All Forum Posts by: Patrick DiDomenico

I'm interested in ways to generate extra income (other than rental income) at residential rental properties. For example, is anyone using coin operated laundry at a SFH or 2FH? Are you charging extra for garage or parking? What other things are you doing?

It’s getting more challenging, actually. Availability is less than what it used to be. 

I've been speaking with Fulton Savings Bank for a cash out REFI in Syracuse. They will do 75% LTV. The issue I am coming across is the fees and costs of the refi can be very high. I'm looking at pulling a total of 75K out of 2 properties that are worth 50K each and the costs and fees are around 10K - that's 13% just in fees - before you start repaying at X% on the loan. One of my properties is in an LLC and the other is in my name personally. It doesn't make a difference. They will want your personal financials to make the lending decision.

@Christopher Lane

“Honey, this is important to me and I would really appreciate your support.”

I think Luiz Souza had a crystal ball a few years ago

I am looking for a Syracuse area real estate agent who can help me find rent-ready multi- and single-family properties to buy. 

@Shadonna N. My attorney says that you’d have to transfer the property to a new LLC because an OZ Fund must be created with the specific purpose of investing in OZs. Also, you would have to substantially improve the property. At least that’s the current advice - this stuff is changing rapidly with new guidance from the IRS. I’m happy to make an intro to my attorney for you. They do this stuff across the country.

@Dale Pfeifer my attorney says that a single member LLC is not permitted )that’s what I had planned). The OZF can be an LLC but must be reported as a corporation or partnership. So, I set mine up with me as 99% owner and a friend as 1%. At least that’s the current advice - this stuff is changing rapidly with new guidance from the IRS. I’m happy to make an intro to my attorney for you. They do this stuff across the country.

Where is the property you’re trying to buy?

I'm looking for roughly 3,500 square feet of space to rent for a fitness studio in either:

-- downtown (78701), 

-- downtown north (78705), or 

-- downtown west (78703). 

This could be on the first or second floor. 

Please let me know if you know of anyone who can help. 

Thanks!!