All Forum Posts by: Account Closed

@Darren Sager 

I'll be attending as well.

If you were only expecting $1650pm and they could potentially offer $2500pm, that covers you for 4.5 months, as in up to beginning January. I would definitely bring up the fact that this puts you slap-bang in the middle of dead season as far as rentals go and say you'll accept $1900 pm (or some other figure) if they can guarantee you a rental for 6 months and take you into March when its more likely you'll find tenants. 

Also, you could try to find out what the length of the rental depends on? Are they doing a renovation on the burnt up house and are those renovations on schedule. Is the family looking for another house to buy with their insurance money and it depends on when they find a new house and can close on it. Get as much information as you can, and then negotiation based on what you find out.  

Just a few thoughts I had. Good luck.

Murphy's law: If anything can go wrong, it will. I would build up a cash reserve and leave it in a money market account for (inevitable) maintenance and repairs over time and plan to build up on that reserve over time. 

It will differ. If I remember correctly, Brie was working with higher-end units? It will depend on how much cash you're putting in as a downpayment and what your mortgage repayments are. The best comparison will be to run the numbers on other similar homes in your area to see whether these numbers are high or low based on property prices, rental, costs in your area and your financial scenario.

Thanks Mary. Yeah, one spouse is usually enough :)

I have recently started out (one property purchased and counting...) and I plan to focus on a small number of neighborhoods. I used a realtor to purchase my first property and he focuses on the same neighborhoods that I plan to focus on. That being said, I plan to purchase property #2 in a few months time and was wondering what your opinion is: Do you try to build strong relationships with just one (or a small number) realtor or do you work with a large number of realtors? What has worked for you? 

@Kenneth B. where do I find info about meet ups in NYC?

As a foreigner who has bought, and sold, a property in the US: Buying was not an issue, this part was relatively easy. I did need financing but managed to get it without much issue from my bank. 

The issue is more likely to come up when eventually selling the property. FIRPTA comes to 10% of the selling price. I.e. it is not just 10% on any profits you might make, it is 10% on the total selling price. This may wipe out any possible profit you make at the end of the day. I successfully applied for an exemption from FIRPTA and did not need to pay it - one of the reasons for getting exemption is that the condo was my primary residence. If your friend plans to buy the condo and only use it on vacation or plans to rent it out to a tenant, chances are she will not be exempt from FIRPTA. This is an important consideration. Your friend should carefully consider how long she wants to hold the property for, how she intends to use it and will she be able to get an exemption from FIRPTA at the time she wishes to sell. I would recommend that she speak to a tax consultant prior to purchase so she is fully informed before making a purchase.