All Forum Posts by: Account Closed

We own a significant number of properties in Yonkers, we also do a quite a number of flips in the area.  I also recently moved here from midtown Manhattan, don't regret investing or living in Yonkers.

In general taxes are lower than other Westechester towns and homes are still reasonably priced.   Couple that with the convenient access to NYC and it makes for an attractive alternative for many young couples and first time home buyers.   Specially those that don't have school age kids just yet.

Our properties range from duplex to well over 30+ unit buildings.   Even on our duplex units we're able to cash flow well. I wouldn't discourage you from exploring all of Westchester, but also do take a serious look at Yonkers.

Hi @Scott Schreiber.   We own and manage around 200 units in Yonkers, we're very familiar with Section 8 and other government assistance programs.    Send me a DM and we can get on the phone to see if there's a way we may be able to help. 

Hl @Marvin Lowenthal. We own a couple hundred units in Yonkers, we may be able to help. Send me a DM and lets connect if you’re still in need of help.

@Joseph M. as it relates to real estate investments within an Opportunity Zone, you would need to double your basis in the property within 30 months.  Unless you're buying and rehabbing a highly distressed multi-family property, the program is a better fit for ground-up development or adaptive re-use/redevelopment type of projects.    What is still clear as it relates to the timeline is when the 30-month clock would start.  For example, if I buy a piece of land and it takes me 12-months to receive entitlements, do those 12 months count against my 30 month deadline or does the clock only start once I have approvals?

In terms of holding period, to achieve the maximum benefit you would need to hold the fund for at least 10 years.  If you only hold for 5 years then your tax bill on your original gain is reduced by 10%.  Hold for 7 years the savings go up to 15%.   What's on clear is how a fund would handle redemption requests prior to the 10 year mark is the fund is seeking to achieve maximum tax benefits for the investors.     

We are currently working with our securities attorneys on setting up an opportunity fund for deals that we already have under contract within opportunity zones throughout the Southeast.   The challenge that we're facing is that the legislation in its current form is substantially lacking the details necessary to clearly define the business plan for the fund.  

Hi @Josh Stack,   RUBS is not allowed in North Carolina so you'll need to sub-meter the property.  On average we've spent around $200 per unit to submeter our units in Charlotte and Gastonia.   Not all properties are immediate candidates for sub-metering.  For example, we have a large apartment complex under contract where we won't be able to submeter because the units don't have individual shut-off valves for the water.  We are working on an alternate solution but it will require re-doing a lot of the plumbing, a venture that is very costly but if done right will save us $$$.

Sub-metering the property is only step one.  Step two is the implementation.  We've taken the approach of doing the installation and only clawing back water costs when we renew the lease or on new leases.  Depending on the size of the property this could mean that it will take up to a year to implement across the property.     

In terms of savings, you need to look at the water bills and determine how much of what you're paying today is water vs. sewer charges.   Changes are that you can claw back 80% of your water expenses, but sewer expenses may not be that easy. 

Reach out to Guardian Water & Power.  That's the company we've used and are very happy with their level of service.  

Hope this helps!

Hi @Josh Stack, we are closing on a 14 unit property in Gastonia, just a few minutes away from our 76-unit complex. Our plan is to rehab the property, lease it up and sell it. I would love to keep it because I like what I am seeing in Gastonia but a property that small doesn’t fit into our portfolio. If you’re interested send me a message.

We're currently going through the process of setting up an opportunity fund to close on a few commercial properties that we already had under contract.  Our capital raising strategy did need to change since our investors can only use capital gains from other investments to roll into the fund:  "under § 1400Z-2(a)(1) of the Internal Revenue Code, you may elect to defer the tax on some or all of that gain...". 

@Ronl Nichols if the seller is looking to 1031 the proceeds for the sale into a larger property then there's really not much room for creative financing from the seller.   If this is indeed a good solid opportunity why not consider bringing in a partner that can help you with the 20%-25% you need to get into the project? 

@Account Closed send me a PM if you're still looking for an internship opportunity.  My company acquires and manages commercial properties as well as flip residential properties in NY, GA and NC.  Our office is in Yonkers and we are looking for someone to help around the office and to grow with us.

@Rachel N. You're absolutely correct about the spillover going into SC.  That's why we're also buying in the Rock Hill and Fort Mill areas as well.