes leave money on the table in order to get a deal done.

On other occasions I tried dealing with licensed agents who had no clue what they were doing and just threw some properties up on the MLS or on a private wholesale sheet. It took my buyer's agent and a genius title agent to close the deal because the original contracts were not written properly and a whole slew of other issues such as lack of communication.

It's hit or miss. There are a lot of bad agents out there who are better suited to making fries or cleaning toilets. You can try it on your own, but if you make a lot of deals in a fast market, sometimes you miss out on a deal and the market passes you by.

My last 6 homes have been new. My first was a light rehab. I made just as much or more on new construction and there is tremendous energy savings in newer homes generally speaking. Some builders cut costs by installing code minimum insulation and cheap a/c units. 

A good builder will exceed those specs and market it as a value added item. My latest has foil in the roof boards as a radiant barrier to reflect heat away from the living space. They also stuffed the walls with cellulose blankets and fiberglass. Combine that with a 15 seer a/c unit and my electric bill dropped 30% from my previous home and we run it much cooler.

Go with the new construction as a live-in and plan the next as a rehab. Much less headaches.

Stay away from Chinese drywall. It will make you sick and rot the pipes.

If you like that part of Florida also look in St. Augustine which is like a suburb to Jacksonville. You can capitalize on seasonal rentals there.

When purchasing an investment property can you itemize any state and local taxes on the HUD or must one wait until the November statement from the county?

The license keeps everything square. Some of the wholesalers are unscrupulous to buyers and sellers, thus the need for licensing. If there is no opportunity for a license to be lost, then unscrupulous activity can widen.

That lot is just north of me. Where is it located? Look for wetlands and gopher tortoises too.

I just build new homes and move every few years. I usually sell most of the furniture too. I make money by buying low and riding the equity wave during the construction process.