All Forum Posts by: Tom Chen

Hello all,

I'm currently a buy and hold REI in the Syracuse, NY area. In an effort to shore up my savings, I was planning on wholesaling off market properties in the Queens area.

If anyone is wholesaling in NYC, could you tell me if we need to double close or can assignment contracts work?  Do you have a lawyer draw up your assignment contracts?

TIA

@Account Closed, are your tenants in the flooded areas?  Those that are affected will not even be able to get back into their apartments for at least another 2 or 3 weeks with the overflow of sewage and raw pollution. 

@Christopher Machir, 

Probably don't need to say it, but documentation...I would have everything written out, put into an operating agreement for your LLC...

Good luck.

I've never been in your situation, but there are already reputable peer to peer real estate lending companies that you can contribute to without needing to feel this kind of anxiety.  

I think Patch of Land dot com is one of those companies.

Just my 2 cents.

I can't speak for anyone else but me, but I would be lenient.

I didn't have properties during Sandy so I can't actually say for sure what I would do, but I think it's just the right thing to do.

Maybe a one month leniency?  

Again, that's just me.  Here in NY, Sandy didn't get cleaned up and people back to work for quite a few weeks.

@Steve Vaughan,

Thank you very much for clearing that up!  As mentioned, I'm still a newbie so this stuff is still abbot foreign to me. 

Seriously...don't do the $44k "course"...

It's not necessary IMHO...just start from podcast number 1 and listen to one or two a day (or more if you have the time) until you're all caught up.  

Do all the guides that are available for free here on BP...

Then do a simple google search on areas of development where you will get the most return that you're looking for, be it cash flow or appreciation.

I honestly was scared too and am STILL scared.  I just closed on a duplex (my first investment property) and a few hiccups have occurred along the way...

Great...just as I'm STARTING to invest, there are rumblings of limiting the deductions???

Anyone think this will actually come to pass?

Mortgage Tax Deduction Limits?

@Brian Pulaski,

Thank you.  Can't really tell how rehabbed the comps are because I am looking at recently sold homes in Realtor.com.  

My duplex will be fair once all is said and done.  1st floor was already decent...just need to put some lipstick on once I get rid of the tenants there.  2nd floor will be nice with the kitchen and bathroom done up.  

So if I'm understanding you correctly, it should, but it's not guaranteed.

Hello BP family,

Just a quick question...

When you put a new roof on, can you recoup that cost at the refi?

In other words, the duplex I bought was $45k.

A new roof, 2nd floor floors and kitchen ran me approximately $16k.

When I go to refi, will the duplex now be valued at $60k+?

Other duplexes that have been rehabbed seem to also run around the 60s - 70s.