Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Thomas Castelli

Thomas Castelli has started 4 posts and replied 36 times.

Post: NYC Multifamily Real Estate Investor Networking

Thomas CastelliPosted
  • Accountant
  • Long Island, NY
  • Posts 39
  • Votes 45

We will be hosting our fifth Multifamily Investor networking event in NYC on Thurs. 3/1/2018, however this event is brand new to the this community!

This event is an informal networking event to meet and exchange ideas with other like-minded investors. While this will be Multifamily/Apartment focused, we invite all real estate investors and professionals to attend.

We are currently scouting locations in Midtown Manhattan for a more formalized event with educational topics, interactive activities, and special guests. If anybody any recommendations on a location, please feel free to send us a message directly!

Post: Operating Expenses vs. Capital Expenditures

Thomas CastelliPosted
  • Accountant
  • Long Island, NY
  • Posts 39
  • Votes 45

@Rebecca Shine

Based on the information you have provided, the french drain would be considered a land improvement which must be depreciated over 15 years. 

While the wall sealing would be considered structural, and will need to be depreciated over 27.5 years.

Post: 2 Parcels (3 units) Owner Financing Questions

Thomas CastelliPosted
  • Accountant
  • Long Island, NY
  • Posts 39
  • Votes 45

His capital gain cannot be determined without first knowing his tax basis in each of the properties.

Post: HELOC/HEL - Buying a property

Thomas CastelliPosted
  • Accountant
  • Long Island, NY
  • Posts 39
  • Votes 45

Depends on how much equity you have in your current primary residence. 

Your best bet would probably be a cash-out refinance. Based on the current lending environment, it wouldn't be a bad idea to get a 30 year fixed loan and lock in today's interest rates. 

Post: Primary Residence Turned Rental - 1031 Exchange?

Thomas CastelliPosted
  • Accountant
  • Long Island, NY
  • Posts 39
  • Votes 45

@Matt S. Since you converted the property to a rental, you can do a 1031 exchange. However, you have to show intent to hold the property as a rental. There is no specified time period, but I've seen people say that holding it as a rental for 1-2 years should suffice.

The fact that it is in your personal name shouldn't matter.

Post: THE Thread on the Final GOP Tax Bill - Q&A

Thomas CastelliPosted
  • Accountant
  • Long Island, NY
  • Posts 39
  • Votes 45

@Jocelyn Canfield

The 20% pass-through deduction shouldn't prevent you from writing off normal business expenses such repairs and maintenance and depreciation. 

Post: Mortgage interest deduction

Thomas CastelliPosted
  • Accountant
  • Long Island, NY
  • Posts 39
  • Votes 45

@Sam Dal As of 12/16/17 the new tax plan, if passed, would allow for interest deductions on mortgages up to $750,000. 

And I agree with @Gus Ross, it depends on your individual circumstances but probably couldn't hurt.

Post: Business Student:career to support real estate investing

Thomas CastelliPosted
  • Accountant
  • Long Island, NY
  • Posts 39
  • Votes 45

Just a preface, I am a former Accounting & Finance recruiter in NYC and have experience with real estate companies. 

Getting a job in real estate finance is certainly a great way to start out in real estate. Since you are at a top business school, I would take advantage of their career center, events, and alumni network (reach out to alumni from your school that work at target firms) to break into the space. You can broaden your search to real estate investment firms and investment banks, as well PE - that should open some more opportunities. 

Alternatively, you can look into roles with the top commercial brokerages, I know the big ones have world class training programs that will greatly increase your real estate investing knowledge. Plus you'll grow a big network if you take that route. 

Feel free to PM me if you have any questions! @Zack Mattin

Bonus Tip: Don't be afraid to pick up the phone and call the alumni or ask people within your current network for introductions to people within your target firms.

Post: Seed Capital ,

Thomas CastelliPosted
  • Accountant
  • Long Island, NY
  • Posts 39
  • Votes 45

@Dana Walker

Best way to get seed capital is to use your own personal assets or borrow from friends and family. If you don't have any personal cash or assets, you can always get a job or side hustle (i.e. real estate agent) that allows you to build up some cash to use as seed capital. 

Post: 401k investments - what to do?

Thomas CastelliPosted
  • Accountant
  • Long Island, NY
  • Posts 39
  • Votes 45

Tony Robbins discusses this topic in detail in his book Unshakable. Warren Buffet also offers very similar advice. 

Invest in a low cost S&P 500 Index (if possible in your 401k) on a regular basis and since your 30, you have ~35 years until retirement, and whenever the market pulls back you can contribute more, because you know the market will go through several cycles before you need the money.

Hope this helps @Emeric Harney