All Forum Posts by: Catherine C.

Great, thank you both so much! I appreciate the help

Thank you, is it best to first transfer the $6000 from the LLC to a personal bank account and THEN to a Roth IRA? Is there any difference regarding taxes owed? I know Roth IRAs are post tax. Thanks

Hi All. What is the best way to do this? There is money in our business LLC bank account, however we'd like to transfer $6000 (the annual max) to a personal Roth IRA. Any tips appreciated, thanks!

Thank you, Steve! That was very helpful, I appreciate it.

Hi all, Is it considered an "eviction" if the tenant is month-to-month (upstate NY - Catskills)? Would this apply to the new federal mandate of no evictions until the end of the year? We are buying a property that comes with a tenant, but we need her unit. Any and all advise is appreciated, thanks. 

What if the owner refuses to get the tenant out before closing? 

Anyone know if it's considered an "eviction" in New York State (upstate - Catskills) if the tenant does NOT have a lease? We are buying a property that comes with a tenant, but we need her unit.

Hi New Yorkers. We are buying a property in upstate NY - within the Catskills. The property currently has a tenant, who is NOT on a lease. During this age of COVID, are we allowed to ask her to leave, if given 90 day notice? Is this considered an "eviction" if there is no lease? I understand NY has a hold on all evictions. 

Any NY state resources on how to stay up-to-date on rental/landlord/tenant laws would be helpful. Thank you

I'm looking to buy in Saratoga Springs. Let me know the info if you're no longer interested in the deal! Thanks

Hello, I hope you all are doing well!

My friend is looking to buy a $85,000 investment property in Upstate NY as soon as possible, it's a duplex and he will rent both units (one to his mother, who is looking to move from her current house ASAP). He has a couple of thousand dollars in student loan debt that is in default (no more than $5,000, so not a ton)... he is looking to go through the loan rehabilitation process in order to pay it off, to avoid further hurting his credit score. 

I am aware that student loan debt, especially defaults, can hinder the process of getting a mortgage, however his past 2 years of employment are steady and sufficient. The property of interest is very cheap, but this would be his first home purchase. He could pay off the defaulted loan outright, but if he doesn't go through the rehabilitation program for 10 months then it will remain on his credit score/history. 

My question is: 

Now, being in the time of COVID-19, does it make sense for him to start the student loan rehabilitation process? Should he wait on this until after he buys the property (pending if he can get a mortgage) or until after coronavirus? Is it better to just pay off the student loans and take a hit to credit score? Trying to think of the best way that he can 1) pay off the defaulted loan without further hurting credit score and 2) getting approved for a small mortgage for this investment property. 

Any advice would be extremely appreciated. Thank you