All Forum Posts by: Yacine Rimmo

Sorry to hear about your story Rachel. There's some good information on this thread.
Property Management is definitely a tricky point. I have had a similar experience when I bought my first property in Allentown.
You could have a good PM in a poor company or a poor PM in a good company...
In an Ideal world you have enough doors to support one good PM who only works for you.
Also several likeminded investors could unite to hire a PM to work on their combined portfolio. Has anyone here done that? without effectively creating a PM company?

Looks like a nice home run Steve

@Chad Davis would be able to tell you all about it

Thank you @Account Closed for the suggestion. I just inquired with my lender. I guess I am about to find out very soon. Looking also into non-conventional lending

Hello BP Community,

I am a long distance rental property investor, living in NYC my portfolio is in PA. Right now in the middle of refinancing and could be able to cash out all money I put in a deal in the same time working on a deal that could get real.

As my lender was trying to pull my transcript I found out that my 2019 Federal tax return sent in paper on March 2020 was never processed per my IRS online account. The check that was in the envelope most definitely was processed. The IRS services to tax payers seem to be greatly impacted by the pandemic. It's literally impossible to get anyone on the phone it. I'm going to one of their office somewhere in New York next week to see what can be done on heir end.

Sounds like this is an issue with my lender (not confirmed as definite yet) although it's very much outside of my control. I would hate to miss the opportunities I have ongoing of good appraisal level, good rates and the deal I m trying to buy.

Looking for ideas from the community for a smart and quick pivot until this is solved, or maybe that lending is not an issue or there's a way around... 

Much

Hello Team,

I am based in New York City and I own a few properties in the Lehigh Valley. I am looking to structure their administration more efficiently as well as plan for the future acquiring further real estate.

I am looking for recommendations to consult with a good CPA, a tax attorney plus a financial / estate planner. Also if specialized in separationthat could help.

Thank you so much!

Thanks for your reply @Account Closed. Isn't the 30 yr fixed loan (assumed conventional) based off of the purchase price anyway if less than 6 months after purchase? In which case the refi wouldn't include the construction costs.

Unless you are thinking of of a 30 yr fixed portfolio loan. I haven't come across such a product but if you have recommendation I am interested. The conventional has good terms for me at this stage because I buy and hold, only the seasoning period isn't ideal.

Hey BPers!

I am looking at an off market deal to buy in Easton Pa. A two unit at 120k that I would get vacant. I'd say that it needs $13k of work to hit my goal in renting it. Market value that is probably around 155k.

Not a home run but still something I can make work.

Work is mostly paint and flooring and I am budgeting a new boiler that will be needed soon. To improve my return I have been thinking of including the amount or part of it in the loan if possible.

What is the best way to do it in mitigating the risk of killing the deal?

Thank you!

Yacine

@Chris K. Thanks you for your insight.

Sounds like a contract defining a contractor as "not an employee" would be useless.

Would a workers comp waiver be useful maybe? It sounds like @Bryce Stewart found a way somehow.

Attorneys I reached out to aren't really getting back to me on this it seems.

Would you have an idea of a good source to find or have established such waiver of workers comp

Good point @Ben Guttman, especially for big renovations and new construction or if you have enough units that justifies establishing a relationship at the first place because the maintenance work is consistent.

I would not bet my hat that the guy that fixed up a toilet leak for me a month ago has insurance.

I talked to an attorney today and pretty much it seems this would be handled in having your own contract when buying work or repairs to clearly define that the person is not your employee. I'll follow-up on that when I know more.